Types of financing
Residential:
The term residential mortgage loan means “any loan primarily for personal, family, or household use that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a dwelling. The various types of residential loans are: Conventional, Fannie Mae, Freddie Mac, FHA, VA, Fixed Rate Loans and Jumbo Loans. This type of loan is obtained for both Purchase and Refinance Transactions.
FHA Streamline:
Streamline refinance refers to the refinance of an existing FHA-insured mortgage. In most cases no appraisal or income is required. The primary reason this type of loan only requires limited borrower credit documentation and underwriting is due to the fact the product is offered strictly for the purpose of lowering the interest rate and payment. The existing FHA Loan cannot be in a delinquent status to qualify. A full credit report is not required, a simple mortgage only credit report is all that is required. Streamline refinances are available under credit qualifying and non-credit qualifying options. ( Certain Restrictions Apply)
VA Streamline:
The VA Streamline is also known as the Interest Rate Reduction Refinance Program: (IRRRL). This type of financing is considered a VA-to-VA-loan designed to allow homeowners who already hold VA loans to refinance their debt at a lower interest rate, shorten their loan term, or to convert an adjustable-rate mortgage (ARM) into a fixed-rate mortgage. In most cases no appraisal or verification of income is required. ( Certain Restrictions Apply)
Cash out Refinance:
A cash–out refinance is the process of refinancing an existing mortgage loan, where the new mortgage loan is for a larger amount than the existing mortgage loan. The borrower receives the difference between the payoff on the existing mortgage loan as cash out. This type of financing is often used to payoff of bills or complete home improvements. The amount of cash out available to the borrower will depend on the loan to value, debt ratio and fico scores/credit scores.
( Certain Restrictions Apply)
Purchase:
A purchase loan is offered to a borrower to assist with the financing of a real estate asset. A purchase money loan is a type of mortgage loan used to buy a home. The are many types of Purchase Loans available to purchase both residential and commercial property. A home mortgage is referred to as a loan given by a bank, mortgage company or other financial institution for the purchase of a primary or investment residence. To purchase a new home a borrower generally completes a mortgage loan application to determine the maximum loan amount options that are available along with determining various financing choices.
Reverse:
There are three different types of reverse mortgages: single purpose reverse mortgages – offered by some state and local government agencies, as well as non-profits; proprietary reverse mortgages – private loans; and federally-insured reverse mortgages, also known as Home Equity Conversion Mortgages (HECMs).
Investors- Investment Property:
An investment property is real estate property purchased with the intention of earning a return on the investment either through rental income, the future resale of the property, or both. Also referred to as Non- owner-occupied loans.
Commercial:
Commercial property is defined as real estate property that is used for business activities. Commercial property usually refers to buildings that house businesses. The term commercial property refers to buildings or land intended to generate a profit, either from capital gain or rental income. Commercial property includes office buildings, medical centers, hotels, malls, retail stores, warehouses, multifamily housing buildings and farm land.