Government sponsored loans such as the Federal Housing Administration (FHA) or the Veterans Administration (VA) offer house seekers another option to buy in the home market. Perfect for first-time buyers, low-to moderate-income, buyers with limited cash, and for those who have minor credit problems, these loan programs usually feature low down payments and below-market interest rates. Find out if one of these money-saving options is for you. Why wait? It's free!
Construction Financing
Just as you can get a home loan to buy an existing property, you can get construction financing for your new custom home.
Steps:
Locate and purchase a building site.
Purchase a house plan or have one custom-designed.
Find a builder and obtain a contract specifying the price for construction.
Inquire with your bank regarding a construction loan that could possibly roll over into a permanent mortgage upon completion of the house.
Check with mortgage companies - many offer hybrid loan packages for construction of custom homes.
Apply for the loan at your chosen lender.
Include a financial statement (filled out on the lender's form), blueprints, a survey of the lot, a construction budget and any other information of this type that the lender requests.
Request a construction advance schedule that matches your obligations to the builder so that you don't suffer cash-flow difficulties during construction.
Tips:
If your bank is not interested or competitive in providing your permanent loan, consider getting an up-front approval elsewhere. The existence of this "take-out" loan, ready to pay off the construction funding, may make it easier to arrange the financing or receive better terms.
1st Time Buyer Programs
For many first time buyers, buying a house seems to be an enormous maze, since there are so many factors such as emotional, financial and legal involved. Before you start shopping, there are many laws that protect you from scams, unnecessary expenses, and discrimination in the process of home buying. Apply Now!
Commercial & Mixed Use Properties
Mixed-use property typically contains a combination of commercial (most often retail) space as well as residential units. Although mixed-use properties are appealing to property owners because of the commercial income that they generate, Lenders are often uneasy if too high a percentage of a property's total income is generated by the commercial rather than the residential component. Residential Home Funding will analyze your mixed-use property transaction and help you position it to maximum advantage in order to generate the widest possible appeal among the target group of Lenders.
Jumbo and Super Jumbo Loans
A Super Jumbo Mortgage Loan is a loan amount > $650,000 and typically goes up to $10,000,000. A standard Jumbo loan is $417,000 (as of 2006) up to $650,000 and we provide both types of loans. These type of loans facilitate the high-end purchase of expensive homes, vacation homes, investment property and upscale luxury homes. They are quite attractive for primary occupants or investors who want to leverage their assets.
If you are considering a Super Jumbo Mortgage, then let one of our licensed mortgage professionals help walk you step by step through the loan process. High end financing requires years of experience which is crucial to finding the best mortgage options to suit your needs.
Multi-Family 1-4 Units
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