Home Mortgages and Loans for RI | MA| CT | FL borrower programs


LOAN PROGRAMS

 

Conventional 30 or 15 year Mortgage

30 and 15 year fixed rate mortgages are viable options for those who plan to live in their home for more than ten years. A short-term mortgage means a lower interest rate. Thus a 30-year mortgage has a higher interest rate and lower monthly payments than a 15-year mortgage.

 

Traditionally, fixed-rate mortgages have been the most popular choice among homeowners, because the fixed monthly payment is easy for planning and budgeting and they can help protect against inflation.

These programs offer the lowest fixed payments for eligible applicants with good credit and employment history.

 

Call Lilliane at Team 1 Seacoast Mortgage to learn more.



FHA and VA loans

U.S. government loan programs such as those of the Federal Housing Authority (FHA) and Department of Veterans Affairs (VA) are designed to promote home ownership for people who might not otherwise be able to qualify for a conventional loan. Both the FHA and VA loans have lower qualifying ratios than conventional loans.

 

FHA and VA loans are not issued by the government; but by private lenders insured by the U.S. government in case the borrower defaults. FHA insured loans offer the most liberal credit qualifying with low down payments.

VA loans are only available to veterans or their spouses and certain government employees. VA guaranteed loans offer low, fixed rates and no down payment loans to eligible veterans.

 

Call Lilliane at Team 1 Seacoast Mortgage to learn more. 401-305-6910



USDA Rural Housing Loan Programs

Loans may be for up to 102% of the appraised value or sales price (whichever is lower). A one time 2% guarantee fee can be included in the loan which is how the loan can go up to 102%. This feature allows buyers to finance this expense into the loan amount versus paying it out of pocket. There is no PMI and these are secure, fixed-rate 30-year mortgages. Sellers can assist by paying the buyer's closing costs and there is only a small cash reserve needed for qualified borrowers.

 

 

To be eligible for a USDA Rural Housing Loan Program:
1. Homebuyers must be United States citizens, qualified aliens, or legally admitted to the U.S. for permanent residence.
2. Adjusted annual household income cannot exceed the moderate income limits for the area. A family's size and child care considerations may increase chances for qualification if deductions are applicable.
3. Primary residences only.
4. Home must be located in rural areas. This may include open country, and places with populations under 25,000 residents.

 

Call Lilliane at Team 1 Seacoast Mortgage to see if you qualify.

 

 



LOAN PROGRAMS

 

Alt A Loans

An Alt-A loan is not really a loan type but a means for lenders to grade or categorize a loan. Alt-A has also come to mean loans with other "transgressions" such as not meeting standard underwriting guidelines for property type, debt ratio or loan-to-value ratio, as well as documentation requirements.

 

Borrowers in this category have credit scores not quite where they should be, or can not fully document their applications, or an out-of-the-ordinary deal. Borrowers pay slightly higher interest rates and have somewhat more stringent qualification criteria.

 

Call Lilliane at Team 1 Seacoast Mortgage to learn more.



203K Loan - Rehab Program

This program operates through an FHA-approved lending institution which submits an application to have the property appraised and have the buyer's credit approved. The lender funds the mortgage loan which the Department insures.

The FHA 203k loan program is the HUD Department's primary program for the rehabilitation and repair of single family properties. Basically it is a home improvement loan. As such, it is an important tool for expanding home ownership opportunities.

This program can be used to accomplish rehabilitation and/or improvement of an existing one-to-four unit dwelling in one of three ways:
· To purchase a dwelling and the land on which the dwelling is located and rehabilitate it
· To purchase a dwelling on another site, move it onto a new foundation on the mortgaged property and rehabilitate it
· To refinance existing indebtedness and rehabilitate a dwelling


Massachusetts Housing Program

Homebuyer / Homeowner programs help families buy and repair single and multi-family homes. Homebuyers may be eligible for low mortgage interest rates, down payment and closing costs assistance, mortgage insurance, lead paint removal assistance, and homebuyer counseling.

 Call Lilliane at Team 1 Seacoast Mortgage to learn more. 401-305-6910