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Loan Programs At SimpleHomeLoan.com we want the process of getting a home loan to be simple. We offer many different mortgage programs that are funded by hundreds of different underwriters. When you fill out your application, you can choose the mortgage program in which you want to participate, or just tell us what your needs are and we will find the home loan program that is appropriate for your individual situation. Our goal at SimpleHomeLoan.com is to make getting your mortgage Simple. Click Here To Learn About the Loan Process Loan Programs at
SimpleHomeLoan.com · First Time Home Buyers Loans · FHA · Conventional Fixed Rate - 10, 15, 20, 30 Years · Adjustable Rate Mortgage · VA · Loans For People with "Credit Issues." · Refinancing With or Without Cash Out · Home Equity Credit Line · Jumbo Loans · Second Homes and Investment Property · Balloon Loans · Temporary Buy Downs · 125% Loan-to-Value and Second Mortgages
First Time Home Buyers Loans = If you have not bought a home in the last 3 years, you qualify as a First Time Homebuyer ... So are you a first time homebuyer?
Access The ACCESS Program is designed to assist individuals and families to qualify to purchase FHA insured homes with as little as 1% down at the time of close. This program works by providing the borrower an additional 5% to the 97% an individual receives in the FHA program. This is a silent second that is not due until you sell or refinance or 20 years whichever comes first. It is set at a fixed rate of 6%. è This program is wonderful for people who do not have much money to put down to get into a home. It is designed to help people that are first time homebuyers. SimpleHomeLoan.com believes this program is one of the very best programs out today to get a future homeowner into a home for little down.
FHA A division of the Department of Housing and Urban Development, its main activity is insuring residential mortgage loans made by private lenders. FHA also sets the standards for underwriting mortgages. FHA loans are great for first time homebuyers and people who do not want to put much money down at the time of purchase.
è These loans are perfect for people who only want to put 3% down or other small amounts.
Conventional Fixed Rate - 10, 15, 20, 30 Years The interest rate will remain the same on these mortgages throughout the term of the mortgage for the original borrower. The typical home mortgage is for 30 years. Keep in mind, the length of the fixed portion of the loan will effect the total amount paid in interest. è Fixed rates are the industry standard. Most people will finance their home loan over 30 or 15 years. Fixed rates are used for people with everything from an A paper (great credit) to people with "credit issues."
Adjustable Rate Mortgage An Adjustable Rate Loans (ARMs) Is a mortgage in which the interest rate is adjusted periodically based on a pre-selected index. · Examples: 3/1, 5/1, 7/1 and 10/1 ARMs --- Adjustable-rate mortgages in which the rate is fixed for three-year, five-year, seven-year and ten-year periods, respectively, but may adjust annually after that. Most adjustable rate loans have a low introductory rate or start rate, some times as much as 5.0% below the current market rate of a fixed loan. This start rate is usually good from 1 month to as long as 10 years. As a rule, the lower the start rate the shorter the time before the loan makes its first adjustment. è These are great if you plan to live in the home for a few years (few to 10 years) or if you need to keep your payments low for a few years before refinancing into a lower fixed rate. Don't discount the value that can be found with an ARM, they give you, the buyer, flexibility.
Veteran Administration Veteran Administration (VA) loans are long-term, low-or no-down payment loan that is guaranteed by the Department of Veterans Affairs. VA loans are restricted to individuals qualified by military service or other entitlements.
è This is often the best option for either people still in the military, or people who have left the service of our nation. A VA loan takes a bit longer than other loans to process because we must deal with the bureaucracy of the VA. However, many people feel the extra time spent in processing is usually worth it because you can move into a home, for which you qualify for, with little or no money out-of-pocket.
Loans For People with "Credit Issues." SimpleHomeLoan.com is committed to serving borrowers who aren't able to meet traditional loan guidelines. The wide range of programs with flexible credit criteria and aggressive underwriting guidelines available to you through SimpleHomeLoan.com reflect our philosophy of helping everyone achieve the American Dream of homeownership. Homeownership not just people with "perfect credit". If you have had a bankruptcy, foreclosure, or other credit problems in the past and are interested in purchasing a home, SimpleHomeLoan.com may still be able to qualify you for a home loan. Financing is usually available at higher interest rates and larger down payments. To find out if you qualify, simply fill out the application and a loan officer will contact you to see which options may be available to you. è This option is very flexible for the motivated buyer. Homeownership in American is not just limited to those people who have perfect credit. Apply today to find out which option works best for your situation.
Refinancing With or Without Cash OutRefinancing With or Without Cash Out with SimpleHomeLoan.com may help you reduce your interest rate, reduce your monthly payments, eliminate your private mortgage insurance, provide cash out or simply reduce the amount of interest you have to pay for the duration of your mortgage. We have many programs available that we will tailor to meet your specific needs.è Many people think that refinancing can only help you reduce your interest rate and the total amount you pay monthly. This is only part of the truth. Refinancing will often allow you to reduce the total amount you pay in interest over the years and sometimes will reduce the total number of years you will need to pay on your home loan. Many people just pick a program and stay with it "forever." At SimpleHomeLoan.com we want to help you manage you mortgage money just as you would have a stockbroker do for your investments. Mortgages can, and often should, be refinanced to maximize your money. Apply today to find out how SimpleHomeLoan.com can help you get ahead.
Home Equity Credit Line If you want or need to borrow money, home equity lines of credit may be one useful source. Initially they will provide you with large amounts of cash at relatively low interest rates. They also will provide you with certain tax advantages unavailable with other kinds of loans. (*Check with your tax adviser for details.) However, they do require you to use your home as collateral for the loan. If you sell your home, most plans require you to pay off your credit line at that time. SimpleHomeLoan.com Can Make The Equity In Your Home Work For You
Jumbo LoansJumbo Loans At SimpleHomeLoan.com we love to help people secure jumbo loans. A jumbo loan is a home loan larger than $240,000. Through our extensive network of jumbo loan underwriters, we will find the loan and jumbo product that meets your needs specifically.è Apply online today and get a great jumbo loan for that home you have been looking for.
Second Homes and Investment Property Starting or adding to your own real estate empire! At SimpleHomeLoan.com we will help you buy that retreat home you want. We can help you buy the house down the street and rent it out. Become the one in your office that makes trips to your "second home" on the weekends, or become the one in town who is making money on rental properties. Apply today to become the one on the street with lots of property.
è This option is a great way to invest funds that will continue to make you money for years to come or enable you to "get away" for the weekend.
Balloon Loans A balloon loan is amortized for a longer period than the term of the loan. Usually this refers to a thirty-year amortization and a five or seven year term. At the end of the term of the loan, the remaining outstanding principal on the loan is due. This final payment is known as a balloon payment. This offers some significant opportunities for an individual today with the knowledge in a few years they will be moving to either a different location or they will be needing a bigger home. Balloon loans allow you to qualify at, pay a lower rate and pay a smaller monthly house payment è This option is great for people who are only in an area temporarily. It also offers substantial opportunities for a new family that knows in a few years they will need to add additional bedrooms as the children grow up and need their own rooms.
Temporary Buy Downs This option allows you to buy down the interest rate for a few years. While the payments are initially low, they will increase when the buy down expires. Example: 2/1, 3/2/1 è This option offers a fantastic option for people who may have a bit more money to put down at close of escrow and want to keep their monthly payments lower than normal for a relatively short period of time. Companies who want employees to relocate frequently use this option as an incentive by subsidizing the buy down.
125% Loan-to-Value and Second Mortgages At SimpleHomeLoan.com we want to help you if you need the additional money for whatever reason. If you are looking to consolidate all those bills into one simple and low payment we can help you! We can help you get the money you need to build that extra bedroom, or just to add the pool in the back yard. Apply today, and find out how you can use either the 125% loan or a second mortgage to help you improve your situation.
è The 125% option is great if you find yourself in the uncomfortable situation where you have too many credit cards with sky high interest rates. Simply consolidate those bills into one payment of a home loan. If you need to add that additional bedroom for the new baby, or for the kids that can no longer live in the same room, the "second" on your home can afford you the money you need to make those necessary improvements. Apply today and a SimpleHomeLoan.com Loan Officer will be happy to work with you to ensure that the second or the 125% option works for you in the way you intended.
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