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- FHA Loans: These loans are available to first-time homebuyers and other qualified borrowers. They are a great loan product for those who can’t afford a large down payment and are looking for flexible credit qualifying standards.
- FHA 203k Loans: This program is designed to help homebuyers and current homeowners breathe new life into their properties. FHA 203k Loans provide funds for both the purchase and renovation available as part of a single loan. The FHA 203k Loan is available in both Standard 203k (for more costly, structural renovations) and Streamline 203k (for improvements that do not exceed $35,000 in renovation expenses).
Union Home Mortgage Corp assists borrowers in rural areas by aligning them with the right USDA Loan program for their needs. While properties that qualify must be located within a designated USDA area, this loan program offers a variety of features:
- Low down payment
- Low out of pocket costs
- Seller can contribute to buyer’s closing costs
- Loans with no down payment available to qualified borrowers.
FHA 203K Loans
- Standard 203k Loans: Designed for renovations that call for structural changes and require engineering and architectural work. These loans are normally attributed to any renovations that don’t allow you to live in the residence while they are being implemented.
- Streamline 203k Loans: Designed for less costly renovations that will not exceed a total of $35,000. These loans are best for renovations that don’t require consultation from architects and engineers.
Knowing when to refinance is not an exact science, but if you decide that this option suits your unique financial situation there can be many benefits to refinancing your home.
- Possibly lowering your monthly payment
- Lower your interest rate
- No money down for closing costs
- Cash-out refinancing allows you trade home equity for cash
When considering a mortgage refinance, homeowners also need to choose the loan that’s right for them:
VA Loans for Veterans
VA Loans offer a variety of benefits and are equal opportunity loans for all qualified veterans and military personnel who meet service requirements.
These loans offer:
- Low or No Down Payment Guidelines
- Low Credit Scores can qualify
- No monthly mortgage insurance required
- No pre-payment penalties
- Fixed Rate Mortgages: The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. On the other hand, the 15-year fixed rate mortgage is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate. The disadvantage is that, with a 15-year loan, you commit to a shorter period of time to pay off your home and often have a higher monthly payment.
- ARMs: Adjustable Rate Mortgages (ARMs) are designed for borrowers who don’t expect to be in a home for a long period of time. These adjustable-rate mortgages are fixed for a period of time and can adjust thereafter. The increasingly popular Hybrid ARMs (also called 3/1, 5/1 or 7/1) can offer the best of both worlds. These loans have lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable-rate loans. These loans can also be a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.