What is a VA Loan?
The VA Loan began in 1944 through the original Servicemen’s Readjustment Act, also known as the GI Bill of Rights. The GI Bill was signed into law by President Franklin D. Roosevelt and provided veterans with a federally guaranteed home with no down payment.
This feature was designed to provide housing and assistance for veterans and their families, and the dream of home ownership became a reality for millions of veterans. VA guaranteed loans are made by private lenders, such as banks, savings & loans, or mortgage companies to eligible veterans for the purchase of a home, which must be owner occupied.
What is a Jumbo Loan?
A Jumbo or Super Jumbo Loan is one that surpasses a certain amount, which will depend on your county. These loans will offer high-end financing that traditional loans cannot. Jumbo loans were created to provide affordable financing for certain areas that had experienced substantial home value appreciation. A Jumbo loan is sometimes called a nonconforming mortgage, this is because you do not have to follow the guidelines of Fannie Mae and Freddie Mac, which are government-sponsored entities that create standards for down payment, credit score, post-closing reserves, and loan amount. Once the standards are met, conforming loans can be purchased from the lending bank by Fannie Mae and Freddie Mac guaranteeing the loan.
What is a Commercial Loan?
If you’ve never borrowed money for your business, you may be in for a surprise. Whether you want to borrow working capital to expand your business or leverage equity in a commercial real estate venture, you will soon find the commercial loan process is very different from the more-common home mortgage process. Commercial loans, unlike the vast majority of residential mortgages, are ultimately backed by a governmental entity such as Fannie Mae. Consequently, most commercial lenders are risk-averse; they charge higher interest rates.
What is an Investment Property Loan?
Fintech Mortgage Association offers investment property loans for those interested in buying or refinancing rental properties, whether it is a single-family home, condominium, PUD, or multi-family dwelling.
A non-owner-occupied conventional loan of 75% of the lower of appraised value or the purchase price is the most often available loan from the majority of lending institutions, but Fannie Mae and Freddie Mac will make financing available up to the 85% loan-to-value level. Since mortgage insurance is not available for investment properties, investment purchase loans usually require a minimum 20% down payment.
What is an Adjustable Rate Mortgage?
What is a Bank Statement Loan?
We can help those who are self-employed with our Bank Statement Loan Programs. We currently offer two loan options for self-employed borrowers. Being self-employed does not mean you can’t get financing. You do not have to submit any tax returns or financial statements other than your bank statements!
The minimum loan amount is $100,000.
What is a Conventional Loan?
A conventional home loan is any mortgage that is not insured or guaranteed, by the federal government. They are most popular with borrowers that good credit, who can afford a down payment, a stable job, and consistent income, and people who are overall financially stable.
Government-backed loans like the VA, FHA, USDA and other loan programs are designed more for borrowers who can’t afford a significant down payment, have less than perfect credit, are first-time homebuyers, and may need some type of financial assistance.
What is a Fixed Rate Mortgage?
If your goal is long-term home ownership, you may enjoy the comfort of having a consistent payment each month. With a Fixed Rate Mortgage, your loan will be paid over a period of 15 or 30 years with the same interest rate each month. Your payments are based on a fixed interest rate, principal loan amount and amortized interest over 15 or 30 years.
With this type of loan, you can create a low interest, dependable mortgage payment that will stay the same for the life of your loan.
What is Foreign National Lending?
Fintech Mortgage Association has many loan options for foreign nationals through our non-qm / non-agency loan programs. Here are some highlights to consider if you are a foreign national investing in U.S. real estate:
- Second home and investment properties
- Loans to $5 million
- Non-warrantable condos eligible
- Debt service coverage ratioloans available for investment properties
- Unlimited cash out
- No US FICO required*
- Visa required or visa waiver. (VISA Types Allowed: B-1, B-2, H-2, H-3, I, J-1, J-2, 0-2, P-1, P-2, TN NAFTA, Laser Visa)
- No credit events (foreclosure, short sale, bankruptcy) for at least 3 years.
- Borrowers from OFAC Sanctioned countries prohibited
What is an FHA Loan?
The Federal Housing Administration (FHA) was established in 1934 to improve housing standards and conditions and to provide an adequate home financing system through insurance of mortgages. Families that would otherwise be excluded from the housing market were finally able to buy the homes of their dreams under this program.
What is a Construction Loan?
Buying your dream house requires a mortgage, but building your dream house? Well, that requires a mortgage with a twist.
Construction loans are shorter term, higher interest rate loans that cover the cost of building or rehabilitating a house. The lender pays a construction loan to the contractor — not the borrower — in installments as building milestones are achieved. Once building is complete, home construction loans are either converted to permanent mortgages or paid in full.