LOAN PROGRAMS

LOAN PROGRAMS

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?

An adjustable rate mortgage can save you thousands over a traditional fixed rate mortgage during the initial rate period. If you plan on moving or refinancing within the next 5, 7 or 10 years, this loan may help you save money by reducing the cost of your overall 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.


WHAT OUR CUSTOMERS ARE SAYING

2 months ago

Teri Petre

Amazing company and amazing loan officers. No need to go anywhere else when you have the best company and team right here with Fintech Mortgage. 🌟🌟🌟🌟🌟... See MoreSee Less

View all Reviews

4 months ago

Glenn Galish

From the Independent Insurance Agent view, people I trust, love them, I'm in.... See MoreSee Less

View all Reviews

5 months ago

Nikki Strathmann

Buying our first home was extremely stressful, & for someone without a financial background, securing a mortgage was the most confusing part. Erik Butzek was able to boil down all the rates & acronyms into logical information we needed to make the right decision. Erik went out of his way to make sure we got the best available loan at the lowest possible rate. His service & personal attention was exceptional & beyond what we were expecting. His knowledge of the local & national market & his commitment to finding us the best rate helped us in finding our dream home. As first time home buyers, everything was new to us & the most important thing we wanted was someone we could trust. He was there for us every step of the way. He was thorough, timely, personable & most importantly, knowledgeable. He took the time to make sure we understood the entire process of closing on a mortgage & was willing to explain things until we were comfortable. He made himself available 24/7 with all of our hounding questions! We are forever grateful to Erik & will recommend him to anyone looking to buy a home.... See MoreSee Less

View all Reviews

6 months ago

Orlando Imai

Fintech Mortgage is a great place to work as a Loan Officer. You are in control of your destiny. What you put into your business you reap the benefits.... See MoreSee Less

View all Reviews

Erik B. and his group are fantastic people! I’m purchasing my first home with my boyfriend and Erik made the process so easy for us. I felt like I was being annoying with the amount of questions I asked, but Erik answered day and night to every question I had. He reassured that I was comfortable with the numbers and contracts. He stayed on the phone for hours to explain the process to me. He also made sure, and went out of his way, to make sure Eric and I had the best deal. I had very bad anxiety thinking the process would be difficult and I wouldn’t understand what I’m doing, Erik made sure that I understood every word and every number. I appreciate everything him and his team have done for me. I highly recommend him to anyone looking for a mortgage.... See MoreSee Less

View all Reviews

GET STARTED
TODAY!