Types of Residential Home Loans offered by Loans Realty Group:
1. Conventional Loans – Both fix and adjustable rate mortgages.
2. FHA – Low down payment with low fico scores.
3. FHA 203k – Rehab loan that fits FHA guidelines.
4. FHA Streamline – Refinance an existing FHA loan into another FHA loan without income documentation, but primary goal is to lower current monthly payment. No appraisal needed.
5. VA – 100% financing available for our U.S. Veterans.
6. VA IRRL – Refinance an existing VA loan into another VA loan without income documentation, but primary goal is to lower current monthly payment.
7. USDA – 100% financing available for residential properties zoned agriculture.
8. Hard Money Lender – Used by investors with stated income documentation or no income documentation. Rates are typically between 11% – 15% and with 2 – 3 points charged upfront. 1 point equals one percent of the loan amount.
9. Alt-A – These type of loan programs have interest rates in between conventional (ie Conventional, FHA, VA, USDA) loan rates and Hard Money Lender rates, but it is a full documentation loan. Borrowers opt for this program, because they cannot qualify for the regular Conventional, FHA, VA, or USDA loan programs.
10. Bank Statement Program – this loan is for self-employed borrowers that show low profit in their Corporation tax (ie IRS 1120S) or personal Schedule C of their 1040 income tax. The lender uses the deposits to determine income based on borrower’s personal bank statements or business bank statements. Lender will require recent 12 months or 24 months bank statements depending on the loan terms of the program.
11. Down Payment Assistance Programs – We have several types of this program. One of them is called Calhfa (California Housing Finance Agency) and it is a 3-loan program. 1st loan can be either Conventional or FHA loan, and 2nd loan covers down payment, and 3rd loan covers most of the closing costs up to a total of 105% combined loan to value. We also have a FHA Grant Program that will cover the down payment and it is not repaid, but it does not cover closing costs.
12. ITIN – This loan is for borrowers with Individual Tax Identification Number only and no Social Security number with up to 90% loan to value depending on loan amount.
13. Manufactured Home Loan – This type of loan is for manufactured homes on permanent foundation which also includes the land.
14. Mobile Home Loan – This type of loan is for mobile homes (double-wide) in which the land is not part of the sale. The land is leased in which you will find in a typical mobile home park.
15. Reverse Mortgage – is a type of home equity loan that allows the borrower at the age of 62 or older to convert some of the equity in their primary home into cash without monthly principal and/or interest payment, while they have the right to stay in their home as long as they comply with the loan terms.