VA Loans

The US Department of Veteran Affairs (VA) helps veterans, active duty service members and eligible surviving spouses get mortgage loans through a lender. You need a veteran’s certificate of eligibility and a VA-assigned appraisal to qualify. Benefits include:

• VA loans offer a 100% finance option, eliminating the need for a down payment.
• Lenders are encouraged to relax credit requirements.
• VA loans do not require monthly mortgage insurance since the government guarantees the loan.
• Often, you can get lower interest rates with a VA loan.

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First Time Affordable Homebuyer Programs

If you’re a first-time homebuyer, GoPrime Mortgage, Inc. can get you the best deal on a loan. Many mortgage loan products programs are designed to help first-time homebuyers, and your loan officer will find the one that best fits your situation. Here are some examples:

• Mortgages like FHA loans and USDA loans require little or no down payment.
• Government-guaranteed programs like VA loans and FHA loans can help you overcome past credit problems.
• You can take advantage of mortgage credit certificates (MCC) to get tax credits.

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Jumbo Loans

If you’re ready to buy your dream house or a luxury second home, you may need to borrow a larger amount of money than your average homebuyer. With a Jumbo loan, you can borrow more to buy or refinance a home. Here are some Jumbo loan benefits:

• Since conforming mortgage loans are limited to $417,000 in the continental U.S., jumbo loans provide a great alternative if you need more than that.
• It’s easier to apply for a jumbo loan than it used to be because they are more in demand.
• Your independent mortgage lender has several types of jumbo loans to offer you.
• A jumbo loan refinance can save you money on your monthly mortgage payment.
• The best benefit of all?  You’re buying a beautiful home.

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Second Home Purchases

Buying a second or vacation home requires that you qualify for a mortgage loan in addition to your primary residence. Consider the implications of owning a second home — such as taxes, insurance and maintenance. But if you can meet the requirements and have a 10 to 20 percent down payment, you can find favorable terms and benefits:

• An independent mortgage lender has tools and products geared specifically for second home buyers.
• You can find favorable loans, such as jumbo loans

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Refinance

Once you’ve built up some equity in your house, you can refinance your mortgage to access some of that equity. Keep in mind you’ll accrue the same type of fees and costs as with any other mortgage, but there are many good reasons to refinance:

• Take advantage of a lower interest rate.
• Reduce your monthly mortgage payments.
• Use the equity to pay off other debts (see debt consolidation loans).
• Pay off your house more quickly by refinancing with a 15-year mortgage.
• Use the equity to pay for house repairs and upgrades.
• Pay for your children’s college tuition. Or your daughter’s wedding.
• Purchase an investment property or a second home.

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FHA Loans

Many mortgage loan products which are well suited for first-time homebuyers, FHA loans have more relaxed requirements than conventional mortgages. In some cases, you can have a recent bankruptcy in your past and still qualify for a loan. Protected by the Federal Housing Administration, these loans may be attractive to first-time homebuyers for these benefits:

• Down payments for an FHA loan may be as low as 3.5% of the purchase price, not 20% or more.
• You can use a monetary gift for your down payment and closing costs.
• You can get either fixed or adjustable interest rates with a FHA loan.
• FHA loans may be streamlined, so you need less paperwork, simplifying the process.
• Grants and down payment assistance programs help you cover closing costs.

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Renovation Loans

Known as FHA 203k loans, these mortgages help you pay for home renovation projects. They are not lines of credit that you can use for any purpose. If you take out a renovation loan, you have to prove that you’re using the funds on a renovation project. That’s due to one of its primary benefits:

• Your loan amount is based on the upgraded value of your house after the renovations are complete.
• These mortgage loans are perfect for people who want to buy a house to rehab it.
• With this mortgage, you don’t receive the money all at once; the funds get doled out as needed, paid to the contractor doing the work. The lender holds the money in an escrow account, keeping the contract and borrower safe.

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Debt Consolidation

If you’ve built up some credit card debt, it likely comes with a very high interest rate: as much as 16 percent or more. If, however, you’ve been living in your house for some time, you’ve also built up equity in the property. Rolling your credit card debt into your mortgage has some advantages:

• Since your mortgage carries a much lower interest rate (sometimes 10–15% lower), you’ll save money.
• You’ll lower your monthly payments if you consolidate your credit card debt into a new 30-year mortgage.
• These loans are especially valuable for people who have had one-time expenses.
• You can claim tax deductions on mortgage interest, but not on credit card interest (consult your CPA or tax accountant).

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Mortgage Credit Certificates (MCC)

In California, if you qualify, you can claim up to 20 percent of your mortgage interest on your federal taxes. Administered by the California Housing Finance Agency, the MCC program is for:

• First-time homebuyers
• US Citizen or Permanent Resident Alien or Qualifying Alien
• Meet Income & Acquisition Requirements
• Principal residence; Must occupy property within 60 days of closing
• IRS filed TAX returns for past 3 yrs – all Borrower(s) & Spouses

Benefits of this program are obvious, to learn more visit the CalHFA website or speak with Zachery Adam.

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