Loan Programs
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Find The Right Home Loan For Your Needs
Step into the world of MORTGAGEinc, where we’re not just about crunching numbers – we’re all about making your home ownership dreams come true! Dive into our treasure trove of home financing options below and discover a world of possibilities. From cozy starter homes to sprawling dream estates, we’ve got the perfect mortgage fit for you. Let’s turn your house hunt into a thrilling adventure!
Purchase
FHA Loans
FHA loans are home mortgages insured by the Federal Housing Administration (FHA). These government-backed loans provide a safe and affordable option for Americans to buy homes. FHA loans are popular because they require lower down payments, have more lenient credit score requirements, and offer flexible lending guidelines compared to traditional loans.
VA Loans
When it comes to buying a home, there are many options available to you. One option that is often overlooked is a VA loan. VA loans are specifically designed to help veterans and active-duty service members achieve the dream of home ownership. If you're considering using a VA loan to purchase a home, we have provided some of our most asked questions below.
Conventional Loans
A conventional loan is a mortgage not insured or guaranteed by the federal government, unlike FHA, VA, and USDA loans. This means the lender assumes the risk of the loan, requiring borrowers to meet certain eligibility criteria and financial requirements. If you're considering buying a home, read on to see if a conventional loan is a good option for you.
Jumbo Loans
A jumbo loan, or jumbo mortgage, is a home loan that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA). These loans are designed for more expensive properties requiring larger loan amounts than standard conforming loans. Contact us today to find out the loan limits in your area.
1099 Mortgage Loan
A 1099 Mortgage loan is a type of home loan designed specifically for self-employed individuals, freelancers, and independent contractors who receive a 1099 form for their income rather than a W-2. These loans take into account the unique income verification challenges faced by 1099 earners, offering a flexible alternative to traditional mortgage loans that require extensive income documentation.
Fix and Flip
A Fix and Flip Mortgage loan is a type of short-term financing designed specifically for real estate investors who purchase properties in need of renovation with the intent to quickly resell them for a profit. These loans provide the necessary capital to purchase and rehabilitate a property, typically offering flexible terms and quick access to funds.
2-1 Buydown Loan
A 2-1 Buydown Loan is a mortgage option that helps borrowers with limited funds qualify for a home loan by temporarily lowering the interest rate. This program reduces the borrower's monthly payments during the first two years of the loan, "buying down" the interest rate. The interest rate is discounted for the initial period, then gradually increases to the regular market rate in increments, typically by 1% per year.
Fixed Rate Mortgage
A Fixed Rate Mortgage Loan is a type of home loan where the interest rate stays the same for the entire term of the loan. This means your monthly mortgage payments won’t change, no matter what happens with interest rates in the market. It's a popular choice because it offers stability and predictability in your financial planning.
Adjustable-Rate Mortgage
Are you in the market for a new home and unsure which mortgage loan to choose? Have you considered an Adjustable-Rate Mortgage (ARM)? At MORTGAGEinc, we recommend ARMs for those looking to maximize their buying power in today's market.
Interest Only
An Interest Only Mortgage loan is a type of home loan where the borrower initially pays only the interest on the principal balance for a specific period, usually between 2 to 10 years, some lenders go up to 40! After this interest-only period, the loan converts to a standard mortgage, where the borrower starts paying both principal and interest, resulting in higher monthly payments.
Asset Depletion
An Asset Depletion Mortgage loan is a type of home loan that allows borrowers to qualify based on their liquid assets rather than their income. This method calculates the borrower’s ability to repay the loan by depleting their assets over a specified period, typically the term of the loan. It's ideal for individuals who have significant savings, investments, or other liquid assets but may not have a steady income stream.
ITIN
An ITIN (Individual Taxpayer Identification Number) Mortgage loan is a type of home loan designed for individuals who do not have a Social Security Number (SSN) but have an ITIN issued by the IRS. ITIN loans provide a pathway to homeownership for non-U.S. citizens who can demonstrate their ability to repay the loan despite lacking a social security number.
Refinance
Cash Out Refinance
A Cash Out Refinance is a type of mortgage that allows homeowners to refinance their existing mortgage by obtaining a new loan that exceeds the amount they currently owe. This enables homeowners to "cash out" the equity in their home and receive the difference in cash at closing.
Reverse Mortgage
A Reverse Mortgage is a type of home loan that allows homeowners aged 62 or older to convert part of their home equity into cash without selling or moving out of their home. Instead of making monthly payments to a lender, the lender makes payments to the borrower based on the equity in the home. The loan is repaid when the homeowner moves out, sells the home, or passes away.
Mortgage Refinance
Refinancing a mortgage involves replacing your current mortgage with a new one. Essentially, you pay off your existing loan and obtain a new one with different terms. This may include securing a lower interest rate, extending the loan term, or switching from a fixed-rate to an adjustable-rate mortgage.
HELOC
A Home Equity Line of Credit (HELOC) is a revolving line of credit that uses your home equity as collateral. This type of credit line is typically available for up to 10 years. HELOCs are ideal for homeowners who need funds for significant expenses such as home renovations, education, or medical bills. The limit on a HELOC is usually determined by your home’s equity and your creditworthiness.