Loan Programs
- FHA
- First Time Buyers
- Reverse Mortgage
- Conventional
- Jumbo Loans
- Foreign Nationals
- Private Money
- Commercial Loans
FHA and First Time Buyers
Let First Priority Mortgage help you take advantage of the many benefits of government secured home financing. FHA insured home loans may be an option for you if you are a first time home buyer, have less than perfect credit, are self-employed or perhaps just have little equity in your current home.
Whether you're a first-time buyer or have purchased a home before, our FHA programs Home Loans offer many benefits to help you purchase your dream home. FHA guidelines provide for lower down payments and more flexible guidelines, helping those buyers who may not qualify for a conventional mortgage loan.
FHA Home Purchase Loan Benefits:
- Down payments as low as 3.5%
- Allowed 2 years after bankruptcy
- Allowed 3 years after foreclosure
- Less than perfect credit
- Self employed okay
- Tax credit up to $8,000 for first-time home buyers
- Federally insured
- Fixed monthly payments
- Increased FHA loan limits up to $729K in some markets.
Reverse Mortgage
A reverse mortgage enables older homeowners (62+) to convert part of the equity in their homes into tax-free income without having to sell the home, give up title, or take on a new monthly mortgage payment. The reverse mortgage is aptly named because the payment stream is “reversed.” Instead of making monthly payments to a lender, as with a regular mortgage, a lender makes payments to you.
The amount of funds you are eligible to receive depends on your age (or the age of the youngest spouse in the case of couples), the appraised home value, interest rates, and in the case of the government program, the lending limit in your area. In general, the older you are and the more valuable your home (and the less you owe on your home), the more money you can get.
You can choose to receive the money from a reverse mortgage all at once as a lump sum, fixed monthly payments either for a set term or for as long as you live in the home, as a line of credit, or a combination of these. The most popular option – chosen by more than 60 percent of borrowers – is the line of credit, which allows you to draw on the loan proceeds at any time.
The proceeds from a reverse mortgage can be used for anything, whether its to supplement retirement income to cover daily living expenses, repair or modify your home (i.e., widening halls or installing a ramp), pay for health care, pay off existing debts, buy a new car or take a "dream" vacation, cover property taxes, and prevent foreclosure.
As long as you own a home, are at least 62, and have enough equity in your home, you can get a reverse mortgage. There are no special income or medical requirements.
Conventional 30 Year Fixed Mortgage
Lock in a low fixed-rate mortgage and leave fluctuating adjustable rates behind. Rates going up? Rates going down? Who can predict? Refinance into a low fixed-rate mortgage and gain the security of knowing that your monthly principal and interest (P&I) payments won't change, no matter how interest rates fluctuate in financial markets.
Jumbo Loans
The conforming loan limit, or "Jumbo Loan amount" is set every January. The 2007 limit for single-family homes and condominiums is $417,000.
When a loan amount is higher than the conforming limit, it becomes a Jumbo Loan, or non-conforming loan, with slightly higher interest rates. However, with interest rates so low, consumer interest in Jumbo Loans is very high. Jumbo Loans, compared with historically low mortgage rates, can bring greater flexibility for some home buyers to purchase the high end house they want and make the payment they want.
Foreign Nationals
Private Money
Commercial Loans