First Time Homebuyers
As a First Time Homebuyer, there is a lot of financing information to absorb. Fortunately, buying your first home today is much easier with many programs designed just for you.
Many of these newer programs require zero to little money down and are more lenient by allowing lower credit scores and higher debt ratios. Because of ever changing guidelines of this program please contact one of our mortgage professionals for more details.
Conventional Fixed Rate Mortgages (FRM)
A popular loan type, conventional fixed rate loans feature a constant interest rate for the life of the life. Generally speaking, monthly payments remain constant. Traditionally borrowers are expected to provide a 20 percent down payment though this is not necessarily required. Contact us for details on down payment requirements.
Available terms generally range from 10 years, 15 years, 30 years and 40 years.
A jumbo loan, or non-conforming loan, usually means any home loan for amounts higher than $453,100. Jumbo loans feature similar loan programs to fixed rate and adjustable rate programs. There are even FHA jumbo loans. The main difference between jumbo loans and conforming loans is the interest rate. Because jumbo loans are riskier for lenders they usually have higher rates.
Learn more about jumbo loans by contacting us today.
FHA Mortgage Loans
FHA loans are private loans insured by the federal government. These loans are popular with borrowers who don't have enough funds to pay a traditional 20 percent down payment because they only require 3.5 percent down to qualify. Those who choose these loans are required to pay mortgage insurance which slightly increases their monthly payments.
Lenders who wish to offer these loans must be approved by the Department of Housing and Urban Development. Please contact us today to find out if a FHA loan is right for you.
VA Mortgage Loans
Like a FHA loan, VA loans are private loans insured by the federal government. VA loans are only available to qualified military veterans and their families. These loans are only available to these individuals for their own primary residences and cannot exceed a $417,000 loan limit.
For information on qualifying for this loan program please give us a call today.
A USDA Loan is a mortgage loan that is insured by the US Department of Agriculture and available to qualified individuals who are purchasing or refinancing their home loan in an area that is not considered a major metropolitan area by USDA.
WHEDA is a government backed loan program that offers Wisconsin residents an opportunity to acquire a low cost, fixed rate mortgage with reduced or No Private Mortgage Insurance.
Construction loans are used to finance the construction of a new structure. Whether you're interested in building a brand new home for you and your family or you're looking to construct a commercial property we can help craft a terrific lending solution. Each loan is as unique as the property you're looking to construct.
We look forward to your questions about construction loans. Please call us to find out more.
A Renovation loan it’s possible to purchase a property and include the cost of repairs and improvements in the loan — making it easier than ever before to purchase a fixer-upper or renovate your current home.
Because of ever changing guidelines and availability of this program please contact one of our mortgage professionals for more details and availability.
Reverse Mortgage Loans
Reverse Mortgages or (Home Equity Conversion Mortgages HECMs) are a special home equity loan for homeowners of 62 years of age or older. These loans allow borrowers to borrow against the equity that they have built up over years of paying down the mortgage on their home to supplement their retirement income. The loan itself will have fees and closing cost involved as there is with any mortgage transaction. Also there is interest added to the loan balance each month, the loan balance grows over time, and funds may be disbursed via a lump sum single disbursement, in monthly payments, or as a line of credit. Borrowers generally do not have to pay back the loan while themselves or an eligible spouse live in the home; however, borrower must continue to pay taxes, insurance, utilities and to maintain the home in order to continue to occupy the home. "Non-borrowing" spouses may be eligible to continue living in the home after the borrower passes away; however, the non-borrowing spouse will stop receiving the money from the reverse mortgage after the borrower spouse passes away. The loan becomes due in full at the time the last borrower, co-borrower, or eligible spouse either passes away, sells the home, or moves out. Borrower's estate or heirs may pay off the reverse mortgage through the sale of the home or retain the home via a refinance (neither the borrower nor their heirs will have to pay back more than the home is worth). Reverse mortgage is not a risk free loan and should be considered carefully; for more information on reverse mortgage visit the Consumer Financial Protection Bureau website at www.consumerfinance.gov/askcfpb/233/reversemortgage.html
All programs subject to change without notice. All services rendered by Commonwealth Mortgage Group (NMLS# 254645) are to assist in providing mortgage loans. Commonwealth Mortgage Group brokers out this loan. Subject to borrower qualification. The information on this section is intended for informational purposes and is not an offer to extend credit.