FHA and VA loans are typically 30 year, fixed rate loans (adjustable rates may be available) which are insured by our federal government. Because these loans feature government insurance, they offer qualifying guidelines and special features that may not be found in other conventional products. Credit requirements and qualifying guidelines are typically easier to meet than conventional loans and there are no pre-payment penalties. FHA loans can even be assumed by qualified buyers.

Construction loans are used to build a new home or extensively rehabilitate an existing home. Some of our programs allow customers to roll closing costs and prepaids into the loan amount. One exceptional advantage of these loans is the ability to use the appraised value of the home after all improvements have been made, instead of the actual purchase price or construction cost. This feature may lower the down payment required and may also lower or eliminate mortgage insurance that may otherwise have been required.

Loans up to $2,000,000 and higher have special requirements. We have multiple lenders who specialize in these loans and are familiar with the issues these customers face in qualifying and documenting their loan requests. We would be happy to make special arrangements to facilitate your jumbo financing needs.

Jumbo loans are mortgages for amounts above the federally-mandated conventional loan limit. Currently, the jumbo loan limit is $417,000. However, Congress has approved changes that may get you a lower rate on some jumbo loans.

 Remodeling loans are used to cosmetically improve a homes appearance and allow a homeowner to customize their residence. Typically, these loans allow for new painting, carpet, flooring, a new roof, new appliances and other bath or kitchen updates. In some programs, the lender will allow the value of the home "after improvements" to be used in calculating the required down payments and loan to value requirements. This may save the homeowner substantial funds and may reduce or eliminate the need for mortgage insurance.

 Many people would prefer to not disclose thier income. We have programs that allow borrowers to buy homes without disclosing private and complex financial information. There are certain down payment and credit scoring guidelines that will apply.

These loans are usually referred to as "Agency" loans because they are underwritten to FNMA or FHLMC standards. They include your typical 30 year fixed rate loans. They also include 5 and 7 year balloons, 5/1 and 7/1 ARM's and also feature some excellent first time homebuyer options for teachers, fire fighters and police. These are the standard loans for the industry and currently go up to $417,000.

A fixed-rate mortgage has an interest rate that won't change for the life of your loan. Usually that's 30 years, but it can also be 10, 15, 20, or 25 years. It's the best security against rising mortgage rates and higher payments. If you know you don't plan on moving or refinancing in the next 10 years or so, the fixed-rate mortgage may be your best choice.

Take advantage of a lower interest rate for shorter term loans. These rates can be locked in for terms ranging from 1 to 7 years and can save you thousands of dollars in interest charges.

An adjustable-rate mortgage (ARM) is a mortgage that has a rate that's fixed for the first several years of the loan (at Quicken Loans that's 3, 5 or 7 years) and then adjusts up or down according to financial markets.

• Get a lower monthly payment than a fixed-rate loan. Adjustable-rate mortgages have lower rates, giving you more money to work with each month.
• The average homeowner moves every 7 to 9 years, so why get a 30-year mortgage? Get a lower monthly payment and get only the financing you need. Don’t pay extra for 30 years of security when you only need 3, 5 or 7 years.
• Choose an interest-only option to get an even lower monthly mortgage payment. Each month, you choose whether or not to pay principal on your loan for the first 10 years of the loan. Pay some of the principal, and you’ll see next month’s interest payment go down, too!
• Adjustable rate mortgages have many options. We can customize a mortgage to match your situation. Let the mortgage experts do the work.

If your financing is based upon your appraised value, instead of what you paid for it, you may save thousands of dollars in mortgage inurance and you may be able to siginificantly reduce or even eliminate your down payment. This financing option is available in certain circumstances for conventional and FHA loan programs.

 Investors are required to meet more stringent qualifying guidelines and these loans typically carry higher interest rates than owner occupied loans. We have many options for investors including stated income loans and loans which can finance your improvements as well as the purchase price of the home. Call us - we have solutions for investors.