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LOAN PROGRAMS

Fixed Rate Mortgage (FRM)

This is the loan of choice in nearly 70% of home purchase transactions due in large part to its stability. * The fixed-rate mortgage has an interest rate that is locked in place for the life of the loan and monthly payments (principal + interest) never change, regardless of the prevailing market rate. This may be a good choice if you plan to stay in your home for seven years or longer. If less, an adjustable-rate loan may be a less expensive option.

*LendersMark Financial Network

Adjustable Rate Mortgages (ARM)

Unlike fixed rate mortgages, the adjustable rate mortgage fluctuates with the prevailing market rate. This type of loan is tied to an index and adjusts at certain predetermined intervals. Depending on the prevailing rate at that time, it may adjust higher or lower affecting the monthly payment. Often, there are caps in place limiting the amount rates can rise during the term of the loan. In the grand scheme of things, the ARM is typically more expensive in the long-term but easier to qualify for than a FRM.

LOAN TYPES

Not to worry. Essex Mortgage prides itself on guiding you through the crowded landscape of loan programs to identify the one(s) that meet your specific needs. Following is a general breakdown of loans we offer

Conventional Loans

The majority of loans in the conventional market use Fannie Mae and Freddie Mac guidelines for conforming loans, which are generally $417,000, or less for a single-family loan (higher in some regions of the country). The guidelines are established for credit scores, income requirements and minimum down payments.

With a VA loan, veterans in good standing can purchase a primary residence with no money down as long as the purchase price doesn’t exceed the appraised value of the property and the seller is willing to pay the closing costs. Veteran still need to qualify with respect to income and

Jumbo Loans

A loan is considered jumbo if it exceeds the conforming and conforming high-balance loan limits:

  • The current conforming loan limit for a single-family home is $417,000 for all states—except Hawaii and Alaska, where it is $625,500
  • In federally designated high-priced markets in the continental United States, conforming high-balance limits range from $417,001 to $625,500 and, in designated markets in Hawaii, from $625,501 to $721,050. To note, conforming high-balance loans typically have higher interest rates, stricter underwriting and larger down payment requirements than standard conforming loans, but are generally priced lower than jumbo loans.  Additionally, limits may be different for multi-unit properties

Reverse Mortgage

The reverse mortgage has become very popular in the last decade as ageing Americans seek to convert their home equity into cash. It provides seniors (62 years +) with the financial stability to enjoy their retirement years, cover basic expenses and pay for health care. A reverse mortgage is the opposite of a typical mortgage loan. Instead of payments being made to the lender, depending on the payout option selected, the borrower may receive payments from the reverse mortgage loan proceeds. The borrower is not required to pay back the loan until the home is sold, vacated or upon the borrower's death, or the terms of the program are not met. The homeowner is still responsible to pay all property related fees, taxes and insurance. The home must be maintained in good condition and the borrowers’ primary residence. There are multiple types of reverse mortgages, and Essex Mortgage will cover them so you can determine the best solution for you.

Refinance

Refinancing a loan can make a lot of sense depending on current market rates and your personal financial situation. If prevailing rates are lower than what you are currently paying, it’s worth exploring a new loan, especially if your loan rate is adjustable. It is important to weigh the cost of refinancing (points charged by the mortgage lender) against the long-term monthly payment savings. If you are using the loan to improve your home, you may even be able to deduct a portion of the interest right away. Essex Mortgage will help you determine the ideal scenario based on your commitments and financial standing.

FHA Loans

The Federal Housing Administration (FHA) is a part of the U.S. Department of Housing and Urban Development. It does not lend money but provides government backing in the event the borrower defaults on the loan. FHA loans can be fixed or adjustable and have lower requirements on the down payment than a traditional conventional loan. An FHA loan is an appropriate fit for the borrower who has less-than-perfect credit scores, moderate debt-to-income ratios and/or less than 15% for a down payment.

VA and VA IRRLS

Use your GI Bill to take advantage of a VA or VA IRRLS loan. No Downpayment is required for you to purchase your home.  Active duty military personnel and veterans can qualify for special mortgage rates and housing programs that are federally insured by the United States Department of Veterans Affair

Jumbo VA Loans  (More information to come)

 

RENOVATIONS LOANS

FHA 203K FULL: This is a government-insured loan that allows you to buy a home that is in need of major repairs and/or renovations. The repairs can be structural and/or cosmetic in nature. The lender loans you money to buy a home and complete repairs in a single mortgage. This rehab loan offers fixed rates with only a 3.5% down payment required. The home must be your primary residence. The FHA 203K is also available for refinance transaction - See more at: http://www.primelending.com/improve-a-home-loan-types#sthash.wDZ66vQF.dpuf

FHA 203K STREAMLINE [203K(s)]: This is similar to the FHA 203K Full loan, but is more limited in its scope. The repairs can only be cosmetic in nature and are limited to a maximum of $35,000. Because the repair costs are smaller, there is less red tape to get through, hence the “streamline” name. These loans can also be used to refinance existing mortgages and rehab homes.


HUD REO WITH REPAIR ESCROW: To be used on HUD REO listings only where the appraiser has required MPR (minimum property requirement) type repairs.

BUYER / SELLER FUNDED REPAIR ESCROW: Can be used on an FHA or conventional loan. Can be used on a VA loan by exception only if the seller is funding the repairs. Repairs do not have to be appraiser-required but the appraisal must be subject to those repairs being completed.


 

  • You must be a first-time homebuyer, which is defined as someone who has not owned and occupied a home in the past 3 years.
  • You must be a U.S. citizen, permanent resident or other qualified alien.
  • You will need to live in the home you are purchasing for the entire term of the loan, or until the home is sold or refinanced.
  • CHDAP borrowers must complete homebuyer education counseling and obtain a certificate of completion through an eligible homebuyer counseling organization.

 

 

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ESSEX MORTGAGE
2200 W Orangewood Ave, Suite 150, Orange, CA  92868
Toll Free:  (888) 892-4070
Office:  (714) 935-2581
contact@essexmortgage.com
Copyright © 2017
Data Mortgage dba Essex Mortgage is an equal housing lender. The corporate office is located at: 2200 W Orangewood Ave., Suite 150, Orange, California 92868. Tel: 714.935.2581; California Bureau of Real Estate License No. 00936013 California Department of Business Oversight #603-G833 www.nmlsconsumeraccess.org NMLS #70377 Equal Employment Opportunity © 2015 Data Mortgage DBA Essex Mortgage, all rights reserved.
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