The following is a partial list of programs offered by Properties & Notes Investments with a brief description of the key elements of each. For a complete list of the programs that we offer, please contact us at 954-237-3981.
These materials are not from HUD or FHA and were not approved by HUD or a government agency.
A popular loan type, conventional fixed rate loans feature a constant interest rate for the life of the loan. 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 and 30 years.
Adjustable rate mortgages are loans where the interest rate is recalculated on a yearly basis depending on market values. As interest rates are adjusted so is the borrower’s monthly payment. While interest rates on ARM loans are generally lower than fixed rate loans they can eventually become higher. Various types of ARM loans include Hybrid ARMs such as 10/1 year, 7/1 year, 5/1 year and 3/1 year programs. Contact us for more information on adjustable rate 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.
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 (also called a Rural Development Loan) is a government insured home loan that allows you to purchase a home with NO Money Down. USDA loans offer 100% financing to qualified buyers, and allow for all closing costs to be either paid for by the seller or financed into the loan.
Homeowners looking to decrease their interest rate may consider refinancing. A refinance calls for the homeowner to obtain another mortgage loan. Those funds are then used to pay off the original mortgage loan and the homeowner is then bound by the terms of the new mortgage. Depending on your situation a refinance loan could be a great option. Along with decreasing your interest rate, refinance loans can also help you switch from an ARM to a Fixed Rate, and in some cases reduce your loan term.
A jumbo loan, or non-conforming loan, usually means any home loan for amounts higher than $417,000. 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.
A non-qualified mortgage — or non-QM — is a home loan that is not required to meet agency-standard documentation requirements as outlined by the Consumer Financial Protection Bureau (CFPB). Non-QM loans may encapsulate a wide variety of mortgages, including: Home loans exceeding 30-year terms.
If you are a citizen from another nation, you can still have the opportunity to get a mortgage loan to buy a property in the United States. A mortgage loan to a non-resident person in the U.S.A. is called a Foreign National Mortgage loan. A foreign national who is not a resident of the United States will in many cases seek to own real estate. Financing real estate is generally done by US mortgage companies and banks to United States citizens. The property can become a second or vacation home while staying in America. It could also be an investment property.