Loan Programs

 

Several types of mortgage loan products are available and listed below. Once you review the types, ask us for more details, so we can determine which type of program would be the best option for you.

FIXED MORTGAGE RATE

A mortgage in which the interest rate is fixed for the term of the loan. Terms include 30, 20, 15 or 10 years.

CONVENTIONAL LOAN

Conventional loans are not insured by any government program, and they are the most common type of mortgage. Conforming conventional loans follow the loan amount guidelines set by Fannie Mae and Freddie Mac. Nonconforming loans don't meet those guidelines, but are still considered conventional. Conventional loans often have higher down payment requirements than government-sponsored loans like FHA and USDA.

HYBRID ADJUSTED RATE MORTGAGE

A mortgage in which the interest rate is fixed for a predetermined period of time, like three, five, seven or 10 years. After the predetermined period of time, the loan converts to an adjustable rate mortgage (ARM) for the remaining term of the loan.

FHA LOAN

A loan insured by the Federal Housing Administration open to all qualified home purchasers. While there are limits to the size of FHA loans, they are generous enough to handle moderately-priced homes almost anywhere in the country. FHA loans offer a low down payment and more flexibility than many other types of financing.

REVERSE MORTGAGE

A Reverse Mortgage is a type of home equity loan that allows homeowners to convert some of their equity in your home into cash while retaining home ownership. Reverse Mortgages are backed by the government and FHA.

JUMBO LOAN

Jumbo loans are available up to $900,000 with no adjustment to rate, but can go up to $2 million. Available for refinances or
purchases, mortgage insurance is
not required.

INVESTOR LOAN

Requires 15% down on a single-family residence and 25% down on a 2-4 unit properties on purchases, available as a fulldocumentation loan only.

ADJUSTED RATE MORTGAGE (ARM)
A mortgage in which the interest rate is adjusted periodically based on a preselected index and margin.
VA LOAN

Mortgage loans available to eligible US veterans. VA guaranteed loans are made by private lenders, such as banks or mortgage companies, for the purchase of a home for a buyer’s own personal occupancy. These loans offer competitive rates and require little or no down payment.

A mortgage in which the interest rate is adjusted periodically based on a preselected index and margin.
UTAH HOUSING

There are 4 different types and only one is restricted for first time homebuyers. There are income limits on all 4. The Utah Housing Corporation works in conjunction with FHA and VA. The most recent loan product released works in conjunction with Fannie Mae. Zero money down.

USDA RURAL HOME LOAN

Loans guaranteed by the USDA remain one of the few nationally offered loan programs available with no down payment. The program’s requirements mandate that both the property and borrower must qualify. These requirements are dependent on the physical location of the property and the maximum household income.

CONSTRUCTION LOAN

This type of a loan is used to finance the construction of a home. A Construction Loan involves a series of disbursements, which are linked to a construction schedule. 3.50% + Down Payment.

STATED INCOME LOAN

Non owner occupied ONLY, and no minimum credit score is required. Maximum DTI is 40% Stated Income, maximum loan amount is $417,000 (or committee approval). 30 year amortization with a five year balloon payment.

AND MORE....

Don't see the loan you were looking for? Contact us and ask about other loan options. We are sure we have the perfect loan program for you.