Purchase Loan Options

Conforming Fixed Rate and Interest Only

Conventional Conforming loan transactions are the Fannie Mae® fixed-rate loan programs provide a fixed interest rate and fixed payments for the life of the loan.

Mainly used for Purchase and Refinance primary residence, second homes, and investment properties.

Fixed-Rate Interest Only

Under this program, the borrower has the option of paying interest only for the first 10 years of the loan term. The loan is then fully amortized over the remaining term of the 30-year loan. The borrower must be qualified at the PITI payment based on the fully amortized rate.

Interest Only loans are only available on owner occupied or second home purchase and rate/term refinance transactions

Conforming ARMs

Conventional Conforming loan transactions are conventional mortgage loans which conform to Fannie Mae/Freddie Mac guidelines. Generally the loans are used for:

• Purchase and refinance for primary residence, second homes, and investment properties.

Conventional Conforming adjustable rate mortgage programs are:

3/1 Libor – fixed for the first three years, then rolls to a one year ARM for the remainder of the term;
5/1 Libor – fixed for the first five years, then rolls to a one year ARM for the remainder of the term;
7/1 Libor – fixed for the first seven years, then rolls to a one year ARM for the remainder of the term.

The Conforming ARM program is a 30 year conforming conventional loan that is fixed for the initial 3, 5, 7 or 10 years and then coverts to a 1 year ARM for the remainder of the term. It is available with an interest only option where during the first 120 months, the mortgage payment consists of an interest only payment (plus applicable escrow payments for taxes and insurance). Subsequent to the interest only period, payments will consists of principal and interest and will adjust annually at the time of interest rate adjustment.

FHA Fixed and Arms

The Federal Housing Administration (FHA) make the home buying process less complicated and expensive and keep existing homeowners from losing their homes. This mortgage program is a fully amortizing program that is available for fixed rate loans, for fixed period ARMs and for interest level payments for the life of the loan. FHA mortgages are available to all qualified home buyers, but are subject to maximum mortgage limits for each county in your state. FHA offers low down payment options, flexibility and charge less for mortgage insurance premiums (MIP) compared to a conventional loan. FHA is a great program for first time home buyers because the down payment required is usually smaller than the down payment for a conventional loan.

FHA Rehab Loans (203K)

The FHA Section 203(k) insurance program enables borrowers to finance the purchase or refinance of a home and the cost of its rehabilitation through a single mortgage. FHA 203k Loan allow homebuyers and homeowners the ability to finance renovation and rehab projects. It is also good for 1st time home buyer who have tight budget and can’t afford the repairs after buying the house. Also this program can turn most home buyers dream come true.

Jumbo Fixed Rate

The Jumbo Fixed Rate product is a mortgage loan program offering fixed rate loans with balances higher than the conforming balance limit to well-qualified borrowers. Generally used for.

Purchase and refinance for primary residence, second homes, and investment properties.

Home Possible 97 and Home Possible Neighborhood Solutions 97 Fixed Rate

Home Possible Mortgages are a responsible, low down payment mortgage option that will help you realize new possibilities to expand your mortgage business and help more borrowers realize their dream of homeownership.

Home Possible provides is a great program for first-time homebuyers and low- to moderate-income borrowers.

Home Possible Neighborhood Solutions offers additional flexibilities for teachers, firefighters, law enforcement officers, healthcare workers and military personnel, including members of the United States Army, Navy, Air Force, Marines Coast Guard and National Guard.

Click here to get the home buyer’s guide to Home Possible 97  Home Possible and Neighborhood Solution 97 Loan Program.

MyCommunityMortgage®: MyCommunity 97

The MyCommunityMortgage® loan program  is Conventional Confirming Fixed loan is designed for low-to-moderate-income homebuyers. This type of loan program provides a fixed interest rate and level payments for the life of the loan. This program is more suitable for borrowers with good credit histories who may have difficulty in saving for a down payment. The borrower does not have to be a first-time homebuyer. It is a fixed rate program available for a 30 year fully amortized term. Homebuyer Education is required in certain scenarios.

HomePath Financing

The Fannie Mae HomePath® program is a fixed-rate, fully amortizing loan program that provides the financing for properties that are owned by Fannie Mae as a result of foreclosure or other similar action such as a deed-in-lieu. To be eligible for  Fannie Mae HomePath Financing .the property must be designated by Fannie Mae as eligible for a HomePath® Mortgage. Only 3.5 minimum down payment is required and great part of this, no appraisal and no private mortgage insurance required.

Click the following images to get more information about the program.

HomePath financing, available only on Fannie Mae-owned properties, offers great benefits — low down payment, no mortgage insurance, expanded seller contributions, and more. HomePath Mortgage is available for move-in ready properties while HomePath Renovation Mortgage provides both the funds to purchase and to renovate in one loan. You also can use the financing of your choice from any lender.

USDA Rural Housing Program

The Guaranteed Rural Housing Loan Program is government insured home loan that offered through the Rural Housing Service (RHS), an agency of the U.S. Department of Agriculture. The program offers assistance to low and moderate-income rural residents whose income is equal to or less than 115% of the area median income. USDA Rural Housing Program is designed to assist qualifying rural residents with better access to affordable housing finance options with little or no down payment or out-of-pocket costs. Borrowers may obtain a loan to purchase a new or existing home that is located in a designated rural area 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. USDA offers  fixed interest rate.

VA – Veterans Administration Home Loan Program Fixed and ARM PROGRAM

In 1944 Congress created the VA Loan program to help returning war veterans achieve the dream of home ownership. Since then, the Department of Veterans Affairs has helped more than 18 million military members realize their dream of home ownership trough VA loan. VA loan programs are available to eligible veterans and  particularly beneficial to those veterans who do not have much cash available for down payment and closing cost. VA underwriting guidelines allow debt-to-ratio compared to other loan programs and it’s easier to qualify for.

FHA Reverse Mortgages (HECMs) for Seniors

Reverse mortgages have become an important financial resource for senior homeowners due to the broad range of needs these unique loans can satisfy, new programs with improved terms, and easier accessibility. Senior homeowners of all income levels now are looking to reverse mortgages for many different reasons. Simply stated, there are no limits or restrictions on how the money can be used. If you are 62 years or older, and your home mortgage is paid off or nearly so, a reverse mortgage could be the way to keeping your home while enjoying greater financial security in your retirement years. The reverse mortgage program enables you to withdraw some of the equity in your home with limitations or a single disbursement lump-sum payment at the time of mortgage closing.

Non-Permanent Resident Aliens

Non- Permanent Resident Aliens are individual who are non- United States citizens. These individuals are permitted to live in the United States on a temporary bases and may have been granted authorization to work in the U.S. by the U.S. Citizenship & Immigration Services (USCIS).

Whether you are diplomats, government workers, professional employees with a home office outside US borders, and those with visas working in the United States under trade treaties are eligible for mortgages, as are your spouses and dependents.

Non-permanent resident aliens in these classes qualify for some, but not all mortgages. At a minimum, non-permanent legal resident aliens must submit their visa status, evidence of ability to remain in the United States for at least one year, and have a valid tax identification or Social Security number.

Our Certified Mortgage Planner Specialists will guide you through each stage of the process and provide you with expert advice along the way. We are committed to making the home refinance process clear, informative, and simple. At Guardian Mortgage, we understand that buying a home will be one of the biggest purchases of your life. That’s why we are committed to providing you with the information you need to make well informed decisions.

When you are ready, simply Apply Online, Request Personalized Rate Quote or call us at 703-349-1084 to speak with live person.