Depending on your financial situation, All-Star Mortgages can help find the loan type that works best for you! We offer financial programs such as Conventional, USDA, FHA, and VA loans.
Contact us today at 251-219-7591 to find out which loan program is right for you!
The USDA Home Loan Program or the USDA Rural Development Guaranteed Housing Loan Program, is a mortgage loan offered to home buyers looking to purchase rural property, as identified by the United States Department of Agriculture.
An FHA Loan is a mortgage program that is insured by the Federal Housing Administration. FHA Loans offer qualified buyers the ability to finance their new home with a down payment as low as 3.5%, for home buyers that meet the minimum requirements. This is a great option for first-time home buyers looking to purchase a home with a minimal down payment.
A Conventional Home Loan or a Conventional Mortgage is a program that is not backed or secure by a government agency. These loans are available though private lenders and can allow qualified borrows to receive financing with as little as a 3% down payment.
VA Home Loans are loans provided by the U.S. Department of Veteran Affairs available for Veterans and Service Members to use for building, buying, improving or refinancing homes.
There are two refinancing options for home buyers to consider: Cash-Out Refi & Rate-and-Term Refinance. A Cash-Out Home Refi allows the home owner to replace their existing mortgage with a mortgage for more than you owe on the house and receive the difference in cash. Rate-and-Term refi's are for home owners who want to adjust their mortgage terms (interest rate and/or term) keeping their same mortgaged amount.
There are various types of commercial loans available for commercial real estate properties. In comparison with a home loan, commercial loans are generally shorter in term and require a much higher downpayment, as well as a higher credit score.
New construction loans are normally originated before construction begins on a new lot, and will close after the home is built. They generally require a lot of paperwork up front including the lot information, proposed budget and architect plans to get approved. New construction loans are able to cover anything that is not removable from the home.
A second home, or a vacation home is a home purchased separate from your primary residence. Vacation homes usually have slightly higher rates and require a higher credit score. With a conventional loan, the downpayment can be as low as 10%, but lenders may require 20%. Vacation homes also require proof of reserves in your savings account.
Investment properties are similar to second homes, but it must be noted when obtaining a mortgage whether the home will be rented out at any time. At that time, it becomes an investment property, not a second home. Investment properties almost always require 20% down.