Loan Programs

Building the custom home of your dreams means your future holds many wonder-filled possibilities for your family. Securing an interim and permanent construction loan with our team gives you the peace of mind you desire, so you can focus on the more important aspects of building your DREAM HOME!

OUR CONSTRUCTION LENDING PROCESS IS TRIED AND TRUE

• We offer terms often not available with other lenders, such as lower down payment requirements
• Our team has solutions for many different types of construction loans
• Whether building on your own lot or simultaneously purchasing a lot and starting your build, we can help you accomplish your goals
• Get pre-approved before you begin the construction of your new home

WE HAVE MANY DIFFERENT LOAN OPTIONS TO HELP BUILD YOUR DREAM HOME

Conventional Loan: Build with us and move into a conventional loan at build completion

FHA Loan: Build with us and move into an FHA loan at build completion

VA Loan: Build with us and move into a VA loan at build completion

Jumbo Loans: Build with us and move into a JUMBO loan at build completion

‍

*All loans are subject to underwriting or investor approval. Other restrictions may apply. This is not an offer of credit or a commitment to lend. Guidelines subject to change.

The adjustable-rate mortgage (ARM) is a home loan with an interest rate that is fixed for a set amount of time, then resets and adjusts up or down periodically, per the terms of the loan. We offer ARMs that have a 5, 7, or 10 years fixed period. Remember, the longer the fixed period of the loan, the higher the rate (typically but NOT always). 

ARMs come with interest rate floors (lowest interest rate you can pay) and ceilings (highest or maximum rate you can pay), which are commonly referred to as ‘caps’. ARM caps protect both you and your lender. The floor protects lenders from losing money on loans if the index decreases dramatically. The ceiling marks the highest possible rate that the borrower can pay on a mortgage, which protects you from paying an outrageous rate if the index suddenly climbs. In order to protect lenders and borrowers from possible foreclosures in the future, the borrower must qualify for the highest possible payment. Some borrowers with higher debt-to-income (DTI) ratios may not be able to qualify for an ARM loan.

WHEN AN ARM MAKES SENSE TO YOU

• Adjustable-rate mortgages benefit the borrower at times when the interest rate is higher than in previous years and deemed likely to drop to a more affordable level in the near future. However, if rates are already low, you may want to consider a fixed-rate mortgage as your first option.

‍

• Adjustable-rate mortgages typically start out at a lower rate percentage than a fixed-rate mortgage. If you retire or pay off your mortgage quickly, the adjustable rate might not have time to adjust.

‍

• ARMs are great options if your job requires you to move frequently or if you plan to sell your house within a few years of purchase, rather than keeping it forever.

*All loans are subject to underwriting or investor approval. Other restrictions may apply. This is not an offer of credit or a commitment to lend. Guidelines subject to change.

A fixed-rate mortgage is exactly as it sounds. It’s a home mortgage loan where the interest rate is fixed for the life of the loan. If you hate surprises, you’ll love the our fixed-rate mortgage. Once you sign the paperwork, the rate never changes per the original loan term, giving you peace of mind and a monthly mortgage that’s easier on your budget over the long term.

Typical terms for fixed-rate mortgages are 15 years and 30 years. There are also 10, 20, and 25-year terms available. Your fixed-rate mortgage stays locked-in at the percentage point you agree to pay when you seal the deal.

A fixed-rate mortgage is the most basic type of home purchase loan on the market. Borrowers are attracted to the fixed-rate loan because of its rate stability, making it the preferred mortgage choice year after year by thousands of Americans.

WHEN A FIXED-RATE MORTGAGE MAKES SENSE TO YOU

• Fixed-rate mortgages are great options to consider when rates are low. When you choose a fixed-rate mortgage, you lock in your interest rate for the entire term of the mortgage. This protects you from rate hikes when interest rates climb in the future.

‍

• However, if, at the time of your loan application, interest rates on fixed-rate mortgage loans are high, yet expected to fall in the not-too-distant future, you should consider an adjustable-rate mortgage as your go-to solution. You can always look into a refinance for better terms and lower rates after rates drop to lower levels. Although depending on the market, adjustable rate mortgages aren’t always a better option.

*All loans are subject to underwriting or investor approval. Other restrictions may apply. This is not an offer of credit or a commitment to lend. Guidelines subject to change.

With the range of different loan types available, we understand the process can be a bit overwhelming. Add industry-speak language, such as conforming, non-conforming, super-conforming, jumbo loans, and you may feel your head begin to spin.

It’s easy to feel confused by the different types of loans and get lost in the terminology. That is why we will fully explain the range of available loan types, terms, and programs that you qualify for so that you can make an educated decision on what’s financially best for you and your situation. We are here to guide you through this process…efficiently and professionally.

CONFORMING LOANS

A conforming loan is a type of mortgage loan that conforms to very specific lending terms, conditions, and guidelines established by government-sponsored enterprises:

• Federal National Mortgage Association (Fannie Mae)
• Federal Home Loan Mortgage Corporation (Freddie Mac)

Conforming loan programs have loan limits that are set by the county in each state. Currently, a conforming loan maximum on a single-family home must fall under $726,200 unless the property is in a high-cost County as determined by FNMA and Freddie Mac. 

WHEN A CONFORMING LOAN MAKES SENSE TO YOU

• People get a conventional conforming loan when they have acceptable credit and at least 3% down.
• Between FHA and a Conventional loan, the mortgage insurance is a lot less expensive on a conventional loan than if they choose FHA.
• The overall cost of your mortgage loan is generally dictated by the amount of money you put down toward the purchase price of your home, your credit score, and type of property you purchase. 

*All loans are subject to underwriting or investor approval. Other restrictions may apply. This is not an offer of credit or a commitment to lend. Guidelines subject to change.

Jumbo loans carry a loan amount surpassing the conforming loan limits set by the Office of Federal Housing Enterprise Oversight (OFHEO). They typically carry more credit risk than those issued by Fannie Mae or Freddie Mac, which often results in higher interest rates, but not always.

Although the guidelines below are general, we work with 14+ investors to find the best match for you which could be outside of these perimeters.

Eligible programs:

• 15-year fixed
• 30-year fixed
• ARMs

Occupancy:

• Primary Home
• Secondary Home
• Investment property

Primary Residence Purchase / Refinance:

• Loan Amount up to $3 million
• MAX LTV up to 90%
• Cash-out up to 80%
• Max DTI 43% but in some cases can do up to 50%

Secondary Residence Purchase / Refinance:

• MAX LTV up to 75%
• Max DTI 43%

*All loans are subject to underwriting or investor approval. Other restrictions may apply. This is not an offer of credit or a commitment to lend. Guidelines subject to change.

Your dream is no different from those of your brothers and sisters of the U.S. military. You return home from honorable service and find the house of your dreams. Finding and qualifying for a mortgage loan should not be another uphill battle.

A VA home loan is a mortgage insured by the Department of Veterans Affairs (“VA”). Those eligible for VA loans include:

• Active-duty military personnel
• U.S. Military Veterans
• Surviving spouses of military service persons who die while on duty or as a result of military service
• Some reservists and National Guardsmen
• 100% LTV is subject to Veterans Full Eligibility

The typical VA loan offers 100% financing, meaning no down payment. Compared with a conventional, the VA loan has other benefits:

• The interest rate on a VA loan is usually lower, keeping more money in your pocket.
• Borrowers who take out VA loans only have to pay certain closing costs called ‘allowables.’ The other costs are paid either by the seller or by the lender making the loan.

Some things to consider with a VA loan:

• Purchase either a new construction or existing single-family home; primary residence only.
• 15-20-25- or 30-year terms, with as little as $0 down payment.
• A fixed-rate mortgage loan with a lower interest rate.
• Veterans with a 30% or more disability may qualify for additional interest rate reduction.
• Loans are originated in conjunction with FHA, VA, or conventional financing and by a participating lender, such as CrossCountry Mortgage

*All loans are subject to underwriting or investor approval. Other restrictions may apply. This is not an offer of credit or a commitment to lend. Guidelines subject to change.

It is a fact: FHA loans have been helping borrowers like you become homeowners who achieve the American dream since 1934. Operating under the umbrella of the Housing and Urban Development (HUD), the Federal Housing Administration (FHA) insures the loan, so your lender can offer you a better deal.

FHA LOANS

Would-be homeowners looking to enter the purchase game for the first time in their lives are perfect candidates for the FHA loan. You can buy your first home with a low down payment—as little as 3.5% of the purchase price. 

WHEN A FHA LOAN MAKES SENSE TO YOU

• If you have been challenged by economic events that rattled your core and have begun to rebuild your creditworthiness, you may be ready for another shot at home ownership through an FHA loan. This is also possible if they get a conventional loan. You don’t need to be a 1st time home buyer.
• If you are a first-time home buyer looking at financing your first step toward achieving the American dream, home ownership is possible with an FHA loan.

*All loans are subject to underwriting or investor approval. Other restrictions may apply. This is not an offer of credit or a commitment to lend. Guidelines subject to change.