|WHAT KIND OF
MORTGAGE SHOULD I GET?
Valley Mortgage Company, Inc.
arranges for loans with third party providers who offer a full
spectrum of loan products including the following:
conventional fixed and variable rate conforming and jumbo
loans, Federal Housing Administration (FHA) insured loans,
Veterans Administration loans, RHS Guaranteed loans (100%
Financing), construction loans, conventional rehab and FHA
203K rehab loans, non-conforming and alternative credit loans,
second mortgage loans, and home equity lines.
We will spend a good amount of time talking with you
about which kind of financing suits your needs and lifestyle
but here is a head
Fixed Rate Loans
For the typical borrower Valley Mortgage Company, Inc. has
available several conventional fixed rate loan products at the
prevailing competitive rates. Terms extend from 10 to 30 years
with up to 95% financing for qualified borrowers and up to 97%
financing for qualified first-time home buyers.
Adjustable Rate Loans
Also available are a variety of variable rate loans
including the 1/1, 3/1, 3/3, 5/1, and 7/1, 10/1 convertible
and non-convertible ARM's aimed to qualify the borrower with
income growth potential. Variable rate loans typically offer
the borrower a lower rate initially in place of the fixed rate
security, ideal for the borrower who plans to own the property
for a shorter term. A
popular variation of the adjustable loans is the interest only
there is a great risk associated with an interest only loan
because your scheduled payment does not include an amount
towards principal, many borrowers seeks these products to
secure a lower monthly payment.
Valley Mortgage originates FHA loans insured by the
United States Department of Housing and Urban Development
(HUD) and VA loans guaranteed by the Veteran's Administration.
For the borrower or veteran looking to finance the
median priced home as established per county, our
correspondent lenders offer special government insured loan
products. FHA/VA loans are a great option for the qualified
borrower who needs maximum financing. A veteran may borrow up
to 100% of the purchase price.
RHS Guaranteed Loans
Rural Housing Services guaranteed loans open the door to
home ownership for many who would otherwise not qualify for a
conventional mortgage by offering 100% financing of the
purchase price, closing costs and prepaids so long as the
appraised value permits. This product is the solution for the
borrower meeting sliding scale income restrictions with good
credit but little money available for a down payment, closing
costs or prepaids.
To secure construction money for the customized dream
home, Valley Mortgage Company, Inc. can arrange the requisite
financing with the appropriate third-party provider. Maximum
financing of up to 95% is available at fixed or adjustable
Available on new purchases and refinances, a rehab loan
can realize all the potential a home can offer. A property
that does not otherwise qualify for financing can become a
beautiful home with a conventional rehab or FHA 203K rehab
loan. Rehab loans also help the homeowner build an addition,
install a new roof or remodel a kitchen.
For the borrower who needs a no-income verification loan,
an extended loan amount, exceptions to conventional qualifying
standards, or relaxed credit criteria, non-conforming loans
are available. A borrower can use this product initially to
make the purchase or consolidate high interest credit card
debt. The mortgage consultant will advise the borrower how to
refinance after the requisite period at lower conventional
Home Equity Lines/Loans
A good source of "security", the equity line
offers a constant source of immediately available money that
is only a checkbook away. As the money is repaid, the
borrowing power returns, and interest accrues only on monies
in use. Again, home equity lines may yield tax deductions.
(Consult with a tax advisor)
Commercial financing has it own specific criteria and
structure. While some properties that contain both commercial
and residential use might fall within the guidelines for mixed
use financing, most properties with commercial activity
require commercial financing. Typically
commercial loans are considered by lenders on a case specific
basis. We can analyze your need and advise you accordingly.