home | contact us  

about us     the process     rate     closing costs     products     FAQ     calculator     economic data     credit     pre-qualify     forms

 
 

 

 

 

 

 
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 start:

Conventional 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 loans.  While 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.

FHA/VA Loans
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.

Construction Loans
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 rates.

Rehabilitation Loans
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.

Non-conforming Loans
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 rates.

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 Loans
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.


privacy policy