Types of Home Loans

Types of Home Loans

At iServe, we appreciate that every client has unique financing needs. Our wide portfolio of loan solutions has been developed to meet your requirements and our trusted staff is available to make the selection process as efficient as possible. We understand that with options can come confusion, so our goal is to provide maximum clarity and benefit, regardless of mortgage type. Here is an overview of our loan options:

Conforming

• Loan amounts up to $417, 000 on single family home (higher limits for multi units).
• Fixed and ARM programs.
• Available to 97% loan-to-value, over 80% loan-to-value borrower is required to pay monthly mortgage insurance premiums.
• 5-20% down payment options.
• Primary, vacation, rental, and investment occupancies allowed, as well as 2nd homes.

FHA

• Loan amounts to FHA high-balance limits per state
• Fixed and ARM programs.
• Minimum 3.5% down payment. Great for first-time buyers.
• Gift funds may be used toward down payment and closing costs.
• No early pre-payment penalties
• Credit scores to 600 (*580 or lower in some cases), flexible debt ratios.

VA

• Eligible to veterans for Veterans Home Loan Benefits
• Maximum loan limit varies by state
• Fixed and ARM programs, rate & term, cash-out.
• Zero down payment required for eligible veterans.
• IRRRL-max cash out to borrowers is $500
• Single-family, PUD attached/detached
• 2-4 units (not allowed on 2nd home or investment VA IRRLs)
• Condominiums approved by VA
• No Private Mortgage Insurance

USDA

• Available in designated rural areas. Inquire with us for specifics.
• Offers 100% financing, some cases will cover closing costs
• Monthly housing cost must meet specified percentage of homebuyers gross monthly income
• Applicants may have income of up to 115% of median income in your area. Contact us for specifics

203 (k)

• FHA loan program
• One mortgage for the rehabilitation and repair of the property.
• Important tool for community revitalization and expanding home ownership

JUMBO

• Fixed and ARM programs. Fixed options include 30 and 15 year. Fixed ARM options include 5, 7 and 10 year.
• Purchase, Limited Cash Out Refinance and Technical Finance.
• Loans to $1, 500, 000
• Max debt-to-income ratio of 43%