Evergreen Mortgage Services guarantees you that as a home buyer your mortgage will be specific to your unique situation. Here we specialize in a variety of loans that are tailored to fit your unique need. As we walk you through your loan process we ensure that transparency is a priority, second only to client satisfaction.
PURCHASE AND REFINANCING LOANS
Government loans can only be offered through specific and approved lenders. The United States government guarantees certain programs through various agencies to better serve borrowers with unique circumstances. If you are looking for this type of loan, don’t hesitate to talk to Evergreen Mortgage Solutions and let us guide you through the process.
There are programs available for borrowers with limited savings for a down-payment. These FHA loans are insured by the Federal Housing Administration (FHA). These loans require down-payments as low as 3.5% with a flexible use of gifts and grants for down-payment.
State Housing Finance Agency Programs
Housing Finance Agencies (HFAs) are state specific and offer programs to residents to help purchase a home. Conditions and guidelines vary depending on the agency. These programs offer special incentives for first time home buyers through Florida Housing.
Conventional Home Loans
Conventional mortgages are loans that are insured by private companies. Typically, these loans meet the funding criteria set by Fannie Mae and Freddie Mac. There are many conventional loan types on offer:
A fixed-rate mortgage has an interest rate that stays the same for the entire life of your loan. This offers a predictable monthly payment for a term of 10 – 30 years.
– Interest rate security
– Monthly payment stability
– Best for buyers planning to stay in their homes for a long time
Adjustable rate mortgages (ARMs) may allow you to lock in a low, introductory interest rate that could increase over time. A hybrid ARM offers a fixed period (typically 3-10 years) followed by a yearly adjustment to the interest rate. Hybrid ARMs are often represented by fractions, such as 5/1 – meaning the first-rate reset takes place after five years and continues to reset each year for the life of the loan.
– Low starting interest rate
– Lower monthly payments during the initial term
– Best for buyers planning to keep their loan for a shorter period
Jumbo loans typically have higher loan amounts not allowed for standard conforming programs (set by Fannie Mae and Freddie Mac). This allows borrowers to a purchase a higher priced home with an affordable down payment.
– Fixed and ARM options
– Loans up to $3 Million
– Best for borrowers who are in the market for higher priced homes
A Non-Qualified Mortgage is any home loan that doesn't comply with the Consumer Financial Protection Bureau's (CFPB) existing rules on Qualified Mortgage. A good example of Non-QM loan is an Interest-Only loan still being offered by some lenders.
The borrower is qualified based on verified liquid assets;
Assets must be documented sufficiently to cover the loan amount requested with an additional 60 months reserves to cover all revolving, instalment and miscellaneous debts (e.g. child support, alimony, etc.);
Assets can be cash in the bank, stocks, bonds, IRA’s, 401k’s, mutual funds or any retirement accounts;
12 months of consecutive statements are required for asset verification;
Tax returns are not needed in Underwriting.
FHA APPROVED CONDOS
FDA-approved condos are condos that meet the US Department of Housing and Urban Development (HUD)’s property eligibility requirements. If you want to buy a condo using an FHA loan, the condo must meet these requirements and be included on the FHA Condominium Approval List. Condo associations must apply to have their project added to the list.
The Federal Housing Administration (FHA) offers loans specifically for renovation. FHA 203(k) funds a primary residence including repairs in one mortgage with a minimum down payment of 3.5%. There are two types of 203(k) loans:
Standard FHA 203(k)
Allows borrowers the flexibility to finance major rehabilitation that costs a minimum of $5,000 up to the county limit.
Streamline FHA 203(k)
Provides financing for minor renovations and repairs up to $35,000 of your mortgage.
Fannie Mae (FNMA) Home Style allows you to purchase and renovate a primary residence, second home or investment property with a minimum down payment of 5% in a single mortgage up to the lending limit.
Construction only loans strictly finance the building of a house. Once the home is complete, borrowers must refinance into a permanent loan.