LOAN OPTIONS
HOMETOWN LOAN OPTIONS
COMMON SENSE LOANS with No Closing Costs
This program is designed for borrowers who would benefit from alternative loan qualification methods and have been turned down by conventional routes. This program provides alternate approaches to document the borrower’s ability to repay the loan. Bank statements may be used to document income as an alternative to tax returns for self-employed borrowers. The property’s cash flow may be utilized for investment properties in lieu of conventional methods. We offer fixed rate terms, Interest Only payment options, and No Closing Cost Fee loan options.
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FHA Loans
There are two types of FHA refinance loans: FHA Streamline and FHA Cash Out Refinance. If you own a home and you are looking for a refinance mortgage, an FHA loan refinance may be right for you if you are looking for lower closing costs and/or easier credit qualifying. A FHA Cash Out refinance allows homeowners to refinance their existing mortgage by taking out another mortgage for more than they currently owe. A FHA streamline allows you to reduce the interest rate on your current home loan quickly and oftentimes without an appraisal.
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VA Loans
VA Loans service veterans, services members and surviving spouses purchasing a home and/or refinancing a current mortgage. VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms.
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Safe and Secure 10, 15, and 30 Year Fixed Rate Loans
Our Safe and Secure Fixed Rate loans offer terms of 10, 15, or 30 years. Hometown Loans will help you decide how to structure your loan so it fits into a budget you can afford.
Apply Now or Call Us for Details! 877-353-9527
HARP Loans
If you've been unable to get traditional refinancing because your home value has declined (and you are current on your payments), the Home Affordable Refinance Program (HARP) may be able to help lower your mortgage payment. If your mortgage is owned by Fannie Mae, you may be eligible. Click here to check. Take advantage of this great program now.
Apply Now or Call Us for Details! 877-353-9527
FIXED-RATE
A fixed-rate home loan is a loan with an interest rate that never changes. A popular term (length) for fixed-rate loans is 30 years, but many lenders offer other term options. Fixed-rate loans with shorter terms tend to require higher monthly payments, but less total interest paid over the life of the loan.
PROS
You lock in the security of a consistent rate, which is ideal if you plan to stay in the same home for a long time. And if rates suddenly go up, you’ll keep the rate you had the day you closed on your loan.
CONS
Fixed-rate home loans may have a higher rate and payment than the initial period of a loan with an adjustable rate.
ADJUSTABLE-RATE
With an adjustable-rate mortgage (ARM), your rate may change based on national rate indexes (within certain limits). Adjustable-rate home loans have an initial fixed rate period after which the rate will adjust at stated periods. For example, a “5/1 ARM” is a loan with a fixed rate for 5 years, then one yearly adjustment for the rest of the loan term. Each adjustment has annual and lifetime limits.
PROS
If you’re planning on staying in your home for a shorter period of time, the initial low fixed rate of a 3/1, 5/1 or 10/1 ARM can keep your monthly payments low.
CONS
If rates rise and you’re past your fixed period, your monthly payment could rise too. You could end up paying more each month than you did when you first obtained your loan.
CONVENTIONAL and
FHA LOANS
CONVENTIONAL LOAN
A conventional loan isn’t insured by the federal government. They typically require a minimum of 5% down and have both fixed or adjustable rate options. Popular conventional loan terms are 15 and 30-year. The maximum loan amount for conventional loans ranges between $453,100 and $679,650 depending on the county where the property is located.
PROS
Conventional loans tend to involve less paperwork than government-backed loans in many cases. If you can make a down payment of 20% or more on a conventional loan, you won’t have to carry mortgage insurance. Also, you may not be required to establish an escrow account.
CONS
If you can’t make a down payment of 20%, it’s likely you’ll have to carry mortgage insurance, and contribute every month to an escrow account your lender will use to pay your property taxes and homeowner’s insurance.
FHA LOAN
If you’re looking for a loan with flexible credit requirements and a more manageable down payment, an FHA Loan—backed by the Federal Housing Authority—may be just the ticket.
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PROS
Government-backed FHA Loans offer competitive rates, flexible credit requirements, and down payments as low as 3.5%. An FHA Loan is a great option for people who may not qualify for a conventional loan.
CONS
Both up-front mortgage insurance and monthly mortgage insurance are required for FHA Loans, while they can be optional in other situations. You’ll also be required to have an escrow account to stay on top of your property taxes and insurance payments.
HARP
HOME AFFORDABLE REFINANCE PROGRAM (HARP) LOAN
Overseen by the federal government, HARP has helped many homeowners across the country since 2010. If your current loan was sold to Fannie Mae or Freddie Mac before June 1, 2009 and you’ve remained current on your monthly payments, you may qualify for a HARP loan.
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PROS
The process of getting a HARP loan is simpler and quicker than it is for many other loan types. Even if you have little or no equity in your home, a HARP loan may help lower your loan term. If you don’t have mortgage insurance on your current loan, it won’t be required on your new one.
CONS
You can only get one HARP loan per property. This means if you get a HARP loan you can’t refinance to another one later. Also, the HARP program is scheduled to end on December 31, 2018. If you think you might want to apply for one, you need to act quickly. Click here to discuss your options today.
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(949) 563-1545
HARP LOANS
If you don't already have a HARP Loan, you owe it to yourself to learn more about them. And we're here to help, every step of the way.
HARP is a government program designed to get homeowners like you back on track for a bright future. HARP loans don't require income verification, and could lower your interest rate or your monthly payment.
But they may not be available for much longer. To take advantage of HARP's benefits, you may need to act quickly.
VA LOANS
VA LOAN
If you are a veteran, active duty service member, or surviving spouse of a veteran, you may be eligible for a well-deserved benefit: A VA Loan.
PROS
Compared to many other loan types, VA Loans offer low rates and manageable down payments (that can actually be as low as $0 for qualifying borrowers). They also don't require monthly mortgage insurance payments.
CONS
New VA Loans are only for primary residences. The amount you can borrow may be limited by your VA entitlement amount. VA Loans also require an up-front funding fee, unless you have a military service-related disability.
AS A VETERAN, YOU DESERVE MORE
We appreciate your service to our country. Did you know there are many exclusive home loan opportunities available to veterans like you?
You’re in a select group of homeowners eligible to apply for flexible, money-saving mortgage products.
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1-877-353-9527
VA IRRRL
(INTEREST RATE REDUCTION REFINANCE LOAN)
If you have a VA Loan, an IRRRL is a great way to lower your monthly payment. However, you can only use it to refinance to a VA Loan from a VA Loan.
PROS
No credit underwriting package is required by the VA when applying, and you may not need to pay any money out of pocket or get a property appraisal. Unless you're refinancing from a VA ARM loan to a fixed rate, you can expect your interest rate to drop with a successful VA IRRRL application.
CONS
A funding fee is required, though it can be financed into the loan. If you currently have a VA ARM loan and are using an IRRRL to refinance to a fixed rate loan, your rate may go up. With a VA IRRRL, you cannot take cash out.
LOAN OPTIONS
What type of loan are you interested in?
Your loan shouldn't be one size fits all. It should be the one size that fits you.
Found the home of your dreams and having trouble qualifying or not sure you will? Curious about different types of home loans products? Not sure if you are ready to apply for a loan? We get it, there is so much confusing information out there. We wanted to have a straight forward approach to our service with no hype, gimmicks, haggle, hassles or salesman. Whether you are looking to buy or refinance our expert staff members are excited to assist you achieve your dream.