Below is a partial list of loan programs for which The Law Office of Timothy A. Sherman can recommend a Trusted Mortgage Advisor that specializes in the product. We have included a brief description of the key elements of each.
Among the questions our trusted mortgage brokers can answer about the below programs:
How to get a Abington VA Mortgage?
What do I need to qualify for an FHA loan in Abington?
Who in Abington is the best at a VA Mortgage?
How do I apply for a USDA, rural loan in a town near Abington?
Who has the best interest rates for Jumbo Loans in cities near Abington?
Who is the top-rated Reverse Mortgage loan officer for my home in Abington?
Can I get a Renovation (203K) Mortgage in Abington?
What lenders can offer a New Constructions Loan for a Abington property?
What banks near Abington can do No Point, No Closing Cost mortgages?
What income requirements are there in Abington when talking to a Mass Housing mortgage professional?
Can I get a Soft Second mortgage in Abington?
Conventional
Traditional loan programs that usually require at least 5% down and offer competitive interest rates. Documentation and good credit are necessary.
VA Mortgages
Backed by the U.S. Department of Veterans Affairs, it is similar to FHA except that you have to be a qualified Veteran or military person. The Department of Veterans Affairs does not directly originate VA loans; instead, they establish the rules for those who may qualify, dictate the terms of the mortgages offered and insure VA loans against default.
FHA Mortgages
Backed by the Department of Housing and Urban Development, this mortgage offers the borrower the ability to make as little as 3% down payment and they can even finance allowableclosing costs. Seller can contribute up to 6% of the purchase price to the buyer towards closing costs in certain situations.
VA Mortgages
VA offers a variety of home loan options designed to meet the needs of Veteran homebuyers.
USDA Programs
No Down Payment Required. The USDA program allows buyers to purchase homes for 100% of the appraised value of the property. The difference between appraisal and purchase price are to be used toward closing costs.
No Monthly Mortgage Insurance. The USDA program does not have high cost monthly mortgage insurance for borrowing 100%. Instead, USDA charges a Guarantee Fee of 3.5% of the loan amount, which can be added back into your loan amount.
Competitive 30-Yr Fixed rates. The USDA program is a 30-yr fixed rate program. Payments are PITI (principal, interest, taxes and insurance) and are very competitive with the current market.
Flexible Credit Guidelines. USDA takes very seriously the home-buying initiative. There is no minimum credit score for the program; however, there is a flexible credit criteria.
Homebuyer Eligibility. This is not just a program for first-time homebuyers. It is for anyone purchasing a primary residence when the property qualifies and income level is eligible. USDA also allows you to own another property and use this purchase program.
Refinancing Available. Refinance USDA loans to USDA loans at 30 year-fixed rate loans.
Other financing alternatives are available.
*Requirements include, but are not limited to: Household income must not exceed the adjusted income limit for the area. Must be a citizen, permanent resident, or qualified alien.
Jumbo Loans
This is a loan for an amount greater than the FNMA/FHLMC government mandated maximum and is considered a specialized loan product. Jumbo loan terms are 30 and 15 year fixed rate and competitive ARM terms of 3,5,7, 10 year products with full document, alternate documentation and limited documentation. Cash out and No cash out refinance are allowable.
Reverse Mortgages
Reverse mortgages are a special type of home loan that lets a homeowner convert the equity in his/her home into cash. They can give older Americans greater financial security to supplement social security, meet unexpected medical expenses, make home improvements, and more.
Renovation (203K) Loans
The Section 203(k) program is HUD’s primary program for the rehabilitation and repair of single family properties. The program may be utilized with a purchase or refinance and allows for up to 6 months of escrowed mortgage payements, if the property is uninhabitable.
The 203K program includes full and streamline options. A streamline is utilized for simple repairs/renovations up to $35,000. Additional qualifications apply and follows FHA guidelines.
About the author: The above Real Estate information on Massachusetts Settlement Agent was provided by Timothy Sherman, an active attorney in the real estate law field. Tim can be reached via email at [email protected] or by phone at 781-664-4936. Attorney Sherman has helped people close on their homes in many Massachusetts cities and towns for the last 9+ Years.
Thinking of buying, selling or refinancing your home? I have a passion for Real Estate and love to share my legal expertise!
I handle closings throughout the South Shore and Greater Abington Area such as: Abington, Braintree, Canton, Cohasset, Dartmouth, Dedham, Duxbury, Fairhaven, Hanover, Hingham, Marshfield, Milton, Nantucket, Newton, Norwell, Plymouth, Quincy, Walpole, Wellesley, Westwood, Weymouth and Wrentham.
