Conventional
Standard Conventional Loans are great for any borrower! Whether you’re a first-time homebuyer, looking to purchase a second home, interested in purchasing an investment property or looking to refinance your current mortgage; Hamilton Group Funding offers a variety of conventional loan options to fit your needs.
Advantages:
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Purchase programs with as little as 3% down (owner-occupied)
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Fixed-Rate Mortgage options available with 10- to 30-year terms
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Adjustable Rate Mortgages (ARMs) available with a low-interest rate and adjusted payment over time
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Possibility of eliminating mortgage insurance
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Minimum Credit Score of 620
FHA
FHA loans are a great option for borrowers in need of a low down payment option or flexible credit score requirements to purchase or refinance a home. Hamilton Group Funding offers a variety of FHA options, including the FHA Streamline program, which requires reduced documentation and underwriting compared to switching programs.
Advantages:
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Down payment as low as 3.5%
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Fixed-Rate Mortgage options available with 10- to 30- year terms
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Adjustable Rate Mortgages (ARMs) available
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High Balance available in certain counties
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A minimum credit score of 580
VA
Veterans and active duty service members can make home ownership a reality through the VA Loan Program. This program has low down payment options for purchase, competitive rates and a streamlined refinance option that reduces documentation needed to close – the VA Interest Rate Reduction Refinance Loan (IRRRL). The IRRRL is a longstanding program to honor veterans; this offering allows for qualifying flexibilities and other options not offered in any other loan program.
Advantages:
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No down payment
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No private mortgage insurance
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Fixed-Rate Mortgage options available with 15- to 30- year terms
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Adjustable Rate Mortgages (ARMs) available
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Refinance with the VA IRRRL
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A minimum credit score of 580
USDA
If you are looking for a home in a rural area, the USDA Loan Program offers low- and moderate-income borrowers more affordable housing finance options with little or no down payment or out-of-pocket costs. USDA’s definition of rural is liberal – 97% of properties can qualify for the program.
Advantages:
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No down payment
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Only 1 credit score required per borrower
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Seller can contribute to the borrower’s closing costs
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Fixed-Rate 30 year
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Minimum 620 credit score
HomeReady®
HomeReady® is a new loan program offered by Fannie Mae designed for creditworthy low- to moderate-income borrowers with expanded eligibility for financing a home, such as non-occupant co-borrowers, boarder income, rental income, and even non-borrower household income.
Advantages:
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Down payment as low as 3% with no minimum borrower contribution
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Lower private mortgage insurance costs
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Use income from non-occupant co-borrowers to qualify
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Down payment sources can include gifts, cash-on-hand, and down payment assistance programs.
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Income from non-borrowing household members can help you qualify.
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“Boarder income” (income from a roommate) can help you qualify.
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Use rental income from a basement apartment or mother-in-law unit.
Home Possible®
The Freddie Mac Home Possible® loan program is designed for qualified low- and moderate-income borrowers. Through Home Possible® borrowers can qualify for a conforming conventional mortgage with a down payment as low as 3% of the property purchase price and no minimum borrower financial contribution. This program also can be used for a “no cash out” refinance of an existing mortgage.
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Down payment as low as 3% down with no minimum borrower contribution
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Flexible sources of income are allowed, including rental income from boarders and other units in multi-unit properties.
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Potentially reduced interest rate for borrowers with low incomes or for properties in underserved areas
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No upfront FHA mortgage insurance premium (MIP) and potentially lower ongoing private mortgage insurance (PMI) cost as compared to the ongoing FHA MIP cost
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Borrower(s) not required to maintain reserves if buying a single-family property
Jumbo
The Jumbo Loan Programs are geared toward borrowers looking to finance a loan above the Conventional County Loan Limits – currently $453,100. The Jumbo Suite is a combination of three offerings that have more flexibility than High Balance loans, including an option with no mortgage insurance, more fixed-rate options, and financing up to $3 million. Jumbo loans can be used for a first-time homebuyer, an investment property or to refinance an existing property.
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Ability to exceed county loan limits
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Finance up to $3 million
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Fixed-Rate Mortgage options available with 10- to 30-year terms
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Adjust Rate Mortgages (ARMs) available
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No mortgage insurance required if your loan-to-value ratio is greater than 80%
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A minimum credit score of 680
Reverse Loans
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No mortgage payments
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No credit qualifying
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No monthly payments required
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For borrowers 62 years & older
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Investment Property
Loan Programs
What You’ll Be Getting
Whether you’re buying your first home or looking for a new property, there’s lots of stress and complications involved in mortgages and financing. That’s where we come in. We help my clients with all their Credit Assessment needs so they can enjoy the fun and excitement of buying real estate knowing they’re in good hands.