When you’re working on a summer project or getting things done around the house, you need to use all of your available tools to get the job done. For a mortgage, that means finding the best type home loan for your situation. The Home Loan Expert, Ryan Kelley offers refinancing,debt consolidation, FHA, HARP, USDA, VA, Jumbo, and Conventional Loans. All of these tools work together to let us offer you the best loan at the lowest interest rate.
The different types of loans offer different benefits. Here are some overviews to help you decide what may be right for you.
An FHA loan is actually a mortgage loan backed by the Federal Housing Administration’s mortgage insurance. They are a federally assisted program that allows families to move into a home with minimal down payment. Currently, all that’s required to purchase a home is a 3.5% down payment. The program goes back to the Great Depression and was initially intended to both provide banks with insurance and help homeowners and new buyers when the rates of foreclosures and loan defaults were steadily increasing. FHA now works primarily for those that can’t afford a down payment, or won’t qualify for private mortgage insurance (PMI). Essentially it’s an insurance policy that guarantees the loan. We also use FHA loans for refinancing as well. Half of the loans refinanced are done through FHA. It allows you to borrow up to 97.5 percent of the value of the house as opposed to a maximum of 90-95% for a conventional loan. FHA interest rates are also lower than traditional loans. It’s the same rate depending on credit score or amount or percent. A conventional loan has “adjusters” on the loan, changing the rates and percentages. We actually underwrite FHA in house, as we are a Direct Endorsed FHA Lender. Most companies, particularly those that gave up their FHA endorsement status during the early 2000’s when they weren’t being used extensively, have issues becoming an approved FHA lender again, while we maintained our FHA status so that we could continue to underwrite and close FHA loans.
The HARP Loan program was originated in March, 2009 by the Federal Housing Finance Agency to help home owners that may be underwater or behind on their loans, families that were in danger of being foreclosed upon and unable to get out from under the loans because of the dropping home values caused by the massive market correction. However, this seemed unfair to those who had been current on their loans, and were making payments on their homes, despite the high rates. HARP 2.0 then followed, allowing those borrowers who weren’t underwater on their loans to refinance at these more favorable rates, in December, 2011. The requirements also loosened, allowing those who owed more than 125% to refinance without getting Private Mortgage Insurance. The mortgage lender was now guaranteed to not be held for fraud on the original loan, which led to more lenders signing up for the program. More often than not, we close HARP loans without even needing an appraisal at all.
USDA Loans are an excellent loan program for people in small towns and rural communities. The program does not have ANY down payment requirements and has low, fixed rates. Obtaining a USDA Loan through The Home Loan Expert is easy, we file all of the paperwork for you and help you every step of the way.
The Veterans Affairs Loan is one of the products that we’re proudest to offer, because it lets us help our brave men and women of the armed services to purchase or refinance their home. The program extends to all veterans and their spouses, and allows eligible veterans to purchase or refinance a home without any sort of down payment, putting them in their homes immediately. There also is no monthly private mortgage insurance (PMI) with this loan, allowing vets to have lower monthly payments. Refinancing with a VA Loan is a great way to lower payments, lessen the length of the loan, or pay off credit cards, vehicles, or other expenses that may be weighing down the budget. VA loans have low, fixed rates and allow for veterans to borrow up to 100% of the value of their home.
Jumbo mortgage loans, or loan amounts over the conforming loan maximum of 417,000 dollars, are a tricky type of loan to deal with. Because they’re well above the conventional amounts, they are sometimes difficult for some mortgage companies to get approved. Jumbo loans require a level of expertise that many lenders just cannot offer. We do loans of up to 2 million dollars and even higher in certain circumstances, with a streamlined, easy process that makes getting into your new luxury home, or getting your new jumbo loan for home improvement, credit card, vehicle, or student loan debt, as quick as possible. We have partnered with the best investors in the business.
As you can see, there are many different loans on offer, something for everyone who needs a new home purchase or to refinance the home that they’re in. Call The Home Loan Expert, Ryan Kelley today to take advantage of today’s low interest rates and get the best loan possible at the lowest rates. Nobody in Indy makes it easier to refinance or purchase a new home. Call us today at (317) 550-1515 or apply online at www.thehomeloanexpert.com today.