Loan Types

Different Loans for Different Folks..

Any interested borrower should apply even if you believe your credit and income are not in order.

We can observe what we have to work with and then come up with a plan to better your situation so you can be approved for a loan in the near future. All we need are able and willing borrowers who are willing to take on the challenge. We will promise to make this process as basic and pain free as possible.

Every borrower is different, so there are different kinds of home mortgages to meet different needs and circumstances.

Instead of offering a limited number of loans with strict guidelines for approval, we offer a virtually unlimited selection of loans and qualification structures. Our home mortgage specialists will discuss your goals, plans and financial and credit history with you. Then we'll build your loan … your way.

Our nationwide network allows us to review, compare and match your needs with the most compatible home mortgage product, at the most competitive rates — guaranteed. Among the different types of loans we can provide are:

FHA Financing

These government-backed, low-down payment loans are the most popular type of mortgage among most Northeast Ohio homebuyers today. The down payment requirement for FHA loans can be as low as 3.5% and the funds can come from family members in the form of gifts that do not have to be repaid. Monthly and upfront private mortgage insurance (or PMI) is required with the FHA loans. PMI is required and Is an additional monthly amount added to the total mortgage payment. In most cases PMI is tax deductible and is a small amount needed to be able to get into a home with a lot less money down. Most Conventional loans still required approx. 20% down but in those cases no PMI is required.

FHA loans provide many homeowners the opportunity to buy a home or refinance an existing mortgage with much less money down or less equity in the home than is allowed under other types of mortgage loans.

CONVENTIONAL Loan

This loan is the "Fannie Mae and Freddic Mac" Serviced Loans. These loans usually required a minimum 5% investment of money that the buyer needs to put down or have in the form of equity. Higher credit scores and lower debt to income ratios are usually required. So the higher the credit scores and the lower the final debt ratios the better. These loans also allow for lower mortgage insurance premiums along with in some cases buying the full mortgage insurance premiums out of your total monthly payment. They are used for new home purchases plus they offer very little or no equity required on refinance loans. The existing loan must already be a conventional loan to use the "NO Equity" under the HARP loan. Many options do exist and all options will be determined to obtain the best loan for you the borrower.

VA Financing

VA loans are available to veterans of the U.S. armed forces who have received honorable discharges. In some instances, veterans can obtain a VA loan to purchase or refinance a home with a ZERO down payment and no PMI. Veteran candidates include the actual vet, his or her spouse, active duty personal, reservists/National Guard, and some surviving spouses. All that is required is obtaining your Certificate of Eligibility.

Rural Development Loans, RD Loans

If you meet specific income and area qualifications, you may qualify for a Rural Development loan to purchase or refinance a home. These types of loans also may offer the ZERO down payment and no PMI. To see if your home meets RD guidelines clink on the link below and enter in your full address: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

Creative Loans

Our customized loan process allows us to create exactly the loan you require. Even if you've had credit problems in the past, have high credit debt or are self-employed, we'll work diligently to find and close the loan you require. We do the work for you, contacting and researching the most competitive lenders available and then providing you with clear, simple steps throughout the loan process.

Jumbo Loans

Also known as non-conforming loans, these are loans with mortgage amounts in excess of the conforming loan limit of $417,000 set by Fannie Mae and Freddie Mac.

Jumbo loans typically carry higher interest rates.

They are appropriate for homebuyers who need financing to purchase a more expensive property and investment-minded buyers who can afford a large purchase but want to leverage their assets more effectively.

Bridge Loan

These provide financing to purchase a new home before the existing home is sold

They give homebuyers more buying power since existing mortgage payments aren't considered for qualification.

First-and-Second-Mortgage Combination

These combine a first mortgage with a home equity loan, which supplements down payment funds to bring the loan-to- value ratio down to 80% and thus bypass private mortgage insurance (PMI) requirements.

They are appropriate for homebuyers without enough cash for a 20% down payment and those who don't want to liquidate higher-yielding investments for a down payment.

Allow money that would have gone to PMI to be applied toward tax - deductible interest payments instead.

Commercial Loans

Successful day-to-day operations of a business require an uninterrupted supply of capital. The Mortgage Guys can structure a customized commercial loan that fits into your company's financial future to provide funding to keep your business running smoothly and profitably, day in and day out.