Jumbo Loans exceed the maximum loan amounts established by Fannie Mae and Freddie Mac conventional loan limits. Rates on jumbo loans are typically higher than conforming loans. Jumbo Loans are typically used to buy more expensive homes and high-end custom construction homes.
A reverse mortgage or home equity conversion mortgage (HECM) is a type of home loan for older homeowners (62 years or older) that requires no monthly mortgage payments. Borrowers are still responsible for property taxes and homeowner’s insurance. Reverse mortgages allow elders to access the home equity they have built up in their homes now, and defer payment of the loan until they die, sell, or move out of the home. Because there are no required mortgage payments on a reverse mortgage, the interest is added to the loan balance each month. The rising loan balance can eventually grow to exceed the value of the home, particularly in times of declining home values or if the borrower continues to live in the home for many years. However, the borrower (or the borrower’s estate) is generally not required to repay any additional loan balance in excess of the value of the home.
Contact the home loan professionals at Patriot Home Funding, Inc. for further details and to determine your eligibility and whether a reverse mortgage is the best mortgage solution for you.
Patriot Home Funding, Inc. offers two basic types of renovation loans: FHA 203-k and FNMA HomeStyles. Both loan types can be used for purchases and refinances.
Both loan types allow repair, renovation, and financing of major appliances and systems with a few major differences:
a) FHA 203-k loans are capped by the local FHA loan limits (in central FL $271,050 or $274,850). FNMA HomeStyles loan limit is $417,000.
b) FHA 203-k does not allow walls to be moved or square footage to be added. FNMA HomeStyles allows both, in addition to water features (pools, spas).
c) FHA 203-k is for primary residences only. FNMA HomeStyles can be used for primary residence, second/vacation home, or investor properties.
d) FHA 203-k has no limit on the amount of repairs/improvements that can be financed as loan as the appraisal justifies it. FNMA HomeStyles caps the amount or repairs/improvements at 50% of the appraised value.
e) Many lenders have a credit score overlay for FHA 203-k’s, usually from 640 to 680. FNMA HomeStyles has a minimum credit score of 620.
Contact the lending professionals at Patriot Home Funding, Inc. for a full product description and consultation to determine which type of renovation loan works best for you. We also know several contractors who have experience with renovation loans who our funding sources have screened and approved and we would happy to recommend a professional contractor for you.
Mortgage programs formerly known as “sub-prime” are thankfully a thing of the past, but that doesn’t mean that there aren’t “outside the box” loan programs available.
Everybody’s situation is different, so why should all programs be the same? They aren’t! The experienced home loan professionals at Patriot Home Funding, Inc. are experts at non-conforming loans, which range from bank statement loans for the self-employed to “scratch and dent” loans for borrowers with recent adverse housing and credit events, like a foreclosure, short sale, or bankruptcy. Very few lenders offer these programs and even fewer know how to use them correctly to assist customers.
We say “yes” when the banks say no, and there is no better example of that than our portfolio of non-conforming loans.
Patriot Home Funding, Inc. offers a full array of investor loans, ranging from 85% LTV FNMA loans to 75% LTV loans using debt service ratios to qualify. We offer “delayed financing,” cash out investor refinance loans, and investor rehabilitation loans (FNMA HomeStyles).
Pierce Outlaw is a director in A.C.E.S. (Appreciation, Cash flow, Equity, Shelter) Investor Club which meets the second Thursday of each month at the West Volusia Association of Realtors, and has been sharing content and financing solutions with its very experienced membership in a master mind format monthly for 6 years. John Seybert and Pierce Outlaw are also members of C.F.R.I. (Central Florida Realty Investors) and are widely recognized in real estate investor circles as the leading local experts in investor lending. Pierce has held workshops with several smaller investor groups around central Florida, earning Patriot Home Funding, Inc. and him recognition as the leading investor friendly mortgage source in the area.
Patriot Home Funding, Inc. can help with your investor loan needs, whether it is a single investor loan for an additional income stream or a broader real estate portfolio for seasoned investors.