Featured Products
Featured Products
FHA Loans
The Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD), insures an FHA loan. The FHA does not loan money to borrowers; rather, it provides lenders protection through mortgage insurance (MIP) in case the borrower defaults on his/her loan obligations. Available to all buyers, FHA loan programs are designed to help creditworthy low-income and moderate-income families who do not meet requirements for conventional loans.
FHA loan programs are particularly beneficial to those buyers with less available cash. The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans.
Other benefits of FHA financing:
Low Fixed Rates
Only 3.5 percent down payment is required
Closing costs can not be financed but the seller can pay up to 6% of the purchase
price towards buyers closing costs
Lower monthly mortgage insurance premiums and, under certain conditions,
automatic cancellation of the premium
More flexible underwriting criteria than conventional loans
FHA limits the amount lenders can charge for some closing cost fees (e.g. the
origination fee can be no more than 1% of mortgage)
Loans are assumable to qualified buyers
No Prepayment Penalty
VA Loans
VA guaranteed loans are made by private lenders and are guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home. The guaranty means the lender is protected against loss if you fail to repay the loan. In most cases, no down payment is required on a VA guaranteed loan and the borrower usually receives a lower interest rate than is ordinarily available with other loans.
Other benefits of a VA loan include:
Negotiable interest rates
Closing costs are comparable and sometimes lower than other financing types
No private mortgage insurance requirement
Right to prepay loan without penalties
A buyer can take over, or assume, the mortgage when home is sold
Counseling and assistance available to veteran borrowers having financial difficulty or
facing default on their loan
Although mortgage insurance is not required, the VA charges a funding fee to issue a guarantee to a lender against borrower default on a mortgage. The buyer or seller may pay the fee in cash, or it may be financed in the loan amount.
A VA loan can be used to buy a home, and even improve a home with energy-saving features such as solar or heating/cooling systems, water heaters, insulation, weather-stripping/caulking, storm windows/doors or other energy efficient improvements approved by the lender and VA.
Veterans can apply for a VA loan with any mortgage lender that participates in the VA home loan program. A Certificate of Eligibility from the VA must be presented to the lender to qualify for the loan. Patriot Home Funding can assist you in obtaining your Certificate of Eligibility.
The USDA Loan Program
The USDA Rural Development program supplies $16 billion in funding to Americans in rural areas. Because millions of people qualify for different types of USDA loans, more families are turning to USDA Loans as a lending solution.
Patriot Home Funding specializes in USDA Home Loans. Our mortgage experts can help you determine your eligibility and qualification level as well as direct you to the areas where USDA loans are available.
Most people in rural areas qualify for USDA loan benefits, but people living on the outskirts of a city or in a medium sized town may also qualify.
Quick Look at USDA Loan Benefits:
No Down Payment Required. Borrowers who qualify for a USDA Rural Development home loan have the flexibility to pay nothing out of pocket for a down payment. That means a borrower can finance up to 102% of the appraised home value or a borrower can have a gift or grant go toward a down payment with no money out of pocket.
No mortgage insurance payments. Unlike an FHA guaranteed home mortgage or conventional mortgages, a USDA Rural Development home loan does not require expensive mortgage insurance premiums to be paid by the borrower. That means more money can go toward the mortgage payment each month.
Competitive 30 year fixed interest rates. With the guaranty of the U.S. government, a lender can offer the lowest interest rates to qualified individuals and families.
Flexible credit guidelines. Borrowers must still provide a credit history report. But the flexible guidelines allow potential homeowners with spotty or bad credit to still qualify for a home loan.
No maximum purchase limit. The USDA Rural Development program has no maximum purchase price limit. However, a lender will still determine the maximum amount of loan each applicant is eligible for based on ability to repay.
Home repairs can be included in loan. Looking to purchase a "handyman special" home? Homes that need refurbishing or rehabilitation may qualify for up to 10% of the purchase price or 10K (whichever is less ) extra funds to be included in the home loan mortgage to go toward repair costs.
USDA Loan Guidelines
Some of the eligibility standards that determine if you qualify for a USDA loan for your home include what county and zip code the home resides in, your current income and credit history, as well as the number of dependents you can claim. Because these guidelines are very specific, it is important to work with a company that has experience dealing with USDA government financing. Patriot Home Funding has extensive experience with USDA home loans and can provide professional assistance throughout the process. There are few loan options that permit no down payment, so don’t miss out on your opportunity for homeownership.
Conventional Loans
A conventional loan is a lender agreement that's not guaranteed or insured by the federal government under the Veterans Administration (VA) or the Federal Housing Administration (FHA), or the Rural Housing Service (RHS) of the U.S. Department of Agriculture. A conventional loan can, however, follow the guidelines of government sponsored enterprises (GSE's) like Fannie Mae or Freddie Mac. Both Fannie Mae and Freddie Mac are stockholder-owned corporations and are not part of the federal government. Conventional Loans typically require a 20% down-payment, but do not require the borrower to purchase Private Mortgage Insurance.
Jumbo Loans
What is a Jumbo loan?
A jumbo loan is a mortgage that exceeds the loan limit for an agency mortgage in the continental United States that amount is $417,000. These loans are not eligible to be financed through Fannie Mae, Freddie Mac, FHA and instead are sold as mortgage back securities on the open marketplace
What type of loan programs are eligible for a Jumbo loan?
Generally you can find almost every type of loan program that you would for a conventional financed loan. Jumbo loans are available on fixed 15 or 30 year terms, adjustable rate loans of 3, 5, 7 and interest only program. These program options will vary from lender to lender.
What type of interest rates should I expect with a jumbo loan?
This will depend on how much equity you have or how large your down payment is. Provided the equity is over 20% of the homes value the rates could vary between .5% up to 2% higher than a conventional mortgage.
What is a conforming jumbo loan?
This is a new type of mortgage loan that has been introduced as part of the economic stimulus package, to provide better interest rates and financing opportunities to home owners with larger mortgage balances. This loan is eligible for sale to Fannie Mae and Freddie Mac on loan sizes up to $729,000. Eligibility is based on the county of residence.
What is a Super Jumbo Loan?
This would apply to a mortgage that is over two million dollars.
Would you like to compare mortgage rates on a jumbo mortgage loan?
We help you compare the nations top jumbo loan lenders to help you get the best mortgage rates. Our lender network matches you with up to 4 custom mortgage refinance or purchase home loan quotes.
Reverse Mortgages
Reverse mortgages (also called home equity conversion loans) enable elderly homeowners to tap into their equity without selling their home. The lender pays you money based on the equity you've accrued in your home; you receive a lump sum, a monthly payment or a line of credit. Repayment is not necessary until the borrower sells the property, moves into a retirement community or passes away. When you sell your home or no longer use it as your primary residence, you or your estate must repay the cash you received from the reverse mortgage plus interest and other finance charges to the lender.
Most reverse mortgages require you be at least 62 years of age, have a low or zero balance owed against your home and maintain the property as your principal residence.
Reverse mortgages are ideal for homeowners who are retired or no longer working and need to supplement their income. Interest rates can be fixed or adjustable, the money is nontaxable, and does not interfere with Social Security or Medicare benefits. Your lender can not take property away if you outlive your loan nor can you be forced to sell your home to pay off your loan even if the loan balance grows to exceed property value.
FHA Loans
The Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD), insures an FHA loan. The FHA does not loan money to borrowers; rather, it provides lenders protection through mortgage insurance (MIP) in case the borrower defaults on his/her loan obligations. Available to all buyers, FHA loan programs are designed to help creditworthy low-income and moderate-income families who do not meet requirements for conventional loans.
FHA loan programs are particularly beneficial to those buyers with less available cash. The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans.
Other benefits of FHA financing:
Low Fixed Rates
Only 3.5 percent down payment is required Closing costs can not be financed but the seller can pay up to 6% of the purchase price towards buyers closing costs
Lower monthly mortgage insurance premiums and, under certain conditions, automatic cancellation of the premium
More flexible underwriting criteria than conventional loans FHA limits the amount lenders can charge for some closing cost fees (e.g. the origination fee can be no more than 1% of mortgage)
Loans are assumable to qualified buyers No Prepayment PenaltyVA Loans
VA guaranteed loans are made by private lenders and are guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home. The guaranty means the lender is protected against loss if you fail to repay the loan. In most cases, no down payment is required on a VA guaranteed loan and the borrower usually receives a lower interest rate than is ordinarily available with other loans.
Other benefits of a VA loan include:
Negotiable interest rates Closing costs are comparable and sometimes lower than other financing types No private mortgage insurance requirement Right to prepay loan without penalties A buyer can take over, or assume, the mortgage when home is sold Counseling and assistance available to veteran borrowers having financial difficulty or facing default on their loan
Although mortgage insurance is not required, the VA charges a funding fee to issue a guarantee to a lender against borrower default on a mortgage. The buyer or seller may pay the fee in cash, or it may be financed in the loan amount.
A VA loan can be used to buy a home, and even improve a home with energy-saving features such as solar or heating/cooling systems, water heaters, insulation, weather-stripping/caulking, storm windows/doors or other energy efficient improvements approved by the lender and VA.
Veterans can apply for a VA loan with any mortgage lender that participates in the VA home loan program. A Certificate of Eligibility from the VA must be presented to the lender to qualify for the loan. Patriot Home Funding can assist you in obtaining your Certificate of Eligibility.
The USDA Loan Program
The USDA Rural Development program supplies $16 billion in funding to Americans in rural areas. Because millions of people qualify for different types of USDA loans, more families are turning to USDA Loans as a lending solution.
Patriot Home Funding specializes in USDA Home Loans. Our mortgage experts can help you determine your eligibility and qualification level as well as direct you to the areas where USDA loans are available.
Most people in rural areas qualify for USDA loan benefits, but people living on the outskirts of a city or in a medium sized town may also qualify.
Quick Look at USDA Loan Benefits:
No Down Payment Required. Borrowers who qualify for a USDA Rural Development home loan have the flexibility to pay nothing out of pocket for a down payment. That means a borrower can finance up to 102% of the appraised home value or a borrower can have a gift or grant go toward a down payment with no money out of pocket. No mortgage insurance payments. Unlike an FHA guaranteed home mortgage or conventional mortgages, a USDA Rural Development home loan does not require expensive mortgage insurance premiums to be paid by the borrower. That means more money can go toward the mortgage payment each month. Competitive 30 year fixed interest rates. With the guaranty of the U.S. government, a lender can offer the lowest interest rates to qualified individuals and families. Flexible credit guidelines. Borrowers must still provide a credit history report. But the flexible guidelines allow potential homeowners with spotty or bad credit to still qualify for a home loan. No maximum purchase limit. The USDA Rural Development program has no maximum purchase price limit. However, a lender will still determine the maximum amount of loan each applicant is eligible for based on ability to repay. Home repairs can be included in loan. Looking to purchase a "handyman special" home? Homes that need refurbishing or rehabilitation may qualify for up to 10% of the purchase price or 10K (whichever is less ) extra funds to be included in the home loan mortgage to go toward repair costs.USDA Loan Guidelines
Some of the eligibility standards that determine if you qualify for a USDA loan for your home include what county and zip code the home resides in, your current income and credit history, as well as the number of dependents you can claim. Because these guidelines are very specific, it is important to work with a company that has experience dealing with USDA government financing. Patriot Home Funding has extensive experience with USDA home loans and can provide professional assistance throughout the process. There are few loan options that permit no down payment, so don’t miss out on your opportunity for homeownership.
Conventional Loans
A conventional loan is a lender agreement that's not guaranteed or insured by the federal government under the Veterans Administration (VA) or the Federal Housing Administration (FHA), or the Rural Housing Service (RHS) of the U.S. Department of Agriculture. A conventional loan can, however, follow the guidelines of government sponsored enterprises (GSE's) like Fannie Mae or Freddie Mac. Both Fannie Mae and Freddie Mac are stockholder-owned corporations and are not part of the federal government. Conventional Loans typically require a 20% down-payment, but do not require the borrower to purchase Private Mortgage Insurance.
Jumbo Loans
What is a Jumbo loan?
A jumbo loan is a mortgage that exceeds the loan limit for an agency mortgage in the continental United States that amount is $417,000. These loans are not eligible to be financed through Fannie Mae, Freddie Mac, FHA and instead are sold as mortgage back securities on the open marketplace
What type of loan programs are eligible for a Jumbo loan?
Generally you can find almost every type of loan program that you would for a conventional financed loan. Jumbo loans are available on fixed 15 or 30 year terms, adjustable rate loans of 3, 5, 7 and interest only program. These program options will vary from lender to lender.
What type of interest rates should I expect with a jumbo loan?
This will depend on how much equity you have or how large your down payment is. Provided the equity is over 20% of the homes value the rates could vary between .5% up to 2% higher than a conventional mortgage.
What is a conforming jumbo loan?
This is a new type of mortgage loan that has been introduced as part of the economic stimulus package, to provide better interest rates and financing opportunities to home owners with larger mortgage balances. This loan is eligible for sale to Fannie Mae and Freddie Mac on loan sizes up to $729,000. Eligibility is based on the county of residence.
What is a Super Jumbo Loan?
This would apply to a mortgage that is over two million dollars.
Would you like to compare mortgage rates on a jumbo mortgage loan?
We help you compare the nations top jumbo loan lenders to help you get the best mortgage rates. Our lender network matches you with up to 4 custom mortgage refinance or purchase home loan quotes.
Reverse Mortgages
Reverse mortgages (also called home equity conversion loans) enable elderly homeowners to tap into their equity without selling their home. The lender pays you money based on the equity you've accrued in your home; you receive a lump sum, a monthly payment or a line of credit. Repayment is not necessary until the borrower sells the property, moves into a retirement community or passes away. When you sell your home or no longer use it as your primary residence, you or your estate must repay the cash you received from the reverse mortgage plus interest and other finance charges to the lender.
Most reverse mortgages require you be at least 62 years of age, have a low or zero balance owed against your home and maintain the property as your principal residence.
Reverse mortgages are ideal for homeowners who are retired or no longer working and need to supplement their income. Interest rates can be fixed or adjustable, the money is nontaxable, and does not interfere with Social Security or Medicare benefits. Your lender can not take property away if you outlive your loan nor can you be forced to sell your home to pay off your loan even if the loan balance grows to exceed property value.
