WHICH LOAN IS RIGHT FOR YOU?
Conforming Conventional Loans
FHA offers several types of loan programs to individuals. The 203(b) mortgage insurance program insures loans for purchase or refinance of a principal residence. Approved lenders issue the mortgage funds. The 203(k) program insures loans on a purchase or refinance of a home that needs repairs. This type of loan includes the cost of the home plus the cost of making the repairs. In addition, FHA offers the Energy Efficient Mortgage Program (EEM). This program insures mortgages for individuals looking to both refinance or purchase their primary residence and roll the cost of energy efficient upgrades into the mortgage. The FHA loan program offers borrowers many benefits. As of January 1, 2009, FHA loans require a 3.5 percent down payment. You can receive the down payment as a gift to you from family members or obtain it from other sources such as down payment assistance programs. In addition, the credit and income guidelines are more relaxed on an FHA loan. The program also limits the amount of closing costs you are required to pay.
Benefits of a USDA Guaranteed Rural Housing loan program:
- No first-time homebuyer requirements
- Eligible in rural areas with a population of 20,000 or less*
- 102% loan-to-value financing (2% up-front Guarantee Fee included)
- Annual fee of 0.40%* of the unpaid principle balance will be included in monthly payment
- Fixed rate loan
- No financial reserve requirements
- Owner occupied residence only
- Income limitations vary per applicable city or area (Cannot be above 115% of the U.S. median income for the area, adjusted by family size.)
- Seller can contribute up to 6% of the sales price towards buyer’s closing costs
- 100% gift funds allowed from family member
Recent changes by Congress to the FHA-insured Reverse Mortgage program have now made it possible for seniors to buy a home with a reverse mortgage – to be closer to family, to switch to a single story or smaller home, or to move into an active adult community.
Building your dream home can be easy and affordable with the Graystone Construction Loan. This program has a special set of guidelines, including monitoring to ensure timely completion. Once approved, a borrower is put on a bank-draft, or draw, schedule that follows the project’s construction stages. The borrower makes interest only payments during the construction term. One-time and two-time close options are available to best fit your needs. This means that at the end of the construction term, the loan is either modified (one-time close) or refinanced (two-time close) to a traditional mortgage loan.
Construction loans can be challenging and stressful for the builder and borrower. We specialize in this portfolio product and offer a “white glove” experience throughout the financing, building, and closing processes to ensure a smooth transaction. Financing this product in-house also allows us the flexibility to offer competitive terms- the Graystone Construction Loan allows borrowers to go up to 95% LTV!
Found that perfect house…except the kitchen is straight out of the 70s? Want to stay in your existing home, but need some cash to repair a leaky roof?
Private Money Financing
“Private Money” is a way to borrow without using traditional mortgage financing. When loans need to happen quickly, such as when a borrower or investor is purchasing a home they intend to fix and flip, private money is often a good option. Another benefit for private money is it allows for a borrower to have the ability to make a “cash offer” on a property. Private money loans are used in short-term financing scenarios.