Mortgage Calculator

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Did You Know?

What is a Mortgage?

The word “mortgage” is literally derived from the phrase “death pledge.” The mortgage itself represents a conveyance of an interest in property as security for the repayment of money borrowed, typically to purchase or refinance a home.

In simpler terms, when a borrower signs a promissory note, he is agreeing to pay the lender a specific amount of money according to certain conditions. The money owed may be set forth in the form of a mortgage or a deed of trust. Whichever document is used, the purpose of both types of documents is to secure the note and offer protection to the lender.
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Mortgage Loan Types:

FHA (Federal Housing Administration)

FHA loans are underwritten to comply with guidelines set forth by the Federal Housing Administration under the Department of Housing and Urban Development (HUD). FHA loans permit buyers to buy a home with a down payment as low as 3.5% and allow gift funds from family. FHA loans also allow financing of improvements or repairs whether buying or refinancing a home. Mortgage insurance is required, provided by HUD and requiring an up-front premium which is typically financed and a monthly premium which is paid as a part of the monthly house payment.

Buyers need not be first-time buyers and there are no income limits but loan limits do apply. FHA loans have been among our specialties for decades as a HUD Direct Endorsed (DE) Lender.

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USDA RD (Rural Development)

Rural Development loans are underwritten to comply with guidelines set forth by the Rural Housing Service (RHS) under the United States Department of Agriculture (USDA). Available for buyers of primary residences in designated rural areas, these loans require no down payment and have somewhat more lenient credit guidelines than other types of loans. USDA guarantees the loan, requiring an initial guarantee fee which is typically financed and a monthly fee which is paid as a part of the monthly house payment.

Buyers need not be first-time buyers but household income and property location limitations apply. USDA loans are among our specialties as a leading lender with the program.

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VA (Veterans Administration)

VA loans are underwritten to comply with guidelines set forth by the Veterans Administration for eligible veterans or eligible surviving spouses of veterans. VA loans permit eligible buyers to buy with no down payment and have somewhat less stringent credit guidelines than other loan types. The VA insures the loan, requiring a funding fee which is typically financed except for veterans with a qualifying VA-related disability.

Veterans are not limited to single use of this benefit but typically may only have one VA loan at a time. VA loans have been among our specialties for decades as a VA Lender.

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Conventional

Conventional loans are not insured or guaranteed by FHA, USDA or VA but typically conform to guidelines set forth by Government Sponsored Agencies (GSAs) Fannie Mae (FNMA, the Federal National Mortgage Association) or Freddie Mac (FHLMC, the Federal Home Loan Mortgage Corporation). When required, mortgage insurance is provided by private mortgage insurance companies (hence, PMI), which is typically when less than 20% down payment or equity in the property. PMI may be financed, in the loan and/or loan terms, paid by the lender and/or seller, and/or paid monthly.

Conventional loans continue to represent a significant amount of loan activity, typically for borrowers with above-average credit and/or down payment or borrowers or loans not eligible for FHA, USDA or VA loans.

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Reverse Mortgage (HECM)

Reverse mortgages are available to borrowers 62 years of age or older with equity in their home and require no repayment until the borrowers no longer occupy the home as their primary residence. There are no income or credit qualifications. Borrowers may take a lump sum loan distribution, receive a monthly distribution or obtain a line of credit against the property, or a combination of two or three of these options. Reverse mortgages are underwritten according to guidelines established by, and are insured by, the Federal Housing Administration.

Please contact one of our local Reverse Mortgage Specialists for more detailed information.

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Mortgage Calculator

Did You Know?

What is a Mortgage?

Mortgage Loan Types:

FHA (Federal Housing Administration)

USDA RD (Rural Development)

VA (Veterans Administration)

Conventional

Reverse Mortgage (HECM)

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