Balloon loans are an excellent program for qualified buyers who will be selling their home within a few years, first time home buyers, relocation buyers and applicants who have not yet sold their current home and qualify with both payments. Refinancing is an excellent option and is available to qualified applicants who have had a clean mortgage history without any late payments. Allowing the borrower to control the actual term of the payments. Loans A bridge loan provides temporary financing to allow a customer time to sell their existing home while enabling them to proceed with the purchase of a new one. A 90-180 day term is generally the maximum time allowed for the existing house to sell.
Payment is required at the end of the bridge term.
Top of Page Conventional Conventional loans are mortgages that are not covered by any government program of insurance or guarantee. Generally, these loans do not have prepayment penalties. Top of Page FHA An FHA mortgage is a federally insured mortgage that affords many the opportunity for home ownership. This is an excellent program for first time home buyers with bruised credit. Dreambuilder - The dreambuilder is a fully disbursed loan allowing a borrower to purchase or refinance a property and finance the cost of rehabilitation with one closing.