Loan Products
Conventional Loans
Conventional Loans:
Conventional loans are mortgage loans offered by non-government
sponsored lenders. These loan types include:
- Fixed Rate Loans
- Adjustable Rate Loans (ARMs)
- Combination (Hybrid) Loans
- Balloon Mortgages and Pledge Asset Loans
- Jumbo / Construction Loans
- Reverse Mortgage
Jumbo Loans
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.
FHA Loans
FHA mortgage loans are issued by federally qualified lenders and
insured by the U.S. Federal Housing Authority, a division of the
U.S. Department of Housing and Urban Development.
FHA loans are an attractive option, especially for first-time
homeowners:
- Generally easier to qualify for than conventional loans.
- Lower down payment requirements.
- Cannot exceed statutory loan limits.
FHA 203K Remodeler Loan
The FHA 203K Streamlined Remodeler Loan enables borrower's to get up
to $35,000 dollars
at closing escrowed for Improvements. This is the perfect loan for
anyone looking to purchase a Foreclosure, Pre-Foreclosure, or other
property that needs work to make the property habitable.
A maximum of $35,000 can be placed into escrow for the completion of
the following improvements:
- Repair / Replacement of roofs, gutters, and downspouts
- Repair / Replacement / Upgrade of existing HVAC systems
- Repair / Replacement / Upgrade of plumbing and electrical systems
- Repair / Replacement of flooring
- Minor remodeling such as: Kitchens, which do not involve structural repairs
- Painting: Interior and Exterior Weatherization: including storm windows and doors, insulation, and etc.
This loan maybe used for purchase or refinance of one-to-four
(single family) residences including HUD real estate owned
properties. Repairs can be completed after closing. Cash-out
refinance loans are not allowed. This loan can be used to update
homes, correct health and safety issues. The property value must be
sufficient to purchase / refinance AND complete the rehabilitation.
All homes must be at least one (1) year old, except for homes
located in presidentially declared disaster areas for 1 year after
the disaster. All homes must be owner occupies primary residences,
and investors are NOT allowed.
If you already own your home, and you are looking to complete a
renovation, then there are several other loan options available, and
the loan limits are ONLY limited by the final appraisal value after
the completion of improvements.
VA Loan
Designed to offer long-term financing to American veterans, VA
mortgage loans are issued by federally qualified lenders and are
guaranteed by the U.S. Veterans Administration. The VA determines
eligibility and issues a certificate to qualifying applicants to
submit to their mortgage lender of choice. It is generally easier to
qualify for a VA loan than conventional loans.
Here's how it works:
100% financing without private mortgage insurance or 20% second
mortgage.
A VA funding fee of 0 to 3.3% (this fee may be financed) of the loan
amount is paid to the VA.
When purchasing a home veterans may borrow up to 100% of the sales
price or reasonable value of the home, whichever is less.
When refinancing a home, veterans may borrow up to 90% of reasonable
value in order to refinance where state law allows.
100% Financing
100% up to 103% Financing on New Home Purchases for qualified borrowers.
Qualified borrowers can get a maximum of 103% financing for a 1st
and 2nd Mortgage Combo, which can cover closing costs and required
down payments. The 20 year, fixed rate 2nd Mortgage can go up to 8%
of the sales price and it can be used for down payment, closing
costs (including fees), price adjustments, mortgage insurance, or
buy downs*
(*Subject to agency guidelines)
- This program is not limited to 1st time homebuyers
- Only for the purchase of Single Family Homes
- No “Recapture Tax” if home is sold later
- No sales price limits (conventional limits only apply to the 1st mortgage)
- Split or single premium mortgage insurance may be tax deductible
- Borrowers need a minimum mid FICO score of 700 to qualify.
- Applicable Loan Programs:
30 Year Fixed
40 Year Fixed
10/20 Interest Only
10/30 Interest Only
Investment Property Loans
Multiline Mortgage provides traditional bank loans and hard money loans for short term investment property purchases. Loan amount can go as low as $20,000 for property and improvements.
Construction / Permanent Loans
Builder completes a one-page builder application with references.
The will then call the builder’s references and check credit.
Applying broker will receive approval. Process the loan as you would
any other loan. The appraisal should be per plans and specs.
An itemized cost to build, prepared by the builder, should be
included.
The following questions must be answered prior to loan closing:
- Who owns the lot?
- Is the lot owned free and clear?
- Is the Builder/Contractor holding any earnest money?
- Is the Builder/Contractor paying any closing costs?
- Is the Builder/Contractor expecting an advance at closing?
Borrower pays fixed interest during construction based on the outstanding loan balance. The loan is a Full Doc Fixed Rate- 11 Month Lock on a conforming loan. The maximum Loan-to-Value (LTV) is up to 90% of the appraised value. Borrowers must have a middle FICO score of 700. Borrowers will be required to provide full documentation. We can lock the permanent interest rate before the initial closing at a par-plus price. Permanent rates will apply during the construction time period.
USDA Rural Development Loan
This loan is allows buyers to purchase a home or build a home in a
rural area with essentially no money down. This is one of the few
affordable loan options available today. We can help borrowers with
median credit scores as low as 580, that have current payment
history, no recent foreclosures or bankruptcies on their credit
history. The applicable interest rates are very affordable, and the
loan process is typically the same as with any FHA loan.
Multiline Mortgage’s Rural Development Loan
- Borrower’s can get up to 102% of the appraised property value.
- The onetime 2% Guarantee Fee can be included in the financing
- No Mortgage Insurance is required, because it is a government guaranteed loan
- This loan be used for a existing home or new construction home
- No loan size limits, but there are maximum income limits for the borrower that are based on the number of residents and the county where the property is located.
- No limits on Seller Provided Gifts
- Property improvements and renovations can be included in the loan, and the additional costs can be escrowed. Additional improvements are limited to the final appraised value of the property.
- Loan is not limited to first time buyers. First time buyers must attend an approved certified class to qualify.
Reverse Mortgage
Multiline Mortgage works with several Reverse Mortgage Lenders to
provide additional income options for seniors 62 and older. A
reverse mortgage is a special type of loan used by older Americans
to convert the equity in their homes into cash. The money from a
reverse mortgage can provide seniors with the financial security
they need to enjoy their retirement years.
The reverse mortgage is aptly named because the payment stream is
"reversed". Instead of making monthly payments to a lender, as with
a regular first mortgage, also known as a "forward" mortgage, a
lender makes payments to you.
You continue to own your home, hold title to your home and are
responsible for maintaining your home when you have a Reverse
Mortgage.
The money from a reverse mortgage can be used for anything: daily
living expenses; home repairs and home modifications; medical bills
and prescription drugs; pay-off existing debts; continuing
education; travel; long-term health care; purchase insurance annuity
products; prevention of foreclosure; and any other needs.
To qualify for a reverse mortgage you must be at least 62 and own
your own home. There is no income or medical requirements to
qualify. You may be eligible for a reverse mortgage even if you
still owe money on a first or second mortgage. In fact, many seniors
get a reverse mortgage to pay off a first mortgage.
You can choose how to receive the money from a reverse mortgage. The
options are: all at once (lump sum); fixed monthly payments (for up
to life); a line of credit; or a combination of these options.
The size of the reverse mortgage that you can get depends on your
age at the time you apply for the loan, the type of reverse mortgage
you choose, the value of your home, current interest rates and your
homes rate of appreciation. In general, the older you are and the
more valuable your home, the larger the reverse mortgage can be.
The costs associated with getting a reverse mortgage include the
origination fee, an appraisal fee and other charges similar to those
for a regular mortgage. If you choose a government, insured loan
there is a charge for FHA insurance, and you can finance the
associated closing cost as part of the reverse mortgage loan.
The money provided to you from a reverse mortgage is "tax-free" and
does not affect regular Social Security or Medicare benefits.
However, the funds received from a reverse mortgage may affect your
eligibility for certain kinds of government assistance, such as
Medicaid or state assistance programs. You should check into this
before getting a reverse mortgage. Consult with your local Area
Agency on Aging (to locate, call 1-800-677-1116) or consult with a
tax attorney.
Before applying for a reverse mortgage, you must first meet with a
reverse mortgage counselor. A mortgage lender can provide you with
the names of approved counseling agencies in your area. A list of
approved counseling agencies nationwide is posted on the Web by the
U.S. Department of Housing and Urban Development. The counseling is
provided to you free of charge.
The counselor's job is to educate you about reverse mortgages, to
inform you of other alternative options available to you given your
situation and to assist you in determining which particular reverse
mortgage product best fits your needs.
In general, counseling sessions are done face-to-face, although
telephone counseling is becoming more prevalent.
No payments are due on a reverse mortgage while it is outstanding.
The loan becomes due and payable when you cease to occupy your home
as a principal residence. This can occur if you (the last remaining
spouse, in cases of couples) pass away, sell the home or permanently
move out.
The home does not have to be sold to pay off the loan. You (or your
heirs) can pay off the reverse mortgage and keep the home. In any
event, the amount owed on the reverse mortgage can never exceed the
value of the home at the time the loan must be repaid. However, if
the home is sold and the sales proceeds exceed the amount owed on
the reverse mortgage, the excess money goes to you or your estate.
There are many versions of Reverse Mortgage Loans to consider today,
including fixed rates, adjustable rates and new products that are
currently being designed for the future.
Please give us a call to learn more about Reverse Mortgages, the
qualification and loan process, or to get an idea of how much money
you can receive. There is no obligation for any consultation.
Multiline Mortgage Services, Inc.
Mortgage Calculators
Loan Amortization Calculator and Schedule.
This is the classic Loan Amortization Schedule. It determines monthly
payment and interest paid on a month to month basis.
Refinance Analysis Calculator.
This Calculator shows a borrower how long it will take to break even
after a refinance to a lower rate.
Refinance Interest Savings Analysis Calculator.
Similar to #2, this calculator computes the money saved in interest
by refinancing to a lower rate.
Rent
VS Buy Analysis Calculator.
Determine if it is more cost efficient to buy a home or rent.
Mortgage Prepayment Calculator.
This calculator show the interest savings when making extra payments
to principal..
Mortgage Prepayment Analysis Calculator.
This calculator compares using extra money to pay down the mortgage
balance versus investing the money elsewhere.
Mortgage Tax Savings Analysis Calculator.
Determine how much you can save in taxes when you have a mortgage.
How Much Home Can You Afford Calculator.
Use this calculator to determine how much house you can afford based
on your take-home pay, existing debts, and the assumption that a
maximum of 25% of your take-home pay will be put towards a mortgage
payment
15 VS 30 Year Loan Calculator.
Use this calculator to compare payments and interest on a 15-year and
30-year mortgage.
Buydown Points Calculator.
Use this calculator to figure out if you should buy down your interest
rate by buying points.