Mitus Mortgage has been helping clients with various loan programs for over 35 years. The information below is to provide you with a basic understanding of the broad variety of loan programs available; however, Mitus Mortgage has the ability to customize loans to meet your specific needs, with ZERO or very little down, Grants, Stated-Income and many more to realize your dream of home ownership. Contact us TODAY to find out what program you qualify by calling us at (209) 795-4700.
Loan programs, interest, terms, requirements are subject to change without notice.
Should you get a fixed-rate or adjustable-rate mortgage? A conventional loan or a government loan? Deciding which mortgage product is best for you will depend largely on your unique circumstances, and there is no one correct answer. Here are some of the loan types that Mitus Mortgage can offer to its clients.
A manufactured home must be on its own land and be considered as real estate. Also, it must be on a permanent perimeter foundation with form HCD 433, an engineer report, owner-occupied, primary or second home, double-wide, and manufactured after July 1976.
The traditional fixed-rate mortgage is the most common type of loan program, where monthly principal and interest payments never change during the life of the loan. Fixed-rate mortgages are available in terms ranging from 10 to 30 years and can be paid off at any time without penalty. This type of mortgage is structured, or “amortized” so that it will be completely paid off by the end of the loan term. There are also “bi-weekly” mortgages, which shorten the loan by calling for half the monthly payment every two weeks. (Since there are 52 weeks in a year, you make 26 payments, or 13 “months” worth, every year.)
Even though you have a fixed-rate mortgage, your monthly payment may vary if you have an “impound account” due to insurance increase and property tax reassessment. In addition to the monthly loan payment, some lenders collect additional money each month (from folks who put less than 20% cash down when purchasing their home) for the prorated monthly cost of property taxes and homeowners insurance. The extra money is put in an impound account by the lender who uses it to pay the borrowers’ property taxes and homeowners’ insurance premiums when they are due. If either the property tax or the insurance happens to change, the borrower’s monthly payment will be adjusted accordingly. However, the overall payments in a fixed-rate mortgage are very stable and predictable.
FHA home loans are mortgage loans that are insured against default by the Federal Housing Administration (FHA). FHA loans are available for single-family and multifamily homes. These home loans allow lenders to continuously approve loans without much risk or capital requirements.
FHA loans allow individuals who may not qualify for a conventional mortgage to obtain a loan, especially first-time home buyers. These loans offer low minimum down payments as low as 3.5%, reasonable credit expectations, and flexible income requirements.
USDA loans are 100% financed, low-interest rate mortgages. USDA loans help very low-to-moderate income buyers become homeowners. The home must be eligible for a USDA loan, which we can look up for you.
These loans have certain requirements for income, ratios, and loan limits. Call us for more details at (209) 795-4700.
The VA Loan provides veterans with a federally guaranteed home loan which requires no down payment. This program was designed to provide housing and assistance for veterans and their families.
Veterans can use this loan type multiple times – as long as they have no other active VA loans. These loans typically have a lower interest rate and flexible terms. VA home loans are available in all 50 states.
VA home loans are available to military personal that have either served 181 days during peacetime, 90 days during war, or a spouse of serviceman either killed or missing in action.
A High-Balance Mortgage Loan is defined as a conventional mortgage loan where the loan amount exceeds the conforming loan limits. Specific high-cost area loan limits are established annually for each county. The conforming high- balance loan limit is $510,400 and the high-cost area limit is $765,600 for a 1-unit dwelling. Regular high-balance loans can go up into the millions.
High-balance loans typically come with tighter requirements than regular conforming loans. Depending on your county, a high-balance loan could be a great option for you.
Land loans are available; however, the fees are much higher than conventional loans. For more information, or to discuss land loans please call us at (209) 795-4700.
