Loan Programs at Applied Mortgage
First Time Homebuyers
We have a variety of first time homebuyer programs and lower down payment loan programs. Some people even qualify for down payment assistance programs for no money down. Here are some of the typical programs.
What Is A “Buydown”?
A mortgage rate buydown (“buydown”), is when money is paid upfront, either by the buyer or seller, to secure a lower interest rate. This can either permanently lower the rate (permanent buydown) or temporarily lower the rate (temporary buydown).
Commonly Asked Questions About Jumbo Loans
What is a Jumbo loan, what are the requirements and guidelines, why would you want them, and how do they work?
What is Fixed Versus Adjustable Rate?
You can either choose to keep your finance rate fixed for the term of your loan, creating stability, or you can choose an adjustable rate that could yield better end results. Read this section to learn more about the advantages and disadvantages of using either the fixed or adjustable rate loans.
Renovation and Construction Loans
Renovation and construction loans can be used to update or add onto your current house and have money available to update a house in conjunction with you are purchasing that house in the future.
Should I refinance my mortgage right now?
With interest rates going up and down daily, you may be in the perfect position to refinance your home. In this video we talk about the three reasons why you would want to refinance your home and how to start the process.
What loan program are available?
This section features an overview of all the loan programs available for you to choose from depending on if you qualify.
What is a First Time Homebuyers Loan?
If you are a First Time Homebuyer there are a few options that might make sense for you. Usually first time homebuyers may have slightly less money saved and less of an income or credit history. There are a variety of loan programs geared to meet your needs. This might include a Conventional 3% down payment loan, MA Housing Mortgage, FHA, VA, or USDA Rural Housing. All of these loans offer low down payment options for qualified buyers.
What is a USDA loan?
Insured by USDA, this program is for lower income borrowers looking to purchase or refinance in areas designated "rural." 100% financing is available to qualified borrowers. Rural housing has lower credit standards than many other loan products, although they are a bit more strict on your overall debt obligation. Contact your loan officer today to see if Rural Housing could be a loan program for you! Click to watch our video!
What is an FHA loan?
Insured by the Department of HUD, FHA loans have become a staple for the first time homebuyer. FHA loans have more liberal guidelines with respect to income qualification, credit rating, and lower down payments. In the past few years, FHA's popularity has risen to an all-time high. Typically FHA requires 3.5% down payment. Contact your loan officer today to discuss the FHA loan product. Click below to learn more!
What is a VA Loan?
Qualified Veterans are eligible for 100% financing thanks to the Loan Guaranty program from the Department of Veteran's Affairs. We proudly serve our Military Homebuyers with this excellent program. Contact your Loan Officer today to see if you qualify for a VA loan. We will help you obtain your VA Certificate of Eligibility.
What are Mass Housing loans?
Most states offer a subsidized housing program or "bond" loan. HarboOne Mortgage has been an advocate of these programs and participates in financing in most states we serve. Here at Applied Mortgage, we offer the MA Housing loan program to qualified buyers in MA. Click below to learn more!
What is a home equity line of credit?
A Home Equity Line of Credit (HELOC) provides the Ability to access equity in your home as a second lien while you still own the home. This is useful when people are buying a new home and don’t need or want to have the contingency to sell their current home. Or if you want to do some improvements to your home you may be able to do so using a HELOC.
What are conventional loans?
We offer conventional fixed and adjustable rate mortgages. Typically a conventional mortgage is suitable for the borrower with higher credit standards and a larger down payment. However there are conventional programs with as low as 3% down payment for qualified borrowers.