What loan program are available?
Loan Programs Introduction
What loan programs are available for me?
FHA Rehab Loan Options
What is the 203k program?
HUD’s FHA Section 203(k) loan program fills a unique and important need for homebuyers. When buying a house that needs repair or modernization, homebuyers usually have to follow a complicated and costly process. The interim acquisition and improvement loans (think of this as a fixer upper home loan) often have relatively high interest rates, short repayment terms and a balloon payment. However, Section 203(k) offers a solution that helps both borrowers and lenders, ensuring a single, long term, fixed or adjustable rate loan that covers both the acquisition and rehabilitation of a property. Section 203(k) insured loans save borrowers time and money. They also protect the lender by allowing them to have the loan insured even before the condition and value of the property may offer adequate security.
DISCLAIMER: All policy information contained in this knowledge base article is based upon the referenced HUD policy document. Any lending or insuring decisions should adhere to the specific information contained in that underlying policy document.
This is for informational purposes only. This is not a pre-qualification, rate lock, or loan commitment.
MA Housing Loan
Most states offer a subsidized housing program or "bond" loan. HarborOne 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. Typically this program is geared toward people who are of moderate income and do not own another home. Therefore, if you are a first time home buyer in MA with an income limit, then this is the loan you should look into. MA Housing offers down payment assistance programs as well. Contact your loan officer today to see if MA Housing makes sense for you!
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. We also offer fixed rate conventional loans for 2-4 unit investment properties with sufficient loan to value. Contact your loan officer today to learn more about conventional loan options.
USDA Rural Housing loans
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 were ideal home loans for you!
VA - Veteran's Affairs Loans
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.
FHA - Federal Housing Administration
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.