LOAN OPTIONS
HOME MORTGAGE
FHA LOAN
An FHA loan is a government-backed mortgage insured by the Federal Housing Administration, or FHA. Popular with first-time homebuyers, FHA home loans require lower minimum credit scores and down payments than many conventional loans.
You can qualify for an FHA loan with a credit score as low as 500 with 10 percent down. To get FHA’s maximum financing, you need a credit score of 580 or higher and 3.5 percent down.
VA LOAN
The VA loan is a $0 down payment mortgage option available to Veterans, Service Members and select military spouses. VA loans are issued by private lenders and guaranteed by the U.S. Department of Veterans Affairs (VA).
The VA Home Loan was created in 1944 by the United States government to help returning service members purchase homes without needing a down payment or excellent credit. This historic benefit program has guaranteed more than 22 million VA loans to help veterans, active duty military members and their families purchase homes or refinance their mortgages.
USDA LOAN
Some of the primary benefits of USDA loans include:
- $0 down payment
- Competitive interest rates
- Low monthly mortgage insurance
- Flexible credit requirements
Because USDA loans are meant to assist low-to-moderate income homebuyers, the USDA sets income limits based on the property’s location and household size. The base USDA income limits are:
- 1-4 member household: $82,700
- 5-8 member household: $109,150
USDA counts the total annual income of every adult member in a household towards the USDA income limit, regardless if they are a part of the loan.
But it’s also not as simple as looking at your annual pay. USDA ultimately looks at what it calls adjusted annual income, which takes into account acceptable deductions for things like child care, medical expenses and more.
HOME REFINANCING
It’s certainly not a mystery why many homeowners, as time goes by, decide to refinance
their mortgage in order to lower their monthly payment, pay off high interest credit cards, remodel, take that vacation you have always wanted or payoff any other loans. Most loans are
“front-loaded” with interest, so each monthly payment reduces the principal balance
while covering the interest due. Ask Three Rivers Lending to help you select a desirable refinanced mortgage that will help you to determine an affordable monthly payment and lower your borrowing costs.
COMMERCIAL MORTGAGE
We offer refinance and purchase commercial real estate loans ranging from non-owner Single family homes, vacant land to large development projects. We here at Three Rivers Lending have many different investors to choose from with very competitive rates. We have fixed and adjustable rates to offer and up to 20 year terms. When it comes to commercial lending, you must have TRL propose a quote for you.
NEW CONSTRUCTION
Most homebuyers won’t be surprised to learn that brand-new homes almost always cost more than resale ones. Because after all, new homes are new and resale homes are used.
But what exactly do buyers get when they purchase a newly built home — and is it worth it?
- The ability to choose the finishes, fixtures and decor buyers want
- A “honeymoon” period during which everything in the house is brand new
- A builder’s warranty for the home’s finishes, systems and structure
- Cutting-edge architecture and design
- The latest home automation
- Energy-efficient heating, ventilation and cooling
- Energy-efficient home appliances
The home automation component is especially desirable because it can be difficult and costly to add this type of system to an existing home.
“It is commonplace today (for the builder) to install some kind of hub to control data, cable, phone and security,” Hoffman says. “It’s all wired through one central hub so it’s much easier to get parts of the house to behave with one another.”
REVERSE MORTGAGE
A reverse mortgage is a loan for seniors age 62 and older. HECM reverse mortgage loans are insured by the Federal Housing Administration (FHA) and allow homeowners to convert their home equity into cash with no monthly mortgage payments.
After obtaining a reverse mortgage, borrowers must continue to pay property taxes and insurance and maintain the home according to FHA guidelines. Typically the loan does not become due as long as you live in the home as your primary residence and continue to meet all the loan obligations.
Reverse mortgage loans are commonly used to pay for home renovations, medical and daily living expenses. Homeowners who have an existing mortgage often use the reverse mortgage loan to pay off their existing mortgage and eliminate monthly mortgage payments.
A reverse mortgage loan uses a home’s equity as collateral. The amount of money the borrower can receive is determined by the age of the youngest borrower, interest rates and the lesser of the home’s appraised value, sale price and the maximum lending limit. The funds available to you may be restricted for the first 12 months after loan closing, due to HECM requirements. In addition, you may need to set aside additional funds from loan proceeds to pay for taxes and insurance.
The loan does not generally have to be repaid until 6 months after the last surviving homeowner moves out of the property or passes away. At that time, the estate typically sells the home to repay the balance of the reverse mortgage and the heirs receive any remaining equity. The estate is not personally liable for any additional mortgage debt if the home sells for less than the payoff amount of the reverse mortgage loan.
