LOan

Progr

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Conventional loans are for borrowers that have credit scores above 620, stable income, low debts and some down payment. This type of loan is the most common and the least complicated way to get the most flexible mortgage options.

  • Fixed and adjustable rates available 

  • Loan terms of 10, 15, 20 and 30, flexible terms available

  • Loan Amounts up to $484,350

  • For primary, secondary, and investment properties

  • Down payments as low as 3% for those that qualify

  • Available for Purchase and Refinance Transactions

Conventional Home Loans

 

FHA Home Loans

The Federal Housing Administration (FHA), a branch of the U.S. Department of Housing and Urban Development (HUD) insures this type of mortgage. FHA Loans are more forgiving for those with blemished credit and higher debt ratios. FHA Loans are great for first time home buyers because of their flexibility, although anyone can apply.

  • For Primary Residence and Secondary residences only

  • A 3.5% payment is required, which can be gifted 

  • A Seller can contribute up to 6% towards the buyers closing costs.

  • Requires Mortgage Insurance Premium (MIP) for the life of the loan.

  • Available for Purchase and Refinance Transactions

 

VA Home Loans

The Department of Veterans Affairs (VA) offers financing for Veterans. The VA determines eligibility and will issue a certificate of eligibility to qualifying applicants.  

  • Must be a Veteran, Active Duty Military, or member of the Reserves.

  • 100% Financing

  • Buyers can borrower an additional $35,000 for home repairs

  • No Monthly Mortgage Insurance

  • Closing Costs can be gifted by immediate family

  • Available for Purchase and Refinance Transactions

 

USDA Home Loans

The US Department of Agriculture (USDA) offers mortgage loans in eligible areas that are considered rural. USDA will only allow a borrower to have one financed property at a time.  There are some income restrictions for USDA loans. This type of loan is great for first time home buyers.

  • Primary residences only

  • New manufactured homes are allowable

  • 100% Financing Available

  • Can borrower an additional 10% of the purchase price for home repairs for distressed properties

  • 30 year fixed rate terms

  • House must be in a Rural Development-eligible areas.

 

Jumbo Loans exceed the maximum loan amounts established by conventional loan limits, currently $484,350. A Jumbo Loan is right for you if you are looking to buy a high priced or luxury home.

  • Financing above Conforming Loan Limits of $484,350.

  • Convenience of One Loan versus having Multiple Mortgages

  • Purchase options available with a 10% down payment with NO Private Mortgage Insurance (PMI)

  • Fixed and Adjustable Rate Mortgage Options

JUMBO Home Loans

 

Reverse Mortgages

A Reverse Mortgage is a loan for those age 62 and older that allows homeowners to convert their home’s equity into cash with no monthly mortgage payments. These loans are backed by the Federal Housing Administration 

  • Primary Home

  • For those 62 and older

  • No Monthly Mortgage Payments

  • Receive Money Monthly

 

1600 Sarno Rd Suite 215, Melbourne, FL 32935

NMLS # 1425046 | (800) 417-1697

VA: 6393340000 | FHA: 00392-0000-4

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Copyright Rejoice Mortgage Inc. 2020 This offer is made by Obsidian Financial Services Inc. d/b/a Rejoice Mortgage Inc. NMLS #1425046 1600 Sarno Rd. Suite 215, Melbourne, FL 32935, which is not affiliated with your current lender nor is it an agency of the federal government. Obsidian Financial Services Inc. d/b/a Rejoice Mortgage Inc. is approved by HUD/FHA, Fannie Mae, Freddie Mac and Ginnie Mae. This is not a government form. This is not a credit decision or a commitment to lend.This website is not authorized by the New York State Department of Financial Services. Until this website is authorized, no mortgage loan applications for properties located in New York will be accepted through this site.