A Conventional mortgage loan is not insured by the government unlike a FHA, VA or USDA loan and typically meet the lending guidelines that have been set by Fannie Mae or Freddie Mac. Most Conventional loan programs allow you to purchase, refinance or renovate single-family homes, warrantable condos, planned unit developments (PUD), and 1-4 family residences. It can also be used to finance a primary residence, second home or investment property. The most common Conventional mortgage loans are fixed rate mortgages and adjustable-rate mortgage loans.

 

Adjustable-Rate Mortgage (ARM) loan products offer a cost-effective solution for prospective homebuyers with short-term mortgage goals. The first number in your ARM program refers to the fixed rate period at the start of the mortgage. The second number in the ARM program references the intervals your rate will be reset following the introductory fixed rate period.

 

An FHA mortgage loan is insured by the Federal Housing Administration (FHA), operating under the U.S. Department of Housing and Urban Development. The FHA loan program can be used for the purpose of purchasing, refinancing, or renovating a property. Unlike other loan programs, gift funds can contribute to the down payment. Benchmark Mortgage Companies, an affiliate of Tidewater Home Funding, LLC., has approved delegated underwriting authority with FHA.

 

Military service members and Veterans have unique mortgage needs. A VA loan is a mortgage loan guaranteed by the U.S. Department of Veterans Affairs (VA) and is available to most U.S. service members. Already have a VA loan? Contact our team – you may be eligible for a VA Streamline Refinance. Benchmark Mortgage Companies, an affiliate of Tidewater Home Funding, LLC., has approved delegated underwriting authority with VA.

 

A Jumbo mortgage loan is for loan amounts above the conforming loan limit and is not eligible to be purchased, securitized, or guaranteed by Fannie Mae or Freddie Mac. Jumbo loan programs are generally offered as 15-year and 30-year Fixed-Rate Mortgages or as competitive Adjustable-Rate Mortgage (ARM) loan products with full documentation, alternate documentation, and limited documentation. 

 

Refinancing a home mortgage can be a big decision for many homeowners. Your situation and needs change over time so why shouldn’t your mortgage? Now may be the right time for you to refinance to a lower rate mortgage. Our local team of experts will evaluate your needs and customize a mortgage solution catered to you.

 

A Reverse mortgage loan is insured by the Federal Housing Administration (FHA) and is part of the Home Equity Conversion Mortgage (HECM) program. A Reverse mortgage is only available to homeowners who have built up considerable home equity are 62+ years old. Proceeds of the loan may be taken in monthly payments, a lump sum, left on a line of credit or a combination of these methods. If you remain in your home, you are not required to make monthly payments on a reverse mortgage. Taxes, insurance, homeowner association dues, and other assessments must be kept current by the homeowner, but nothing is due on the reverse mortgage until the last borrower permanently leaves the home. 

 

Construction loans are used to finance the construction of a new structure. Whether you’re interested in building a brand new home for you and your family or you’re looking to construct a commercial property we can help craft a terrific lending solution. Each loan is as unique as the property you’re looking to construct.

We look forward to your questions about construction loans. Please call us to find out more.

Home equity loans call for the borrower to acquire a new loan on an already mortgaged property using the equity you’ve built as collateral. Home equity loans are typically reserved for those looking to pay down medical or consumer debt, start a business or pay tuition. Please contact us directly if you’re interested in a home equity loan. Most states restrict the amount of money one can borrow against their home. Interest rates on home equity loans are generally higher than conventional loans.