FHA 203K Streamline, Full Construction 1-Time Close VA Loans:15-Year Fixed, 20-Year Fixed, 30-Year Fixed VA Interest Rate Reduction Refinance Loan (IRRRL)
USDA Loans: Standard USDA Loan JUMBO LOANS: Jumbo 15-Year, 30-Year
Specialized Loan Programs: Bank Statement for (Purchase & Refinance) Bank Statement: HELOC Standalone 30-Year One-Time Close New Construction
*Sources: United Wholesale Mortgage Company
In addition to this comprehensive list, there are numerous loan programs that can fit a qualified buyer. While interest rates are higher than they have been in the past 5 years, there are loan programs that can make purchasing your dream home more affordable, for example, I'll explain the Temporary Rate Buydown Loan Program offered by United Wholesale Mortgage company: A 3-2-1 and 2-1 Temporary Rate Buydowns are used as follows: 3-2-1 Temporary Rate Buydown: This is a buydown option that reduces the interest rate for the first three years of the mortgage Year 1: Interest rate is reduced by 3% Year 2: Interest rate is reduced by 2% Year 3: Interest rate is reduced by 1% Year 4 and beyond: Returns to the original locked rate Example Breakdown: For a $350,000 loan with a 700 FICO and 90% LTV: Year 1: Interest Rate at 3.75%, Monthly Payment: $1,717.15
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