Loan Programs

Conventional

A Conventional Mortgage Loan is a traditional loan program that usually requires 5% down and offers competitive interest rates that work in your benefit. To apply for this loan, potential borrowers will need proper documentation, income requirements and fair-to-good credit.

Conventional Mortgage Loans have either fixed or adjustable interest rates. Usually, fixed interest rate mortgage loans have a term of either 15 or 30 years. Adjustable-rate mortgages, or ARMs, is a mortgage loan that periodically changes based upon a price index that reflects the costs accrued by the lender for borrowing in the credit market.   
A benefit to having a Conventional Mortgage Loan is reduced technical hurdles, in comparison to FHA or VA mortgages, which allows the Conventional Mortgage Loan to be processed much more quickly. Also, the Conventional Mortgages generally require higher down payments than other loans, which enables home equity to build up faster. Contact HomeWay Mortgage today and let us start the loan process for you!

FHA Mortgage

FHA, the Federal Housing Administration, is a governmental agency established during the Great Depression to develop national standards of housing and encourage home ownership.

The FHA Mortgage Loan plan has since been modified to accommodate the heightened recession.

But how does the FHA help me? The FHA Mortgage Loan is a smart mortgage investment for either a purchase or refinance, because the FHA mortgage rates are at historic lows. Not to mention, the flexibility of the guidelines make it easier for people to become qualified. Backed by the Department of Housing and Urban Development, this mortgage loan offers the borrower the ability to put as little as a 3% down payment – and you can even finance “allowable” closing costs when finalizing the sale of property.

The employees at HomeWay Mortgage have multiple years of experience and would be more than happy to help with your FHA Mortgage Loan. Contact a representative at HomeWay Mortgage today and see if you qualify for an FHA Mortgage Loan!

Investor Loans

In the aftermath of the housing market crisis, prices on homes and mortgages have decreased at an exponential rate and have created a golden opportunity for investment in real estate. Investor Loans are used to finance investments of residential properties and have down payments as low as 10%. Aggressively priced, these programs have many variations, including: No Doc, Limited Doc, and Full Doc.; various programs may not be available in certain states.

With such competitive pricing, beginner and experienced investors alike should contact one of the extremely well qualified representatives from HomeWay Mortgage immediately to become pre-approved and start investing today!  

Here a few Types of Investor Loans:

-                      Long Term Rental Properties: With foreclosures being at an all time high, people are a bit reluctant to enter into a mortgage, and instead are willing to rent. As a landlord, you will receive consistent income and be able to set your own price for rent.

-                      Short Term Vacation Rental Properties: People usually use this type of loan if they wish to buy a vacation home, use it during a small portion of the year and rent it to others while the house is vacant. It is a fair compromise because it gives you the vacation home you always wanted, but also gives you an opportunity to make money from your investment.  

-                      Properties Purchased Near Permanent Residence: There are countless difficulties associated with owning rental property, but having your investment nearby helps a great deal. To purchase an investment near your permanent residence, you will need to obtain an Investor Loan.

Don’t wait, contact HomeWay Mortgage and see what we can do for you today!

Construction Loans

Have you been wondering if it’s financially possible to build your own home? Let us help you! Apply for a construction loan and the funds can be used for any expense related to the property and construction of your dream home. Building a new home can be an exciting prospect – unless you get caught up in a construction loan approval process that is both complicated and extremely time consuming. But we at HomeWay Mortgage are here to help! With this loan, we will finance up to 90% of the cost of land plus the costs associated with construction. Residential construction loans are different from mortgage loans in that they are short term loans. We offer a one-time fixed rate closing or traditional ARM products. Please contact us today and let us make that dream home a reality!

Second Mortgage Loans

A Second Mortgage Loan is a secured loan subordinate to the first mortgage based upon the same property. The Second Mortgage Loan usually allows the borrower a much larger loan because you are borrowing against a home. Second mortgages also allow for bigger loans because the lender considers a loan against the home to be much safer.  These loans offer the borrower the ability to receive extra money for home improvement, debt consolidation, or various other reasons without disturbing their first mortgage. Sometimes, borrowers will take a Second Mortgage Loan to avoid Private Mortgage Insurance (PMI).  It is usually convenient to take a second mortgage when there is a low interest rate on your first mortgage, because the interest rate on the second mortgage will most likely be higher. Contact us today and we will work out a loan that will best suit your lifestyle!

High Debt Ratio Loans

It is common for a borrower to have a high debt to income ratio, and because of this, you may feel skeptical about applying for a mortgage loan. But here at HomeWay Mortgage, we are more than happy to work with you.

Any ratio of monthly bills to monthly income higher than 50% is considered a high debt ratio. But there is no need to worry! Loan programs are available for borrowers in this situation, which will allow you to finance the purchase of a beautiful home or commercial property.

Consult a broker at HomeWay Mortgage today and let us find a solution to your situation!

Jumbo Loans

A Jumbo Loan is a loan that has an amount over the usual limit, and therefore, the lenders usually charge a higher interest rate. Jumbo Loans offer a 30 and 15 year fixed rate mortgage and competitive ARM products with full document, alternate documentation and limited documentation. Cash out and No cash out refinances are allowable. Single family detached, Condo’s, PUD’s and single-family second homes can be financed with no prepayment penalty. HomeWay Mortgage is your number one source for incredible Jumbo Loan Mortgage Rates. Our brokers are extremely skilled in creating affordable Jumbo Loan Rates and strive to make the loan process quick and easy. Contact us as soon as you can and we will see how we can help you!

80/15/5

Do you want a second mortgage, but want to pay a minimal down payment?

80/15/5 loans are sometimes called combination financing or piggyback loans and offer an affordable way to provide financing for a purchase, refinancing, home improvement, or debt consolidation transaction.

This is a loan which carries a second mortgage for up to 15% of the purchase price of the property. It is usually used when wishing to avoid PMI insurance or to keep your first mortgage under the FNMA/FHLMC limit to avoid Jumbo rates. The borrower puts 5% as a down payment and then finances a first mortgage up to the FNMA/FHLMC limit and a second mortgage of up to 15% of the purchase price. Other variations are 80/10/10 or 75/15/5. The borrower has a wide range of mortgage options on this type of loan, which include fixed rate or ARMS.

The 80/15/5 loan is advantageous to the borrower because the mortgage payment is tax deductible and you have the option to pay off your second mortgage early to reduce your total payment. Contact HomeWay Mortgage today and we will work out a 80/15/5 Loan plan that will work with your financial situation!

Credit Problems

Have you had trouble with past debts? Have you filed for bankruptcy in the past? Have you been turned down by several mortgage brokerage firms? Well, HomeWay Mortgage is here to change that for you. We offer loan programs for customers with various degrees of credit problems and past debts. Contact one of our expert mortgage brokers today and we will sit down with you and assess your financial condition. We will do everything in our power to find a solution, so you can get the house you’ve always wanted. Please contact us today and let us help you get the mortgage loan you deserve!

VA Mortgages

The VA Mortgage Loan was recognized in 1944 through the GI Bill of Rights. The GI Bill was signed into law by President Franklin D. Roosevelt and gave veterans a guaranteed home with no down payment. Created to give housing and support for both veterans and their families, the dream of home ownership has become a reality for millions of veterans since the passing of this act.

Still tremendously important today, HomeWay Mortgage opens its doors to eligible veterans looking to buy a home. Eligibility for the loan is defined as “Veterans who have served on active duty and have a discharge other than dishonorable after a minimum of 90 days of service during wartime or a minimum of 181 continuous days during peacetime.”

There is a guarantee for the lender that allows them protection against loss if you or a later owner fails to repay the loan. The guarantee replaces the protection the lender normally receives by requiring a down payment allowing you to obtain favorable financing terms. Backed by the Veterans Administration and the federal government, it is similar to FHA except that you have to be a qualified Veteran or military person. Don’t hesitate to contact HomeWay Mortgage for further information; we would love to hear from you!