A Conventional Mortgage Loan is a traditional program for loans that are not guaranteed by the government. These loans can have a fixed or adjustable rate.
All Loan Programs
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.
The Interest Rate is fixed for 10 years then adjustable thereafter. Interest only payments are due during the construction period and then the loan is amortized once complete.
Interest only payments are due during the construction period. The Interest Rate is fixed with a typical term of 12 months. After the home is complete, the construction loan will need to be refinanced into permanent financing.
A special 100% mortgage program to help victims in Presidentially designated disaster areas recover by making it easier for them to get mortgages and become homeowners or re-establish themselves as homeowners.