The following is a partial list of programs offered by One Source Mortgage with a brief description of the key elements of each. Contact us at 770-904-9033 to discuss your options.
Conventional Fixed Rate Mortgages
The most common type of mortgage is a conventional fixed rate loan which features a constant interest rate for the life of the loan. Generally speaking, monthly payments remain constant. These loans require a minimum 5% down payment, however a 20% down payment will allow you to avoid mortgage insurance. Contact us for details on down payment requirements.
Available terms range from 10 to 30 years.
Available terms range from 10 to 30 years.
Adjustable Rate Mortgages (ARM)
Adjustable rate mortgages are loans in which the interest rate is recalculated on a yearly basis depending on market values. As interest rates are adjusted, so is the borrower's monthly payment. While interest rates on ARM loans are generally lower than fixed rate loans they could eventually become higher.
The most common type is a Hybrid ARM which includes a number of years where the rate is fixed then adjusts annually such as 5/1, 7/1 and 10/1 programs. Contact us for more information on adjustable rate mortgages.
The most common type is a Hybrid ARM which includes a number of years where the rate is fixed then adjusts annually such as 5/1, 7/1 and 10/1 programs. Contact us for more information on adjustable rate mortgages.
Refinancing
A rate and term refinance can be used for the purpose of either lowering your payment, interest rate or sometimes both. Also a rate and term refinance can be used to move from an adjustable rate to a more secured, fixed rate.
A cash out refinance will enable you to get cash out of the equity of your home which can be used for any purpose. Whether it be for home improvements, debt consolidation, purchase of another property, to pay off student loans, if you have enough equity in your home, this could be a good option.
At One Source Mortgage we’re ready to find the right refinancing solution for you. We will help you evaluate your needs and draft a refinancing plan that will save you money or provide the cash you. need.
A cash out refinance will enable you to get cash out of the equity of your home which can be used for any purpose. Whether it be for home improvements, debt consolidation, purchase of another property, to pay off student loans, if you have enough equity in your home, this could be a good option.
At One Source Mortgage we’re ready to find the right refinancing solution for you. We will help you evaluate your needs and draft a refinancing plan that will save you money or provide the cash you. need.
FHA Mortgages
FHA loans are private loans insured by the federal government. These loans are popular due to the low down payment requirement of only 3.5%. Be aware that FHA loans require mortgage insurance due to the low down payment.
FHA loans allow individuals with less than perfect credit to qualify. These loans can be approved with credit scores as low as 620.
FHA loans are a good choice for first time home buyers and for borrowers who may not have established credit.
Lenders who offer these loans must be approved by the Department of Housing and Urban Development. Please contact us today to find out if a FHA loan is right for you.
FHA loans allow individuals with less than perfect credit to qualify. These loans can be approved with credit scores as low as 620.
FHA loans are a good choice for first time home buyers and for borrowers who may not have established credit.
Lenders who offer these loans must be approved by the Department of Housing and Urban Development. Please contact us today to find out if a FHA loan is right for you.
Jumbo Loans
A jumbo loan, or non-conforming loan, usually means any home loan for amounts higher than $424,100. Jumbo loans feature similar loan programs to fixed rate and adjustable rate programs. There are even FHA jumbo loans. The main difference between jumbo loans and conforming loans is the interest rate. Jumbo loans are riskier for lenders therefore they usually have slightly higher rates.
VA Mortgages
A VA loan is a mortgage guaranteed by the U.S. Department of Veterans Affairs (VA) that is available to most US service members. It offers great benefits to those that have or are currently serving our country.
Benefits of VA Loans
As a rule of thumb, almost all active duty or honorably discharged service members are eligible for a VA loan.
You may be eligible for a VA loan if any one of these statements describes you:
It is a fee paid directly to the Department of Veteran's Affairs so that they can guarantee your loan and provide you with the opportunity to receive a loan with little to no money out of pocket. The fee may be waived if you receive disability payments from the VA.
Benefits of VA Loans
- You can buy a home with no money down.
- You can refinance your home up to 100% of the value of your home.
- You never have to pay monthly Private Mortgage Insurance (PMI).
- Sellers can pay your closing costs.
- The government insures the loan with less risk to the lender, allowing veterans to quality under less stringent qualifications.
- If you already have a VA Loan, you may be eligible for a VA Streamline Refinance which could enable you to refinance without getting an appraisal. You don't have provide bank statements, W2s, job verification or paychecks.
- Disabled Veterans may qualify for a waiver of the Funding Fee if they receive any disability payments from the VA.
As a rule of thumb, almost all active duty or honorably discharged service members are eligible for a VA loan.
You may be eligible for a VA loan if any one of these statements describes you:
- Served 181 days during peacetime. (Active Duty)
- Served 90 days during wartime. (Active Duty)
- Served 6 years in the Reserves or National Guard.
- Spouse of a service member who was killed in the line of duty.
It is a fee paid directly to the Department of Veteran's Affairs so that they can guarantee your loan and provide you with the opportunity to receive a loan with little to no money out of pocket. The fee may be waived if you receive disability payments from the VA.
Construction Loans
Construction loans finance the construction of a new structure.
second mortgages and Home Equity Loans
A home equity loan allows a borrower to acquire a new loan on an already mortgaged property using the equity as collateral. This loan is also referred to as a second mortgage.
This type of loan can also be used as a tool to enable a borrower to avoid mortgage insurance on a first mortgage or to lower your first mortgage loan amount in order to keep the balance below the conforming loan limit, therefore avoiding jumbo pricing. In either of these situations, the second mortgage is originated simultaneously with the first mortgage.
This type of loan can also be used as a tool to enable a borrower to avoid mortgage insurance on a first mortgage or to lower your first mortgage loan amount in order to keep the balance below the conforming loan limit, therefore avoiding jumbo pricing. In either of these situations, the second mortgage is originated simultaneously with the first mortgage.
USDA Loans
A USDA Loan is a mortgage loan that is insured by the US Department of Agriculture and available to qualified individuals who are purchasing or refinancing their home loan in an area that is not considered a major metropolitan area by USDA. Income restrictions apply - call for more details specific to your area.
Benefits of USDA Loans
Benefits of USDA Loans
- 100% Financing - you can buy a home with no money down. In some cases you can even finance your closing costs.
- You can refinance your home up to 100% of the value of your home.
- Flexible Credit Requirements.
Construction rehab
This program offers real estate entrepreneurs access to Private Equity Mortgages for construction rehab investment opportunities. These loans give real estate investors the opportunity to leverage their capital and allow more flexibility in today’s market. Financing can be a short term loan used by real estate investors for the acquisition and rehabilitation of investment properties. The loans are kept by the borrowers for 3-12 months maximum to allow for renovation. Once the property is renovated, the investor will either refinance the loan with a conventional mortgage if the property is to be retained for lease, or sell the property and pay off the loan. This program is designed for the experienced investor with rehab experience for properties needing extensive repairs or major upgrades.
