Government Loans Tricont !!! (Name Your Timeline) and We will Work It with You.

A government mortgage is a mortgage insured or guaranteed by the government. These Mortgages are very competitive in fees and rates but are not as stringent in income, documentation and credit requirements as conventional mortgages

Types of Mortgages - Government

Know Your VA (Veteran Administration) Mortgages

VA (Veteran Administration) Mortgages

The VA Loan program is a flexible lending solution designed by the Veteran Administration to make homeownership more affordable for qualified U.S. active duty personnel and veterans

Qualified veterans can refinance their VA mortgages so as to lower their rate and monthly payment. They can also buy their first home with a government guaranteed, no down payment by obtaining a VA loan.

A VA Mortgage Program includes:

No down payment to buy a home

$100 financing for purchases and VA-to-VA refinances

Cash-Out refinance of up to 90% of your home

No monthly mortgage insurance premiums (MIP)

Fixed rate mortgages available with various term options

1 to 4-unit primary residences with a purchase or cash-out refinance

Single family homes, condos & 2-4 family homes

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Know Your USDA (U.S. Dept. of Agriculture) Mortgages

USDA (U.S. Dept. of Agriculture) Mortgages

Purpose

The USDA (Section 502) loans are primarily used to help low-income individuals or households purchase homes in rural areas. Funds can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities.

Eligibility

Applicants for direct loans from HCFP must have very low or low incomes. Very low income is defined as below 50 percent of the area median income (AMI); low income is between 50 and 80 percent of AMI; moderate income is 80 to 100 percent of AMI. Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance, which are typically within 22 to 26 percent of an applicant's income. However, payment subsidy is available to applicants to enhance repayment ability. Applicants must be unable to obtain credit elsewhere, yet have reasonable credit histories.

Terms

Loans are for up to 33 years (38 for those with incomes below 60 percent of AMI and who cannot afford 33-year terms). The term is 30 years for manufactured homes. The promissory note interest rate is set by HCFP based on the Government cost of money. However, that interest rate is modified by payment assistance subsidy.

Standards
Under the Section 502 program, housing must be modest in size, design, and cost. Modest housing is property that is considered modest for the area, does not have market value in excess of the applicable area loan limit, and does not have certain prohibited features. Houses constructed, purchased, or rehabilitated must meet the voluntary national model building code adopted by the state and HCFP thermal and site standards. Manufactured housing must be permanently installed and meet the HUD Manufactured Housing Construction and Safety Standards and HCFP thermal and site standards.

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Know Your Flex 100 Mortgages

Flex 100 Mortgage

A Flex 100 Home Loan is a special type of loan that requires no down-payment, allowing a homebuyer to obtain 100 percent financing on a new home. These special programs come with advantages and disadvantages, but are often attractive options for the first-time homebuyer.

Ease of Obtaining

Not all financial institutions offer Flex 100 Home Loans, and those that do generally expect their customers to have a strong credit history. By financing 100 percent of a home purchase price, the lender takes on a substantial risk, creating the need for strict program entry requirements.

Interest Rates

Interest rates are usually higher for Flex 100 Home Loans than for more traditional loan products due to the amount of risk that the bank takes (in case of default). However, for smaller Flex 100 Home Loans, the rate difference may be too small to make a significant difference in monthly payments.

Insurance

Most financial institutions require participants in a Flex 100 Home Loan to obtain and carry private mortgage insurance as part of the monthly loan payments.

Closing Costs

Most Flex 100 Home Loans do not allow financing of closing costs; thus, closing costs must be paid in full at the time of the loan closing. Closing costs can include bank fees and loan origination fees, and are usually several thousand dollars for home loans.

Similar Programs

Due to the popularity of Flex 100 Home Loans, similar loan packages like "Flex 97" or "Flex 95" have been introduced by financial institutions. These programs trade better interest rates for a down payment, more than would be paid on a Flex 100 but less than what would be expected in a traditional home loan package

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Know Your My Community 97, 100 Mortgages

My Community 97, 100 Mortgage

My Community Mortgage (MCM)

My Community mortgage program is a Fannie Mae 100% mortgage program designed for owner occupying first time home buyers. My Community loans offers qualifying low and moderate income home buyers and home owners hoping to change their rates and terms a cash out of less than $2,500, lower rates, and better terms than subprime loans with the similar credit scores. Areas defined as My Community or undeserved may have no income limits for eligibility and may qualify for 100% financing. Other programs within the MCL programs may provide even greater benefits for those who qualify.

My Community Home Choice

This program offers borrowers with disabilities or disabled family members more liberal underwriting guidelines.

A handicap must conform to the definition found in the Federal Fair Housing Act.

My Community Solutions

My Community solutions program expands eligibility for specific professions like teachers, educational institution employees, police officers, firefighters and health-care workers, etc.

MCS provides eligible borrowers higher loan amount & gifted reserves.

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My Community Loans Attributes

Has no minimum borrower contribution

Sellers’s contributions of up to 6% acceptable for closing cost and prepaid expenses like taxes and insurance

Offers up to 100% Loan on a one unit purchases

Credit scores down to 580 may be acceptable, depending on the lenders.

Lower mortgage insurance requirements of 20%

Non-traditional credit, like rent receipts, are acceptable

Boarder income sources are also acceptable

Borrowers can get up to 40 year mortgage terms and interest only options

Home buyer’s education are required only on multi-family units

Owner Occupied 2 - 4 family properties are eligible with home buyer education

Community Home Choice

Reduced underwriting for borrowers or family members with disabilities.

Greater flexibility in underwriting rules for loans with non-occupying co-borrowers

My Community Solutions

Special program for teachers, educational institution employees, police officers, firefighters, health care professionals, etc

Offers eligible borrowers higher ratios and gifted reserves

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Know Your Reverse Mortgages (HECM)

Reverse Mortgages A Reverse Mortgage (HECM) is a mortgage that allowed homeowners 62 years of age and over to convert part of the equity in their primary residence into tax-free cash without having to sell their home, give up title or take on a new monthly mortgage payment. With a reverse mortgage, the homeowner can be paid in a lump sun or as a regular monthly cash advance or in the form of a credit line that allows you to decide when and how much of your available cash you receive. The homeowner could also combine any of the methods to receive their payments.

For homeowners 62 years of age or older, the joy of life, not the burden of a mortgage monthly payment is a dream come true after a life of hard work. For you, the government has designed a mortgage program called reverse mortgages….Welcome to TFC Tricont Mortgage

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More on Reverse Mortgage Characteristics A Reverse Mortgage requires no repayment as long as the property is the homeowner's primary residence. Like all homeowners, the recipient(s) is/are still required to pay their real estate taxes, insurance and other traditional payments like utilities, and to maintain their property in good condition. With a Reverse Mortgage, the homeowner cannot be foreclosed or forced to vacate the house because there are no mortgage payments.

Generally, the homeowner has to own the home outright or have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan, and must live in the home to qualify. The homeowner is also required to receive consumer information from an approved Home Equity Conversion Mortgage (HECM) counselor prior to obtaining the loan.

Also, a Reverse Mortgage can provide a homeowner with the financially secure belief that they will never have to leave their own home involuntarily

Know Your FHA & Streamline FHA Mortgages

FHA Mortgages FHA Mortgages are mortgages insured by the government that are very competitive in pricing and rates in comparison to other mortgage types, but are not as stringent in income, documentation and credit requirements.

FHA Mortgages Characteristics
FHA allows refinance and purchase opportunities, even if your credit is not very good
Cash-out and Debt Consolidation programs
Good Fixed interest rates loan terms available
First-time homebuyer’s options
As little as 3.50%; low down payment options
No pre-payment penalties
Fully assumable and Reverse Mortgages Qualify

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