Home Loans - No point, No fee Programs

No point, No fee Programs
No closing costs
Less money required to close
Higher rates
Higher payments

Home Loans - Stated Income Programmes

First Time Buyer Programs
Lower down payment
Easier to qualify
Sometimes you may get lower rate
May be subject to income and property value limitations
Some programs which have government subsidies may have a recapture tax if you sell the house too early.

First Time Home Buyer Loan Program

First Time Buyer Programs

Lower down payment
Easier to qualify
Sometimes you may get lower rate
May be subject to income and property value limitations
Some programs which have government subsidies may have a recapture tax if you sell the house too early.

Balloon Mortgages

Balloon Mortgage Loan Program -
7 year/5 year
Lower initial monthly payment
Lower payment over a shorter period of time
Many balloon mortgages offer the option to convert to a new loan after the initial term.
Risk of rates being higher at the end of the initial fixed period
Risk of foreclosure if you cannot make balloon payment or if you cannot refinance or if you cannot exercise the conversion option

Adjustable Rate Mortgages

10/1 ARM7/1 ARM3/1 ARM1 year ARM6 month ARM1 month ARM
Lower initial monthly payment
Lower payment over a shorter period of time
Rates and payments may go down if rates improve
May qualify for higher loan amounts
More risk
Payments may change over time
Potential for high payments if rates go up.

Fixed Rate Mortgages

United Capital Lenders provide fixed rate mortgage services -
30 year fixed15 year fixed
Monthly payments are fixed over the life of the loanInterest rate does not change
Protected if rates go up
Can refinance if rates go down
Higher interest rate
Higher mortgage payments
Rate does not drop if interest rates improve

VA Loans - Home Loans with no down payment

You’ve served your country. Your country would like to do something for you in return. If you’re a veteran, a VA loan may help you secure a home with no down payment.
10/1 ARM7/1 ARM3/1 ARM1 year ARM6 month ARM1 month ARM
Qualified veterans may be eligible to finance up to 100% of the sales price of the home
Rates are comparable to Conventional and FHA loans
Can get up to 6% concession from the seller towards buyer's closing costs
The maximum loan limit set by the VA is $417,000
You will need an updated Certificate of Eligibility and DD214 to apply