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Emerica Mortgage Inc offers a variety of loan programs to meet your needs. We work with the leading lenders in the industry to provide:
 
Conventional Mortgages
FHA Mortgage
VA Mortgage
Reverse Mortgage

Conventional Mortgages
Conventional loans can be made to purchase or refinance homes with first and second mortgages on single family to four family homes. These loans adhere to Fannie Mae guidelines. Usually, a conventional loan is a 30-year fixed rate mortgage. A conventional loan is a mortgage not guaranteed or insured by the federal government. Conventional loans may be “conforming” and “non-conforming”. One of the advantages of conventional loans is that Lenders may be willing to keep the loan in their own lending portfolio, thus allowing more underwriting flexibility because the loan will not have to meet secondary market guidelines. Here are general guidelines which apply to Conventional Mortgages: “Conventional financing does not require an upfront mortgage insurance premium when a borrower closes on the loan unlike an FHA loan.” Credit Scores generally over 720 will allow you to qualify for a cheaper interest rate.

Term: 30 years   Maximum Amount: $417,000
 
Our purchase and refinance loan programs are designed to afford our customers with the best program available, keeping your best interests in mind. We will give you a low monthly payment and interest rate that will give you peace of mind. Our purchase programs will help you realize the American dream of owning your own home

FHA Mortgage
FHA Mortgage programs are home loan programs intended to increase homeownership in the United States and therefore the loan guidelines are in general easier to qualify than the conventional loan. FHA Mortgages are great options for those borrowers who can’t meet some of the strict lending criteria of conventional loans. The loans allow buyers to purchase 1-4 family dwelling units and are very popular with first time homebuyers. Homeowners with an FHA loan are eligible to refinance via a variety of programs with features such as to lower your monthly payments and interest rates as well as do home repairs and improvements. • The most common FHA home loan is the 203(b), and the fixed rate is the most popular program. • The minimum down payment for a purchase is 3.5% of the purchase price. • Gift funds are allowed from family member, employer or charitable donation where the gift funds could be up to 100% of the down payment. • FHA insures loans and is not a lender. This means that the FHA will pay the lender if a borrower defaults on a loan.

Term: 30 years   Maximum Amount: $417,000
 
• The most common FHA home loan is the 203(b), and the fixed rate is the most popular program. • The minimum down payment for a purchase is 3.5% of the purchase price. • Gift funds are allowed from family member, employer or charitable donation where the gift funds could be up to 100% of the down payment. • FHA insures loans and is not a lender. This means that the FHA will pay the lender if a borrower defaults on a loan. • Insurance on FHA mortgages are often rolled into the total monthly payment. • After five years or when the loan balance reaches 78 percent, the monthly mortgage insurance is dropped. • FHA Mortgage programs are offered through FHA Approved Lenders. • FHA home loans are available to borrowers for their primary place of residence. • You don’t need to be a first time homebuyer in order to qualify for an FHA home loan. • It’s possible to qualify for an FHA home loan within one or two years of a bankruptcy or foreclosure. .

VA Mortgage
A Veterans Administration Home Loan allows qualified buyers the opportunity to purchase a home with no down payment. This loan has no monthly mortgage insurance premiums, limits the buyer’s closing costs. There is an appraisal done to determine the property value. The benefits and general guidelines for a VA loan are outlined below. • 100% financing: no down payment or monthly mortgage insurance (PMI) payments. • The home buyer/borrower’s closing costs can be paid by the seller, up to 4% of the amount. • Flexible credit requirements: Veterans with lower credit scores may qualify for a much lower interest rate than would be obtainable on a conventional program. • Streamline Refinance (IRRRL) allows you to refinance to a lower rate without having to re-qualify • A Certificate of Eligibility is a required document, certifying to the lender that that you are eligible for a purchase based on the guarantee issued by the Department of Veteran Affairs. Eligibility Requirements: 1. 90 days or more active duty service during wartime 2. You were not dishonorably discharged 3. 181 days or more of active duty during peacetime 4. You are active duty and meet the above requirements 5. You are the surviving spouse of a veteran who died during service or because of service-

Term: 30 years   Maximum Amount: $417,000
 
A VA loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs (VA). The loan may be issued by qualified lenders. The VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses (provided they do not remarry).

Reverse Mortgage

A Reverse Mortgage is a loan which allows seniors to use the equity they have built up in their primary residence and withdraw money out without selling their home. A Reverse Mortgage (HECM) is recommended for seniors only under the right circumstances. The lender will need to determine whether this is a good time to even consider getting a reverse mortgage based on each individual’s unique situation. The homeowner is required to go through a counseling program with a third party company to ensure that they understand all the details of this type of loan. There have been recent changes from regulatory side which has really improved the value proposition for a lot of seniors from what has been the traditional perception of reverse mortgages. If you are a homeowner age 62 or older, and have enough equity on your current primary residence which you are currently living in, you may qualify for this program. The HECM is FHA’s reverse mortgage program that enables you to withdraw some of the equity in your home. Here are the highlights of this type of loan: • You must be 62 years old or 60 days from your 62nd birthday. • The home must be your current primary residence. • Must have lived there 183 days out of the year. • Have enough equity to pay off all mortgage and other liens against the property.

 

 

You choose how you want to withdraw your funds, as fixed amount or line of credit or a combination of both. • There are 4 HECM types. • Typically, there is no income or credit score on a reverse mortgage. The guidelines are changing and many lenders will check income, property taxes, and homeowner’s insurance.

Disclaimer
**This material is not from HUD or FHA  and has not been approved by HUD or a government agency.**




Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $484,350 for the contiguous states, District of Columbia, and Puerto Rico or below $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $8,340. Jumbo Loans (whose maximum loan amount exceed $484,350 for the contiguous states, District of Columbia, and Puerto Rico or exceed $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.