Loan
Programs
Loan Programs
Construction Loans
On a new build – When a builder does not fund the construction of the home themselves, you need a true construction loan – a type of loan specifically designed to finance the construction of a new residential property.
Unlike traditional mortgage loans, which are used to purchase already-existing homes, a construction loan provides funds to build a new home from the ground up.
helps keep the initial payments lower and more manageable for the borrower.
Bank Statement Loans
A Bank Statement loan is a program specifically designed for self-employed individuals who have difficulty documenting their income with their tax returns.
With traditional mortgages, borrowers are required to provide proof of income through tax returns, pay stubs, or W-2 forms. However, self-employed individuals often have fluctuating income or may take advantage of tax deductions, which can make it challenging to qualify for a mortgage based on traditional income documentation.
Conventional Fixed Rate Mortgages
A conventional mortgage is one that’s not guaranteed or insured by the federal government. Instead, they are available through private lenders, such as banks, credit unions, and mortgage companies.
Conventional mortgages have a fixed rate of interest, which means that the interest rate does not change throughout the life of the loan. This gives Southwest Florida homebuyers a sense of stability that is not present in the case of, say, an adjustable-rate mortgage.
Renovation FHA 203(k)
With a 203(k) loan, you can buy or refinance a home that needs work and roll the renovation costs into the mortgage. Because these loans are insured by the Federal Housing Administration, they may offer more lenient qualification requirements than other renovation loans.
FHA 203(k) financing can be an affordable way to pay for home improvements and may expand your home buying options, especially in high-cost areas.
Jumbo Loans
A jumbo home loan, also known as a jumbo mortgage, is a type of financing that exceeds the limits set by the Federal Housing Finance Agency (FHFA). Although they are nonconforming mortgages, jumbo loans still must fall within the guidelines of what the Consumer Financial Protection Bureau considers a “qualified mortgage”.
Jumbos are considered riskier for lenders because they can’t be guaranteed by Fannie Mae and Freddie Mac, meaning the lender is not protected from losses if a borrower defaults.
Refinancing
When you refinance, you replace your current home loan with a new one. Mortgage refinancing requires you to qualify for the loan, just as you had to meet the lender’s requirements for the original mortgage. You submit an application, go through the underwriting process and go to closing, as you did when you initially purchased the home.
FHA Mortgage Loans
FHA home loans are insured by the Federal Housing Administration (FHA), and can only be provided by lenders approved by the FHA. This type of mortgage has a fixed term length of either 15 or 30 years. It’s a popular choice among first-time homebuyers in Southwest Florida, as well as buyers with limited savings or lower credit scores.
When purchasing a home, you might be responsible for certain out-of-pocket expenses like loan origination fees, appraisal costs, and attorney fees. One of the advantages of an FHA home loan is that the seller, home builder, or lender can cover some of these closing costs on your behalf.
Reverse Mortgage Loans
A reverse mortgage is a type of loan where the Southwest Florida homeowner withdraws a portion of their equity but doesn’t have to repay the loan until they leave the house.
With a reverse mortgage, the lender makes payments to the homeowner. The homeowner gets to choose how to receive these payments and only pays interest on the proceeds received. The interest is rolled into the loan balance so the homeowner doesn’t pay anything up front. The homeowner also keeps the title to the home.
Foreign Buyers
Do you live outside the United States but still would
like to purchase and invest here? This loan offers you the
ability to buy even if you don't live in the U.S. We don't use your income, but rather the qualification is based off of the rent-to-mortgage payment.
No US Social Security Number: ITIN
If you don't have a social security number but you are currently living in the U.S. and you would like to buy a house this loan allows you to buy using your ITIN number (Individual Taxpayer
Identification Number).
Office Address:
Address: 3376 Woods Edge Cir. #103
Bonita Springs, Florida 34134
Ernesto Alum NMLS# 1884853
NMLS Consumer Access / Legal Disclaimer - This information is not intended to be an indication of loan qualification, loan approval or commitment to lend. Other limitations may apply.
This site is not authorized by the New York State Department of Financial Services. No mortgage loan applications for properties located in the state of New York will be accepted through this site.