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Loan Programs

Which program is best for me? 

There isn't a single or simple answer to this question. The right type of mortgage for you depends on many different factors:

  • Your current financial picture.
  • How you expect your finances to change.
  • How long you intend to keep your house.

The best way to find the "right" answer is to discuss your finances, your plans and financial prospects, and your preferences frankly with a mortgage professional.

Conventional Loans

Conventional loans may be conforming and non-conforming. Conforming loans have terms and conditions that follow the guidelines set forth by Fannie Mae and Freddie Mac and provide a continuous flow of affordable funds for home financing for Americans. Fannie Mae and Freddie Mac guidelines establish the maximum loan amount, borrower credit and income requirements, down payment, and suitable properties. Fannie Mae and Freddie Mac announce new loan limits every year.

FHA Loans

An FHA insured loan is a loan that is backed by insurance from the Federal Housing Administration. FHA Loans are provided by FHA-approved lenders. FHA insured loans allow for lower down payments and more generous credit underwriting. A mortgage insurance premium (MIP) equal to a percentage of the loan amount at closing is required, and is normally financed by the lender and paid to FHA on the borrower's behalf. FHA also allows for Streamline Refinances which can save borrowers thousands over the life of the loan. Read more…

VA Loans

A VA loan is a mortgage loan guaranteed by the U.S. Department of Veterans Affairs (VA). These loans are issued by VA-approved lenders. The VA loan was designed to offer up to 100% mortgage financing to eligible American veterans or their surviving spouses (provided they do not remarry). The basic intention of the VA home loan program is to supply home financing to eligible veterans in areas where other financing is not generally available and to help veterans purchase properties with no down payment. Read more…

ARM (Adjustable Rate Mortgage)

An ARM (Adjustable Rate Mortgage) is a mortgage in which the interest rate is adjusted periodically according to a pre-selected index. Adjustments may occur at different intervals depending upon the loan program. Some adjust yearly while others may stay fixed for a term of one, three, five or seven years then adjust yearly. The terms, adjustment schedule and index that the loan is based upon vary by loan program. To protect the borrower, "caps" are put into place to limit the amount of payment adjustment.

100% USDA (Rural Development Loans)

Offered in rural areas to low, and moderate income families, USDA loans assist numerous individuals and families who would normally be unable to obtain the necessary financing for the purchase of their home. We handle all these transactions in house so that your deals close smoothly, and on time.  Read more…

HARP (Home Affordable Refinance Program)

Many homeowners don’t have enough equity to qualify for traditional refinance options. The federal government created the Home Affordable Refinance Program to give these homeowners an opportunity to refinance to current low rates. Read more…

JUMBO

A loan with a mortgage amount that exceeds limits set by Fannie Mae or Freddie Mac. Currently at $417,000 for a single-family dwelling. We offer fixed rate and adjustable rate jumbo loans, up to 90% loan-to-value, with features to meet your unique home lending needs.

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in the state of New York will be accepted through this site.