FHA Loan

FHA mortgage loans are issued by federally qualified lenders certified by the U.S. Federal Housing Authority, a division of the U.S. Department of Housing and Urban Development.

  1. You can utilize the FHA streamline refinance program without the requirement of an appraisal so even if you owe more than the home is worth you can refinance to a low fixed rate.
  2. Lower your existing mortgage insurance and reduce your payments.
  3. Most of these loans will be done with very little costs to you. They are easy to qualify for. Ask one of our loan originators for more information.

FHA loans are an attractive option, especially for first-time homeowners.

  1. Generally easier to qualify for than conventional loans.
  2. Lower down payment requirements only 3.5% down payment.
  3. Seller can pay up to 6% of purchase price towards buyer closing costs.
  4. Credit scores accepted down to 580 with 3.5% down or down to 550 with 10% down.
  5. Loan sizes vary based upon county limits.
  6. Eligible for primary residence 1-4 family homes.

FHA Streamline Refinance Program

This program is available to home owners who currently own a home secured by an existing FHA mortgage.

USDA 100% Loan

We can help you buy your dream home with a no down payment mortgage loan.

USDA Loans are available 36 months from a bankruptcy, short sale, or foreclosure.

This 100% loan program For PRIMARY HOMES ONLY requires NO second mortgage. In order to finance the full 100%, there is a 2.75% funding fee that is financed into your home loan. This loan will allow the borrower to finance up to 102.75% of the appraised value. NOTE: the USDA one time guarantee fee of 2.75% is being reduced starting Oct 1st 2016 to 1% of the loan amount.

There is a very low monthly mortgage insurance payment included in your payment. USDA mortgage insurance is much less when compared to other programs like FHA or Conventional loans.

Veterans / VA Loans Programs

Designed to offer long-term financing to American veterans, VA mortgage loans are issued by federally qualified lenders and are guaranteed by the U.S. Veterans Administration. The VA determines eligibility and issues a certificate to qualifying applicants to submit to their mortgage lender of choice. It is generally easier to qualify for a VA loan than conventional loans.

Here’s how it works:

  1. 100% financing without private mortgage insurance or 20% second mortgage.
  2. A VA funding fee of 0 to 3.3% (this fee may be financed) of the loan amount is paid to the VA.
  3. When purchasing a home, veterans may borrow up to 100% of the sales price or reasonable value of the home, whichever is less.
  4. When refinancing a home, veterans may borrow up to 90% of reasonable value in order to refinance where state law allows.

Please note that Veterans who currently own a home secured by a VA mortgage can refinance with this special loan that simplifies the process and reduces the cost of a normal refinance.

  1. No appraisal required! Refinance even if you have no equity!
  2. No Mortgage insurance required.
  3. Minimal credit requirements.
  4. Home does not have to be occupied by the Veteran if the Veteran occupied the home before.
  5. Very low interest rates save money or reduce your term or both!

Conventional Loan

Conforming loans, otherwise known as conventional loans, are mortgages that meet bank-funding criteria set by Fannie Mae (FNMA) and Freddie Mac (FHLMC). Both of these stock-holding companies buy mortgage loans from lending institutions and secure them for resale to the investment community. All year round, Fannie Mae and Freddie Mac are working for you, establishing limits on what constitutes a conforming loan in a mean home price.

Buying back mortgage loans allows these agencies to provide a continuous flow of affordable funding to banks that reinvest money back into additional mortgage loans. Fannie Mae and Freddie Mac exclusively buy loans that are conforming, to repackage into the secondary market and effectively decreasing the demand for non-conforming loans. Because the loans need to be attractive on the wholesale market, conventional loans have higher minimum credit scores and other criteria that can make it more difficult to qualify for than government run programs. One benefit, however, is that you typically see a lower interest rate.

While many think that a 20% down payment is required for all conventional loans, many lenders now offer low down payment options of only 5 percent.

Conforming loans, otherwise known as conventional loans, are mortgages that meet bank-funding criteria set by Fannie Mae (FNMA) and Freddie Mac (FHLMC). Both of these stock-holding companies buy mortgage loans from lending institutions and secure them for resale to the investment community. All year round, Fannie Mae and Freddie Mac are working for you, establishing limits on what constitutes a conforming loan in a mean home price.

Buying back mortgage loans allows these agencies to provide a continuous flow of affordable funding to banks that reinvest money back into additional mortgage loans. Fannie Mae and Freddie Mac exclusively buy loans that are conforming, to repackage into the secondary market and effectively decreasing the demand for non-conforming loans. Because the loans need to be attractive on the wholesale market, conventional loans have higher minimum credit scores and other criteria that can make it more difficult to qualify for than government run programs. One benefit, however, is that you typically see a lower interest rate.

While many think that a 20% down payment is required for all conventional loans, many lenders now offer low down payment options of only 5 percent.

5% Down Jumbo Loan

Jumbo Loans exceed the maximum loan amounts established by Fannie Mae and Freddie Mac conventional loan limits. This limit is typically $424,100 for most the country.

Jumbo Loans are typically used to buy more expensive homes and high-end custom construction homes. Typically Jumbo Loans require a higher down payment than traditional loans, however we at Coast2Coast are jumbo loan specialists.

Our specialty is 5 percent down jumbo loans on purchase prices up to one million dollars.

Our jumbo loan programs have very similar underwriting guidelines to a regular conventional mortgage loan. Our loan originators are very familiar with these programs and the differences in the programs. We can help you pick the right jumbo mortgage to fit your needs.

Jumbo Purchase, cash out, and rate and term mortgage refinance highlights:

  1. Jumbo loans to 95% financing with No mortgage insurance on primary residences.
  2. Cash out or rate and term refinance to 95% CLTV with no mortgage insurance.
  3. Single loan to 95% financing or 2 loan piggy back loans to 95% CLTV. Piggyback loan has the option of 2 fixed rate loans or a fixed rate loan and a HELOC second mortgage.
  4. Second home or Vacation homes to 90% financing on loan amounts up to $1,500,000.
  5. 5% down jumbo mortgage loans start with credit scores as low as 680.
  6. If you have credit scores below 680 please contact us through our quick contact form as we may be able to help you with alternative options.
  7. Some programs require reserves, from zero reserves on loans under $774,100 to as many as 12 months reserves.
  8. Only owner occupied homes qualify for 5% down loans.
  9. Fixed rate and ARM loans are available.
  10. Debt ratios as high as 45% allowed

Want to learn more? Please call us at 954-657-1882 or by email gcmmortgageloan@gmail.com. You may also submit the Quick Contact form on the top right side to have a loan officer contact you today. GCM Mortgage LLC is a license Mortgage Brokerage Firm in the State of Florida.