Below are the different mortgage loan programs that United Funding Company provides.
Fixed Interest Rate Mortgage ( 30-year 20-year 15-year 10-year Loan Fixed Options)
We offer our borrowers with loan fixed mortgage options of 10 year, 15 year, 20 year and 30 year fixed rates. This loan option is a good choice if you feel more comfortable that your principal payments and interests cannot change. The interest rates for the 10, 15 and 20 years are fully amortized over a period of time and must have constant monthly payments. In comparison with the 30-years fixed loan option, you get to own your home much faster but you must take note that on these shorter terms, you must pay a higher monthly payment.
Jumbo (Non-Conforming Loans)
Jumbo loans can be 30 and 15 year fixed and these types of loans carry a much higher interest rate than the loan that amounts at or below $625, 500. These loan amounts exceed the loan limits that are set by Fannie Mae and Freddie Mac.
Residential mortgage loans insured by the Federal Housing Administration (FHA) have several benefits like: smaller down payments, easy qualifications, and more protection to prevent your home from foreclosure. In order to qualify for this program, you are not required to be a first time home buyer. To look at the maximum FHA loan amount that you can borrow in your state, click here.
VA stands for Veterans Affairs. We understand how difficult it is to own a home especially if you are on active duty. This program is specifically for veterans and military personnel who want to achieve their dreams of owning a home. For veterans who want to get this program, they must qualify for eligibility by getting a VA loan certificate. United Funding Company can help you through the entire process with our specialists who will assist you.
United Funding Company is a private company and we are able to issue conventional mortgage loans. The payments will be collected every month for either fixed-rate or adjustable-rate loan terms.
Ginnie Mae & Fannie Mae
Ginnie Mae is assigned to provide support to the market for FHA and VA loans while Fannie Mae supports the conventional mortgage market. With Ginnie Mae guaranty, your loans will be explicitly backed by the US government. Guarantees to either helps lower financing costs to families on a budget. United Funding Company can help assist you with these loans.
This loan option is specifically for aspiring homeowners at least 62 years old. Other qualifications include being free and clear from existing liens. There are no credit score requirements for a reverse mortgage. In the event of death of the homeowner or if the residence is uninhabited for more than 12 months, the homeowner’s estate can choose to put the home up for sale or repay the reverse mortgage.
Harp up to 175% LTV
HARP or Home Affordable Refinance Program states that there will be at least 175% LTV or loan-to-value ratios because of 125% LTV cap that was taken off. The unlimited loan only applies only to Fannie Mae loans.