LOAN PROGRAMS
We’re here to help you choose the best type of home loan for your needs.
FHA Home Loan
When you opt for an FHA Home Loan program, you get a loan with government backing since you are a first-time homebuyer.
FHA Home Loans are mortgages that come from lenders that meet federal qualifications, and they are insured by the FHA, or Federal Housing Administration.
An FHA loan was originally designed to assist anyone that fell into low-to-moderate income brackets and were also unable to come up with a hefty down-payment on a home loan. In recent years, HUD increased loan amounts, so more people could buy homes.
An FHA loan means you can borrow everything but the 3.5% required down-payment, for a total loan-to-value of 96.5%. FHA loans allow for the down-payment to come from grants, gifts, or the borrowers, making FHA loans very popular with many first-time homebuyers.
Features and Benefits of FHA Home Loan Programs:
Both monthly mortgage insurance and upfront insurance are required.
As little as 3.5% down on these loans Lower credit scores can still be accepted.
Buyers do not need to have huge financial reserves.
The entire down-payment can be a gift from someone to the buyer
For Streamline Refinances, there are no income qualifications
FHA Home Loan
When you opt for an FHA Home Loan program, you get a loan with government backing since you are a first-time homebuyer.
FHA Home Loans are mortgages that come from lenders that meet federal qualifications, and they are insured by the FHA, or Federal Housing Administration.
An FHA loan was originally designed to assist anyone that fell into low-to-moderate income brackets and were also unable to come up with a hefty down-payment on a home loan. In recent years, HUD increased loan amounts, so more people could buy homes.
An FHA loan means you can borrow everything but the 3.5% required down-payment, for a total loan-to-value of 96.5%. FHA loans allow for the down-payment to come from grants, gifts, or the borrowers, making FHA loans very popular with many first-time homebuyers.
Features and Benefits of FHA Home Loan Programs:
Both monthly mortgage insurance and upfront insurance are required.
As little as 3.5% down on these loans Lower credit scores can still be accepted.
Buyers do not need to have huge financial reserves.
The entire down-payment can be a gift from someone to the buyer
For Streamline Refinances, there are no income qualifications
VA Loans
When you opt for a VA Home Loan program, you can get a loan up to 100% of the home’s value for the purchase of a new home or to refinance an existing home.
This is a loan guaranteed by the U.S. Department of Veterans’ Affairs (VA). Any qualified lender can issue this type of loan. VA Home Loan programs were originally designed so that eligible veterans, or even some surviving spouses, could apply and get long-term financing for a home, so long as they met certain restrictions.
The goal was to get loans to veterans and their families that required no down-payment. Many single family homes qualify for VA home loans. To find out if a home you are looking at qualifies, just call us here at The Carpenter Team and we will check for you.
VA Home Loans are 100% financing without the typical private mortgage insurance (PMI) requirements. In some instances, veterans can also get stipends to increase the energy efficiency of their homes. Any VA Loan taken out pays a funding fee from 0-3.3% of the full loan amount to the VA.
Features and Benefits of VA Home Loan Programs
There are three loan term options: 5/1 ARM, a 3/1 ARM, or a fixed-rate mortgage
You can be eligible if you meet the following guidelines and you were honorably discharged from the military:
At least 2 full years of active duty
At least 6 years of Reserves duty
You spent 90 days involved in War Time
You spent 181 or more days in non-War Time
Want to find out if you qualify? Then contact us here at The Carpenter Team and we will help you find out.
VA Loans
When you opt for a VA Home Loan program, you can get a loan up to 100% of the home’s value for the purchase of a new home or to refinance an existing home.
This is a loan guaranteed by the U.S. Department of Veterans’ Affairs (VA). Any qualified lender can issue this type of loan. VA Home Loan programs were originally designed so that eligible veterans, or even some surviving spouses, could apply and get long-term financing for a home, so long as they met certain restrictions.
The goal was to get loans to veterans and their families that required no down-payment. Many single family homes qualify for VA home loans. To find out if a home you are looking at qualifies, just call us here at The Carpenter Team and we will check for you.
VA Home Loans are 100% financing without the typical private mortgage insurance (PMI) requirements. In some instances, veterans can also get stipends to increase the energy efficiency of their homes. Any VA Loan taken out pays a funding fee from 0-3.3% of the full loan amount to the VA.
Features and Benefits of VA Home Loan Programs
There are three loan term options: 5/1 ARM, a 3/1 ARM, or a fixed-rate mortgage
You can be eligible if you meet the following guidelines and you were honorably discharged from the military:
At least 2 full years of active duty
At least 6 years of Reserves duty
You spent 90 days involved in War Time
You spent 181 or more days in non-War Time
Want to find out if you qualify? Then contact us here at The Carpenter Team and we will help you find out.
USDA Loans
When you opt for a USDA Home Loan program, you have the option of building, repairing, renovating, or even relocating a home for very little money down.
USDA Home Loan programs typically help individuals buy homes that are in more rural settings. The money from these loans can go towards building, repairing, renovating, or relocating that home. Plus, it can be used for purchasing and preparing lots, or even to provide water or sewage facilities to these locations.
Those who apply for these loans are allowed to have incomes up to 115% of what the median income is in the area of the home. The family that applies must not have adequate housing while still able to pay the mortgage payment.
These payments include the mortgage insurance and real estate taxes. Don’t hesitate to call us here at The Carpenter Team to find out more about a property or the specific qualifications.
Features and Benefits of USDA Home Loan Programs
Property and income guidelines are very specific
Fees apply upfront, as well as for a monthly guarantee
Up to 100% loan to value for these loans
Contact us to find out what options you have for this type of loan program
Jumbo Loans
When you opt for a jumbo home loan, it means you have more money going towards the principle of the loan and you have lower interest rates. These loans are created to exceed the county’s limit. The guidelines for this version of loan is always fluctuating, so we recommend you contact us here at The Carpenter Team.
They change the qualifications to prevent as many defaults on their loans as possible.
You will need to fill out a complete loan application, which will ask very specific questions about your financial goals and situation. These loans require extensive documentation be shown to the Underwriter to ensure you have the right qualifications to get a Jumbo loan.
Borrowers always have large amounts of income and outstanding credit, which often means unusually intricate tax and financial setups.
Features and Benefits of Jumbo Home Loan Programs
You can get a home loan of up to $5 million
ARMS, including 10/1, 7/1, 5/1 and 3/1 options
These can be first and second mortgages so you can maximize your down-payment
Fixed rate options are available
Asset Depletion on Stated Income – for borrowers who write off significant portions of their income, but have a large investment or savings option to fall back on, we can help see if you are qualified for a Jumbo loan from $350,000 up to $5 million.
Asset Hold Back – for borrowers who want to purchase their new home and have a large savings or quantity of investments, but do not want to risk losing out on growth earnings or interest, we offer this option as well.
Jumbo Loans
When you opt for a jumbo home loan, it means you have more money going towards the principle of the loan and you have lower interest rates. These loans are created to exceed the county’s limit. The guidelines for this version of loan is always fluctuating, so we recommend you contact us here at The Carpenter Team.
They change the qualifications to prevent as many defaults on their loans as possible.
You will need to fill out a complete loan application, which will ask very specific questions about your financial goals and situation. These loans require extensive documentation be shown to the Underwriter to ensure you have the right qualifications to get a Jumbo loan.
Borrowers always have large amounts of income and outstanding credit, which often means unusually intricate tax and financial setups.
Features and Benefits of Jumbo Home Loan Programs
You can get a home loan of up to $5 million
ARMS, including 10/1, 7/1, 5/1 and 3/1 options
These can be first and second mortgages so you can maximize your down-payment
Fixed rate options are available
Asset Depletion on Stated Income – for borrowers who write off significant portions of their income, but have a large investment or savings option to fall back on, we can help see if you are qualified for a Jumbo loan from $350,000 up to $5 million.
Asset Hold Back – for borrowers who want to purchase their new home and have a large savings or quantity of investments, but do not want to risk losing out on growth earnings or interest, we offer this option as well.
Conventional Mortgage Loans
When you opt for a conventional loan, you get a loan that provides top-end features to buyers with high credit scores and only a small amount of debt to their name.
Getting a conventional loan means you are getting a mortgage where the terms and conditions of that loan meet specific criteria set forth by Fannie Mae and Freddie Mac. Between one-third and half of all mortgages are conventional mortgage loans when the market conditions and the consumer trends are right.
Fannie Mae and Freddie Mac stand behind these loans, guaranteeing or buying 35-50% of all of the mortgages out there. Most of the time, only a buyer with outstanding credit and very little debt compared to their income are going to qualify.
Features and Benefits of Conventional Mortgage Loans
The maximum a loan can be for is $510,400Only 3-5% down is required
Buyers only have to pay mortgage insurance when the loan to value exceeds 80%
Buyers can opt for lender paid insurance, upfront mortgage insurance, or they can pay it monthly
(6028580630
The Fonseca Team at Carpenter Home Loans LLC
NMLS: 1937133
Rick Fonseca | NMLS #1183948 | Carpenter Home Loans, L.L.C. | NMLS #1937133| 1921 S Alma School Rd Ste 201 | AZ 0904774 | This is not a commitment to lend. All loans are subject to credit approval. |
COPYRIGHT 2022® ALL RIGHTS RESERVED
Mortgage Rate Options
Fixed Rate
The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan’s lifetime.
Adjustable ARM
Adjustable-rate mortgages include interest payments which shift during the loan’s term, depending on current market conditions. Typically, these loans carry a fixed-i...
Interest Only
Interest only mortgages are home loans in which borrowers make monthly payments solely toward the interest accruing on the loan, rather than the principle, for a specif...
Graduated Payments
Graduated Payment Mortgages are loans in which mortgage payments increase annually for a predetermined period of time (e.g. five or ten years) and...
(602) 854-8199
The Fonseca Team at Barrett Financial
NMLS: 181106
Rick Fonseca | NMLS #1183948 | Barrett Financial Group, L.L.C. | NMLS #181106| 2314 S Val Vista Dr, Suite 201, Gilbert, AZ 85295 | AZ 0904774 | This is not a commitment to lend. All loans are subject to credit approval. |nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/181106
COPYRIGHT 2022® ALL RIGHTS RESERVED