Loan Programs

COMMERCIAL LOANS

Growth can be one of the most difficult and rewarding parts of owning a business.

Whether you’re a new entrepreneur or a seasoned professional, smart business owners know that growth brings tremendous opportunities for profit. Your commercial property is an important aspect of growth. At Elite Financial we’re committed to helping you get into the right commercial property for your company.

As your company continues to grow, increasing your workspace through a commercial mortgage becomes increasingly important.

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CONSOLIDATING DEBTS

Consolidating debt is the process of combining multiple debts from credit cards, high-interest loans, and other bills into one monthly payment. Debt consolidation may lower your interest rate, which can help you save money on interest, lower your monthly payments, and pay down debt faster. If anyone is in deep with credit cards, student loan debt and car loans. Minimum monthly payments aren’t doing the trick to help nix your debt. Something has to change, and you’re considering debt consolidation because of the allure of one easy payment and the promise of lower interest rates, home refinance with debt consolidation program will lower your future payments.

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CONVENTIONAL FIXED RATE LOANS

Mortgages that are not government-backed are known as conventional home loans.

They include:

  • Conforming loans
  • Non-conforming loans
  • Jumbo loans
  • Portfolio loans

Conforming loans conform to guidelines established by government-sponsored enterprises (GSE) Fannie Mae and Freddie Mac. They buy mortgages from lenders and sell them to investors to make mortgages more available.

Non-conforming loans are loans that do not conform to the GSE guidelines.

Jumbo loans are loans that are larger than the loan limits set by the GSEs.

Portfolio loans are loans that are held by mortgage lenders on their own books. These types of loans may have features that other loans do not because lenders can set their own guidelines.

Conventional Fixed Rate loan have interest rates that don’t change for the life of the loan.

Benefits of a Fixed Rate loan include:

  • The interest rate does not change for the life of the loan which provides protection from rising interest rates.
  • Usually there is less documentation required than for FHA or VA loans decreasing the overall processing time.
  • Typically the interest rate and APR are lower than other types of fixed-rate loans.
  • These loans are available for refinancing.
  • Different fixed rate period options are available, such as 15, 20 or 30 years.

Adjustable Rate Loans

With an adjustable rate loan, the interest rate changes periodically, usually in relation to an index and payments may go up or down accordingly.

Benefits of an Adjustable Rate loan include:

  • Lenders generally charge lower initial interest rates, initially, making payments lower.
  • The loan could be less expensive over a long period than a fixed-rate mortgage if interest rates remain steady or move lower.

Considerations of an Adjustable Rate loan include:

  • There is the risk that an increase in interest rates would create higher monthly payments.
  • The length of time the loan is held should be considered. If the loan will not be held for a long time, rising interest rates may not pose a major problem.
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FHA LOAN

A mortgage issued by federally qualified lenders and insured by the Federal Housing Administration (FHA). FHA loans are designed for low to moderate income borrowers who are unable to make a large down payment. FHA loans allow the borrower to borrow up to 96.5% of the value of the home. The 3.5% down payment requirement can come from a gift or a grant, which makes FHA loans popular with first-time buyers.

What Is An FHA Streamline Refinance?

If you already have an FHA mortgage then you might qualify for a FHA Streamline Refinance. An FHA Streamline Refinance is a great way for a borrower with an existing FHA backed mortgage to reduce their interest rate, reduce their payment or possibly both.

Here are some really cool facts about an FHA Streamline Refinance:

  • No Appraisal is Required – because your loan is already guaranteed by your existing FHA loan, the FHA will allow you to use your home’s original purchase price as your home’s current value.
  • You can still refinance even if you are underwater – even if you owe more than your home is worth, you might still be able to get an FHA Streamline Refinance loan.
  • There is no FHA prepayment penalty to worry about.
  • FHA Streamline refinance rates are the same as “regular” FHA loan rates.
  • Employment verification is not required with an FHA Streamline Refinance – in other words, no paystubs, no W-2s or tax returns are required for approval.
  • Income verification is not required with an FHA Streamline Refinance
  • Credit score verification is not required with an FHA Streamline Refinance – instead of checking your credit, your payment history is used to determine fi you qualify or not. You must have no late payments in the last 90 days and only one or less late payment within the last 12 months.

The Refinance Must Have A "Purpose"

Streamline Refinance applicants must demonstrate that there's a Net Tangible Benefit in the refinance or in other words a legitimate reason for refinancing. For Example:

  • Refinancing from an Adjustable Rate Mortgage to a Fixed Rate Loan.
  • or Reducing your principal + interest + mortgage insurance 5 percent or more.

Your Loan Balance May Not Increase To Cover The New Loan Costs

The FHA prohibits increasing a Streamline Refinance's loan balance to cover associated loan charges. The new loan balance may increase but only by the cost of the Upfront Mortgage Insurance Premium. All other costs -- origination charges, title charges, escrow -- must either be paid by the borrower as cash at closing, or credited by the loan officer in full.

These materials are not from HUD or FHA and were not approved by HUD or a government agency.

 

FHA 203k Renovation Loans

Turn a Fixer Upper into Your Dream Home

When shopping for a home, you may come across properties that aren’t quite what you’re looking for but have the potential to be your dream home with some repairs or renovations. With a renovation loan, you can roll the cost of financing or refinancing a home and repairs into one loan – saving you time and money.

 

Limited 203(k) Rehabilitation Mortgage

In addition to funding your new home, an FHA Limited 203(k) can provide up to $35,000 (including a contingency reserve) in additional funds to help make a few non-structural repairs or renovations such as updating a kitchen or bathroom, adding new flooring, purchasing new appliances, or repairing the roof.

 

Standard 203(k) Rehabilitation Mortgage

If your potential dream home needs more than $35,000 in renovations or the repairs are structural, the Standard FHA 203(k) might be the right solution. This program removes the restrictions of the limited option to allow for major home remodeling. A Standard FHA 203(k) can provide additional funds* to help with eligible repairs including moving or removing walls, minor pool repairs, and landscaping.
*Final disbursement of funds is subject to final inspection.

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1ST TIME HOMEBUYERS

If you are a first time home buyer and are limited with the amount of money you have to work with there are programs available with zero down (VA and USDA), or as little as 1% to 3% down (FHA and Conventional). The interest rates and closing costs vary on these programs. Once your personal situation is assessed the right program can be determined. Mortgage insurance is required when you have less than a 20% equity in your home. This fee is added to your payment and varies depending on the loan amount, the loan to value and your credit score. The fee can be eliminated in some instances by increasing the interest rate.

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FOREIGN NATIONAL LOANS

Want to buy a home in the United States, but you're not a US Citizen?

No problem, Our Foreign National Loan Program makes buying a home in the US easier for non-US citizens. While the guidelines on these loans are different than conventional, conforming or other federally insured loan programs, we are confident that our loan program can meet your needs.

Here are some of the key details:

  • Our Foreign National Loan program offers competitive interest rates.
  • You can borrow up to $750,000 per property (minimum amount borrowed is $100,000).
  • Multiple Fixed rate terms to choose from (10, 15, 20, 25 & 30).
  • Multiple Adjustable rate terms available as well (5/1, 7/1, 10/1).
  • You can use our Foreign National Loan Program to Purchase a New home or refinance your current home.
  • Debt-to-income ratios are 50% ("Assets for income" option).
  • No pre-payment penalties.
  • We can finance up to 75% loan-to-value (if the home is worth $500,000 then we can lend up to $375,000).
  • This program is eligible for multiple property types including: single-family homes, condos and townhouses.
  • All Loans are manually underwritten.
  • The Foreign National Loan Program is available to Self-employed foreign national borrowers as well.
  • Some seller concessions are allowed (Max 6% up to 65% LTV)
  • Escrows: Taxes and insurance escrows are required
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HARDMONEY & PRIVATE MONEY

At Elite Financial, we provide hard money Fix and Flip and investment property loans. 

By using money from private investors, we aren't bound by rigid banking guidelines and can offer you some of the most flexible loan terms in the industry depending on the deal, your investor profile, background, and experience. Other lenders take a one size fits all approach to making loans - but we don't. We carefully evaluate each and every deal and offer competitive terms when the deal makes sense. From Residential Fix and Flip, Rental, Line of Credit, Refinance or construction, it's our job to get you the money to do the deal.

We can structure loans in most states. Terms will vary from market to market but if you have a good deal and a decent background we can get your deal closed.

Here are a few things that you should know about our Fix and Flip Hard Money Loans:

  1. If your deal is good enough we will cover up to 90% of the purchase price, rehab, and closing costs, points & interest.

  2. Our max loan amount is based on the after-repair value, not the current value or purchase price. If the numbers line up, we will fund it.

  3. We lend up to 75% of the ARV. We will fund everything but earnest money as long as it fits within 75% of the ARV.

Here is an overview of the types of Hard Money deals that we can do:

  • 90% Purchase, 95% Rehab
  • Up to 75% ARV
  • Nationwide Rental Loans
  • Investor Portfolio Loan
  • Investor Line of Credit
  • Purchase or Refinance (Blanket Loans)
  • Bridge Loans
  • 1-4 Units Non-Owner
  • Stated Income and No Doc
  • No Appraisal Loans
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HOME IMPROVEMENTS

Put your home improvement plan into action and we can help with financing, from basic repairs to major renovation. That big remodel or new addition might seem like a dream, but we can help you make it real with our cash out refinancing program and also keep your payment lower and affordable.
Thinking about building a new pool, or remodeling the kitchen or bath? Whether you have bad or you have good credit, our team of experienced loan advisors will help you in your achieving the dream.

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JUMBO LOANS

Jumbo Loans are loans that exceed the conforming loan limits set by the Office of Federal Housing Enterprise Oversight (OFHEO), and is not eligible to be purchased, securitized, or guarenteed by Fannie Mae or Freddie Mac. A Jumbo Loan is for mortgages more than $453,100. It also offers 30 and 15 year fixed rate mortgage and competitive ARM products with full document, alternate documentation and limited documentation.

What are the Jumbo Loans Down Payment Requirements?

For Purchase transactions Jumbo Loans require the home-buyer to put down at least 20% of the purchase price of the home. Cash out and No cash out refinance are allowable.

What types of property are eligible?

Most Jumbo loan programs allow you to purchase single family detached, Condo's, PUD's and single-family second homes can be financed with no prepayment penalty.

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REFINANCE MORTGAGE LOANS

Homeowners looking to decrease their interest rate, change their loan term, or take cash out may consider refinancing. A refinance calls for the homeowner to obtain another mortgage loan. Those funds are then used to pay off the original mortgage loan and the homeowner is then bound by the terms of the new mortgage. Depending on your situation a refinance loan could be a great option.

Along with decreasing your interest rate, refinance loans can also help you switch from an ARM to a FRM, and in some cases reduce your loan term.

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REVERSE LOANS

Many homeowners have found that a reverse mortgage loan is a great way for them to take advantage of the equity they have built up in their homes.

A reverse mortgage loan is different than a traditional mortgage. With a traditional mortgage loan you make monthly mortgage payments, but with a reverse mortgage loan the lender pays you money through monthly installments, a one-time lump sum payment, a line of credit or a combination of a line of credit and monthly installments. The money that you receive is dependent on your age, the value of your home and the current interest rate.

One of the great advantages of a reverse mortgage loan is that you are not required to pay the loan back until the home is no longer your primary residence or you fail to maintain the home, or fail to pay property taxes and/or homeowner's insurance or do not otherwise comply with the terms of the loan. For more information on when a reverse mortgage loan comes due click the following link: What about Repaying a Reverse Mortgage Loan.

If you’re aged 62 or older and own your home you might be eligible for a reverse mortgage loan. Contact us to find out more about reverse mortgage loans and ways to make it work for you, or apply now and start the process of tapping the equity in your home.

Check out these pages for more information about reverse mortgage loans.

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SOLAR INSTALLATIONS

Solar power is the conversion of energy from sunlight into electricity, either directly using photovoltaics, indirectly using concentrated solar power, or a combination. Concentrated solar power systems use lenses or mirrors and tracking systems to focus a large area of sunlight into a small beam.
With a solar loan, you can save 40-70% over the lifetime of your solar panels. Many are $0-down loans and allow you to finance the total amount of your solar panel system into your home loans. We can combine your solar loans and first mortgage into one loan.

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VA LOANS

A mortgage loan program established by the United States Department of Veterans Affairs to help veterans and their families obtain home financing. The Department of Veterans Affairs does not directly originate VA loans; instead, they establish the rules for those who may qualify, dictate the terms of the mortgages offered and insure VA loans against default. VA loans offer up to 100% financing on the value of a home. To apply for a VA loan, borrowers must present a certificate of eligibility, which establishes their record of military service, to the lender.

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ZERO DOWN PAYMENT PROGRAM

Home mortgages that with little or no money down are becoming more common. Many applicants are not even aware that they are eligible for no down-payment mortgages. There are several programs that offer zero down payment assistance.

The time has never been better to lock into an affordable home loan with no money down. Getting qualified for one of today's thirty-year fixed loan is an amazing feat that may be a once in a lifetime opportunity. Zero Down home loan programs are becoming available across the nation. There are exceptional opportunities first time home buyer loans with bad credit and zero down. This opens the door so people can now purchase a home with "no money down." You don't need a down payment for many new home purchase programs. Even if you were stuck with a bad credit home loan, we offer several financing options to help you save money and rebuild your credit. We suggest that you cherish the opportunity to buy a home with zero down because this may never happen again. Buying a house with no money down could help Millennials who have been on the fence to make the jump into homeownership. Congress continues to discuss legislation that would raise down-payment requirements on government insured loans. Therefore, the ability to qualify for zero down home loan may in fact be for a limited time. One thing to pay attention to is the down payment required to receive the loan. Traditional loans have required as much as 20% to be provided as a down payment, while other finance programs such as FHA loans or recent Fannie Mae Home Ready loans could require as little as 3.5% down. But there are also some loans out there that have a zero-down payment requirement. These loans allow you to get a home loan without having any of the money needed for a down payment. Many people who want to buy a home are held up by having to put down a big chunk of money at the closing table. Some conventional loans require buyers to put down as much as 20% down to buy a home. Twenty percent of a house that may cost hundreds of thousands of dollars is a huge amount of many to many people. Far too many people end up renting for years because of the problem with saving money for a down payment.

But all is not lost! There are options for home buyers who have little money to pay for a down payment. There are a few zero down mortgage options, and also some limited low-down payment options that can get you into a home faster than you think.

  • FHA Loan with Down Payment Assistance
    • Some states including California endorse the 100% mortgage insured by the FHA because it's a combination of State and Federal programs.
  • VA guarantees a loan with no down payment.
    • This $0 down home loan option is a solid financial benefit for those who serve or served in the Military. (Army, Air Force, Marines, Navy Coast Guard, etc.)

USDA Offers 100% loans on rural homes.

This is a popular government zero down home loan program that was designed to help Americans with financing in rustic regions across the country.

Talk to us and we can help you establish the zero down payment loans.

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