Mortgage Loan Products

By: Champions Mortgage  08/24/2016
Keywords: Mortgage, Loan, Mortgage Broker

Champions Mortgage offers a variety of loan programs to meet your needs. We work with the leading investors in the industry to provide: Conventional FHA VA Jumbo Non-Conforming Non-Prime Fixed Rate Mortgage Adjustable-Rate Mortgage (ARM) Small Balance Commercial Conventional A home loan that is not insured or guaranteed by the federal government. Can be for conforming or non-conforming loan amounts. FHA A mortgage home loan that is insured by the Federal Housing Administration (FHA). Also known as a government loan. FHA mortgage insurance protects the lender (not the borrower) if a borrower defaults on the FHA loan. This insurance enables a lender to provide loan options and benefits often not available through conventional financing. VA A mortgage that is guaranteed by the Department of Veterans Affairs (VA) for qualified veterans of U.S. military forces. Also known as a government loan. Jumbo Also known as a nonconforming loan. The amount of the loan exceeds standards that would make it eligible for sale to Fannie Mae and Freddie Mac. Certain geographical areas have temporary conforming loan limits higher than typical conforming limits. Lenders may charge additional fees and place certain restrictions due to the large loan amounts. Non-Conforming A mortgage loan that’s not eligible for sale to Fannie Mae and Freddie Mac due to nonstandard features. These loans are often sold on the secondary market to private investors or held in the lender’s portfolio as an asset. Non-Prime Non-Prime is a term for loan types that do not fit into the restraints of government lending standards known as Prime, Agency, or A-Paper Lending and defined as Qualified Mortgages. Non-Prime loans also known as temporary or fixer loans, for borrowers who are on their way to Prime but need a little help before they qualify. Non-Prime loans characteristically are made to borrowers who have had a past credit event or events in the form of Foreclosure(s), Bankruptcy(ies), Short Sale(s), late payment(s), collection(s), charge-off(s), etcetera. Additionally a borrower seeking a Non-Prime loan can use alternative documentation to qualify in form of Bank Statements, Liquid assets, and other forms of income not typically accepted by government lending criteria. Non-Prime loans usually have increased rates of interest and costs for providing access to capital while providing the ability to participate in the economy and housing market. Non-Prime loans should only be looked at as a temporary solution to an immediate need. Fixed Rate Mortgage A home loan with a predetermined fixed interest rate for the entire term of the loan. Adjustable-Rate Mortgage (ARM) A mortgage or home equity loan in which your interest rate and monthly payments may change periodically during the life of the loan, based on the fluctuation of an index. Lenders may charge a lower interest rate for the initial period of the loan. Most ARMs have a rate cap that limits the amount the interest rate can change, both in an adjustment period, and over the life of the loan. Also called a variable-rate mortgage. Small Balance Commercial Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $417,000 for the contiguous states, District of Columbia, and Puerto Rico or below $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $8,340. Jumbo Loans (whose maximum loan amount exceed $417,000 for the contiguous states, District of Columbia, and Puerto Rico or exceed $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.

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