Mortgage Loan Programs

Mortgage loan programs are constantly changing, evolving to reflect current market conditions. A licensed, mortgage loan specialist at Envoy Mortgage will be able to help you determine which program best suits you.

The following information will give you a broad overview of the many different types of mortgage loan programs that you could consider. Each home loan program is distinct and has many different requirements that are related to the borrower and also the property. A mortgage loan specialist at Envoy Mortgage will be able to further assist and give you the information you need about mortgage loan programs available to you.

Types of Mortgage Loan Programs

Conforming

Fixed Rate Mortgages

  • 10-, 15-, 20-, 25-, 30-year terms
  • Texas 50 (a)(6) refinances (Texas Cash-Out Refinance)
  • Available in high-cost areas

 

Fannie Mae DU Refi Plus

  • No cash-out refinance
  • Reduced verification and documentation
  • High Loan-to-Value

 

Freddie Mac Relief Refi

  • No cash-out refinance
  •  High Loan-to-Value
  •  Reduced rate and/or term benefit to borrower

 

Fannie Mae MyCommunity Mortgage

  • Lower down payment requirements
  • Lower MI

 

Fannie Mae Flex 97

  • Lower down payment requirements
  • Lower MI

 

Fannie Mae HomePath Mortgage

  • No MI
  • No appraisal
  • Fannie Mae owned properties
  • Available in high-cost areas

 

Adjustable Rate Mortgages

  • 3, 5, 7, 10/1 LIBOR ARMs
  • Interest Only option
  • Available in high-cost areas

 

Non-Conforming (Jumbos)

 

Fixed Rate Mortgages

  • 15-, 30-year terms
  • Loan amounts up to $1.5MM

 

Adjustable Rate Mortgages

  • 5, 7, 10/1 LIBOR ARMs
  • Loan amounts up to $1.5MM

 

Government

 

FHA

  • Lower down payment requirements
  • 15-, 20-, 30-year terms
  • 3, 5/1 Treasury ARMs
  • 203(k) Streamline rehabilitation loans
  • Non-credit qualifying refinance available
  • Available in high-cost areas

 

VA

  • No down payment purchase transactions
  • 15-, 20-, 30-year terms
  •  Interest rate reduction refinance available
  • Available in high-cost areas

 

Reverse Mortgage

  • Fixed and ARMs available
  • Access to equity while residing in the home
  • Repair set-aside option
  • Various pay out options

 

USDA Guaranteed Rural Development

  • Residential rural areas
  • No down payment available
  • No MI

 

Mortgage Revenue Bond Programs

 

Georgia

Georgia Dream

  • First Time Home buyer
  • $5,000 - $7,000 Down Payment & Closing Cost Assistance
  • 30-Year Fixed (Conv, FHA, VA, USDA-RD)

 

Indiana

First Home Plus

  • First Time Home Buyer
  • 6% Down Payment Assistance for FHA program (not to exceed than $7,500)
  • 10% Disability Down Payment Assistance (not to exceed $14,999)

 

Kentucky

KHC First Mortgage

  • First Time Home Buyer
  • Financing up to 100% (Must Qualify)
  • Debt to Income of 40 / 45
  • Up to 6% Seller Contributions

 

Mississippi

MHC Bond

  • First Time Home Buyer    
  • 3% Grant Assistance towards Down Payment and Closing Cost
  • Income Limits Applicable by County and Family Size

 

North Carolina

First Home Bond

  • First Time Home Buyer
  • 2nd Lien Down Payment Assistance Up to $8,000

 

Ohio

Ohio Housing Bond

  • First time Home Buyer
  • 30 Year Fixed (Conv, FHA, VA, USDA-RD)
  • 4% of Sales Price - 2nd Lien Assistance
  •  3% of Sales Price – Grant Assistance

 

Tennessee

Great Start / Great Advantage Programs

  • First Time Home Buyer
  •  2% (Great Advantage) & 4% (Great Start) Grant Assistance
  • 620 Minimum FICO

 

Texas

TDHCA Bond 77

  • First Time Home Buyer
  • 5% Down Payment Assistance
  • Unassisted 1st Lien with Lower than Market Interest Rate

 

TSAHC Heroes Bond

  • First Time Home Buyer
  • Texas Educators, Police officers, Fire Fighters, Texas Heroes
  • 3% Grant Assistance
  • 620 Minimum FICO

 

Utah

UHC Bond – First Home Plus

  • First Time Home Buyer
  • 6% Down Payment Assistance

 

Virginia

FHA Plus Loan

  • First Time Home Buyer
  • 3.5% - 5% Down Payment Assistance

 

Washington

House Key State Bond / House Key Plus

  • First Time Home Buyer
  • Up to $10,000 Down Payment Assistance

 

Contact us today at 877.232.2461 or fill out our contact form, so we can work together.