REFINANCE LOAN PRODUCTS
Asheville Mortgage and Refinace
USDA Loans
If you currently have a USDA home loan on your residence, Asheville Home Mortgage and Atlantic Bay offer the USDA loan refinance product. The USDA (United States Department of Agriculture) designed a home loan guarantee program for eligible individuals and families. The rural housing loan is a federal loan program that is used to help low income borrowers to purchase homes in rural areas. The home loan guarantee is made to third-party lending agencies, such as Atlantic Bay Mortgage, which allows borrowers to obtain mortgage financing up to 100% of a home’s value, including closing costs. Since the USDA assures and guarantees the loan in the event of borrower default, lending agencies are able to offer this loan to borrowers that would not otherwise qualify for a loan.
USDA HOME LOAN BENEFITS:
*Programs, interest rates, and fees are subject to change without notice. All loans subject to credit approval and property appraisal.
USDA HOME LOAN BENEFITS:
- Refinance for up to 100% of the value of your home
- Low monthly mortgage insurance just like on your purchase loan
- Flexible credit and qualifying guidelines
- Closing costs can come from any source, including gift
- Competitive fixed 30-year rates
*Programs, interest rates, and fees are subject to change without notice. All loans subject to credit approval and property appraisal.
FHA Loans
Asheville Home Mortgage and Atlantic Bay offer the FHA loan refinance product. Whether you currently have an FHA loan or another program, we can refinance it with an FHA loan. These programs are designed to help creditworthy low-income and moderate-income families who do not meet requirements for conventional loans. FHA refinance loan programs are particularly beneficial to those with a smaller amount of equity or a lower than average credit score.
FHA REFINANCE LOAN BENEFITS:
FHA REFINANCE LOAN BENEFITS:
- Only requires a 3.5% equity
- Debt-to-income ratio as high as 50%
- Ability to use money received as a gift for settlement costs
- Allows for no cost, no qualifying “streamline” refinance. Requires up-front & monthly mortgage insurance (MI)
- FHA has set limits on the amount lenders can charge for some closing cost fees (e.g. origination no more than 1% of mortgage)
- Maximum mortgage amount can vary significantly by area. FHA adjusts this amount periodically based on certain economic variables. You should check with your local FHA office or approved lender to determine your maximum mortgage amount.
- Under certain conditions, automatic cancellation of the FHA mortgage insurance premium
- Flexible qualification guidelines
VA Loans
If you currently hold a VA loan on your home, Asheville Home Mortgage and Atlantic Bay offer the VA loan refinance product. VA loan programs are available to eligible veterans for refinance of their home. VA loans encourage lenders to offer loans to veterans by protecting lenders against loss if the borrower cannot make the payments. VA loans are particularly beneficial to those veterans that do not have much cash or equity available. VA guidelines allow higher front-end and debt ratios compared to other loan programs.
VA LOAN BENEFITS:
VA LOAN BENEFITS:
- Refinance for up to 100% of the value of the home
- More favorable interest rates are frequently offered by lenders because of the VA’s guaranty
- Ability to finance funding fee
- No mortgage insurance premiums
- Maximum loan amount may be 100% of appraised value of home or purchase price, whichever is lower. Appraised value is determined by a VA-approved appraiser.
- Maximum loan amount is up to four times the VA eligibility entitlement (currently $104,250 with a maximum loan amount of $417,000 for 100% financing)
- Allows for no cost, no qualifying “streamline” refinance
Renovation Loans
Asheville Home Mortgage and Atlantic Bay offer renovation loan products. Have a home that needs repair or updates? Atlantic Bay has special loans that will allow you to refinance and improve the home in one loan without the need for you to dip into your savings or charge the expenses on a credit card. These type of loans are referred to either a regular FHA 203(k) loan used for structural repairs and a streamlined 203(k) for non-structural repairs. Fannie Mae also offers a renovation loan product called the HomeStyle Loan. This is a great option for investors as it allows for loans on investment properties unlike the FHA product.
WHICH FHA LOAN IS RIGHT FOR ME?
For homes that need larger repairs or modifications, such as a new roof or room addition, or repairs that are in excess of $35,000 a regular 203(k) would be the loan that’s appropriate in this situation. However, if you find a home that needs minor remodels such as a kitchen or bath that does not require a structural change or repair, and the repair is $35,000 or less a streamline 203(k) might be a better fit.
WHAT ARE OTHER DIFFERENCES BETWEEN A STANDARD 203(K) AND STREAMLINE 203(K) LOAN?
With a standard 203(k) loan, you will need a consultant who will manage the improvement/repair process. This loan also allows more repairs to be done and has a longer project timeframe. With a streamline 203(k) you will not need a consultant to manage the process and the home can be immediately occupied after closing.
What are eligible repairs for the 203(k) standard loan? (Note: list is not all inclusive):
What are eligible repairs for the 203(k) streamline loan? (note: list is not all inclusive):
The good news is that since the 203(k) loan is a FHA loan, only a 3.5% down payment is required.
WHICH FHA LOAN IS RIGHT FOR ME?
For homes that need larger repairs or modifications, such as a new roof or room addition, or repairs that are in excess of $35,000 a regular 203(k) would be the loan that’s appropriate in this situation. However, if you find a home that needs minor remodels such as a kitchen or bath that does not require a structural change or repair, and the repair is $35,000 or less a streamline 203(k) might be a better fit.
WHAT ARE OTHER DIFFERENCES BETWEEN A STANDARD 203(K) AND STREAMLINE 203(K) LOAN?
With a standard 203(k) loan, you will need a consultant who will manage the improvement/repair process. This loan also allows more repairs to be done and has a longer project timeframe. With a streamline 203(k) you will not need a consultant to manage the process and the home can be immediately occupied after closing.
What are eligible repairs for the 203(k) standard loan? (Note: list is not all inclusive):
- Structural alterations and reconstruction
- Modernization and improvements to the home’s function (e.g. kitchens, baths, etc.)
- Changes that improve appearance and eliminate obsolescence reconditioning or replacing plumbing; installing a well and/or septic system
- Adding or replacing a roof, gutters, and/or downspouts
- Adding or replacing floors and/or floor treatments
- Major landscape work and site improvements
- Enhancing accessibility for disabled persons
- Making energy conservation improvements
What are eligible repairs for the 203(k) streamline loan? (note: list is not all inclusive):
- Exterior/Interior painting, including lead-based paint stabilization
- Repair/replacement/upgrade of appliances
- Repair/replace/upgrade of existing HVAC systems
- Repair/replacement roof, gutters and downspouts
- Minor remodeling of kitchen/baths that do not require structural repairs
- Window/door replacements & exterior siding
- Improvements for accessibility for persons with disabilities
The good news is that since the 203(k) loan is a FHA loan, only a 3.5% down payment is required.
Conventional Loans
Asheville Home Mortgage and Atlantic Bay offer conventional refinance loan products. A private sector loan is one that is not guaranteed nor insured by the U.S. government such as FHA or VA. Typically, conventional loans have fixed terms and rates. These mortgages adhere to Fannie Mae or Freddie Mac guidelines.
Conventional loans are a great option for any borrower with good credit and a small down payment.
Conventional loans usually require at least 5% of your own funds for a down payment to purchase a home. However, for any conventional loan with less than 20% down you will be subject to Mortgage Insurance on the loan. There are a couple of ways that the mortgage insurance can be paid. It can be a monthly charge on the loan or you can pay it in a lump sum upfront. The upfront lump sum can be a great option if you are purchasing a home and the seller is paying for your closing costs.
If you have money for a down payment and can put down at least 5%, a conventional loan can be one of the most affordable mortgage choices.
Want to lower your mortgage rate?
If you have equity in your home and are looking to refinance, a conventional loan can be a great option. With reduced fees and great rates, you could save thousands over the life of your loan.
Call us today or apply online via the link below to see if this is the right loan program for you.
*Programs, interest rates, and fees are subject to change without notice. All loans subject to credit approval and property appraisal.
Conventional loans are a great option for any borrower with good credit and a small down payment.
Conventional loans usually require at least 5% of your own funds for a down payment to purchase a home. However, for any conventional loan with less than 20% down you will be subject to Mortgage Insurance on the loan. There are a couple of ways that the mortgage insurance can be paid. It can be a monthly charge on the loan or you can pay it in a lump sum upfront. The upfront lump sum can be a great option if you are purchasing a home and the seller is paying for your closing costs.
If you have money for a down payment and can put down at least 5%, a conventional loan can be one of the most affordable mortgage choices.
Want to lower your mortgage rate?
If you have equity in your home and are looking to refinance, a conventional loan can be a great option. With reduced fees and great rates, you could save thousands over the life of your loan.
Call us today or apply online via the link below to see if this is the right loan program for you.
*Programs, interest rates, and fees are subject to change without notice. All loans subject to credit approval and property appraisal.
Jumbo Loans
Asheville Home Mortgage and Atlantic Bay offer Jumbo loan products. We underwrite and close our Jumbo home loans in-house. Best of all, we close all of our Jumbo loans on time. Our easier terms and incredible service make the Jumbo option one of our best.
JUMBO LOAN DETAILS:
JUMBO LOAN DETAILS:
- 15 & 30 Year Fixed and Adjustable Rate Mortgages
- Great low rates
- Only 20% down required
- Primary and 2nd Homes
- Loan amount to $2.5 Million
- Purchase, Rate and Term refinance loans up to 80% loan to value
- 1-2 unit primary residences and 1 unit second homes
- Cash-out refinances up to 65% loan to value
|
Programs, rates, and fees are subject to change at any time without notice. This information provided is deemed reliable but not guaranteed. The information on this website is not an advertisement to extend customer credit as defined by Section 12 CFR 1026.2 Regulation Z. All mortgage financing is subject to credit and underwriting approval. Receipt of borrower’s application or inquiry does not represent an approval for financing or rate guarantee. Atlantic Bay Mortgage Group is an Equal Housing Lender and Equal Opportunity Lender.
