Ellicott City Home Mortgage Loans
Ellicott City, Maryland is home to more than 56,000 individuals. While there are plenty of home purchasing opportunities, not everybody is in the position to buy homes without financial help. Mortgage loans hence play a huge part in helping the individuals purchase homes of their choice. Secured Funding Corporation can help home buyers and home owners get a low Maryland interest rate through one of our many Ellicott City mortgage programs.
FHA Loans allows one of the minimum credit scores to borrow money for purchasing a house. In the case of first time buyers, no credit score may be accepted. FHA requires a history of the buyer’s credit and employment, debt to income ratio and bank account balances.
These Ellicott City home loans are advantageous as some closing costs can be included in the loan. A ‘non-occupied’ co-borrower can be listed as well to help with the mortgage. This person does not have to live in the house. Down payments can be as little as 3.5 percent instead of the conventional 20 percent required for some other mortgage types. These loans can only be taken out for purchasing single or multiple family homes and the main borrower must occupy the home as their residence.
A VA loan requires a veteran of the army, a current army officer or a surviving spouse of a veteran to present a certificate of eligibility from the Veteran Affairs to qualify for VA loans. These loans are advantageous as a down payment is not always needed. Also, the VA sets limits on closing costs, keeping the out of pocket expenses to a minimum. Borrowers also have the ability to pre-pay the loan without penalty.
First Time Home Buyer Loans
Secured Funding Corporation has plenty of options for first time home buyers in Ellicott City. We participate in some city programs as well as other great mortgage programs suitable to help a first time buyer into their home.
Ellicott City Mortgage Refinance
There are also several options for mortgage loan refinanancing and Secured Funding Corporation offers a home refinance option that will fit your needs.
This is an option for those who currently have an FHA mortgage. No appraisal is required for FHA Streamline Refinancing. Our Ellicott City mortgage company allows the borrower to skip up to two mortgage payments as well. Also, the refinancing can be done quickly as the paperwork for the lender is cut down to reduce the time of the process.
VA mortgage loans can be refinanced very easily as income checks, credit checks and appraisals are not required. The bank does not have to verify all the information the home owner has supplied in the paperwork to obtain a VA Streamline Refinance. The owner must have a positive payment history in the past three months to qualify for this loan. This means if a payment has been missed or has been submitted late, the home owner will not qualify. Also, the owner must not have refinanced their VA loans in the past 210 days.
The HARP 2.0 is a new program; it was introduced in 2011. Home owners who owe more on their home loan than the appraised value of their home may qualify for HARP refinance. These owners must have made timely mortgage payments in at least the previous six months. The loan must also be under Fannie Mae or Freddie Mac. This refinance is available to those who are due for higher than eighty percent of their loan to value ratio.
Home Renovation (FHA 203K)
FHA 203K loans are available to those who need home repairs done in their new homes. This does not apply to businesses. The person is only allowed to take these loans out for his or her main residence. Repairs include changing or fixing kitchen cabinets, dry walls, major appliances etc. There are two types of FHA 203K loans. Regular FHA 203K loans are for structural repairs while streamlined FHA 203K loans are for non-structural repairs.
In addition to the normal paperwork required for FHA loans, a detailed report about the changes needed and the labor needed to achieve those changes is required. Also, an appraisal of the present value along with an estimated appraisal following the repairs of the home is required.
These are the many options available to home buyers in Ellicott City, MD. Considering the number of different ways in which a home can be refinanced available from Secured Funding Corporation, we are sure that you can be confident in choosing us as your Ellicott City mortgage company.