Loan Programs
The following is a partial list of programs offered by Main Street Home Loans with a brief description of the key elements of each. For a complete list of the programs that we offer, please contact us .
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Conventional
Traditional loan programs that usually require 5% down and offer competitive interest rates. Documentation and fair-to-good credit are necessary.
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FHA Mortgage
Backed by the Department of Housing and Urban Development, this mortgage offers the borrower the ability to put as little as 3% down payment – and they can even finance “allowable” closing costs. Seller can contribute up to 6% of the purchase price to the buyer towards closing costs.
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Investor Loans
Used to finance 1-4 family properties that will be for investment with as little as a 10% down payment. Aggressively priced, these programs have many variations, including: No Doc, Limited Doc, and Full Doc. Program may not be available in some states.
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Jumbo Loans
Offers 30 and 15 year fixed rate mortgage and competitive ARM products with full document, alternate documentation and limited documentation.
Cash out and No cash out refinance are allowable. Single family detached, Condo's, PUD's and single-family second homes can be financed with no prepayment penalty.
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102% USDA Purchase
0% down payment required and closing costs can be financed up to 102% of the purchase price. Only single-family homes that will be owner-occupied are eligible. First time homebuyer status not required.
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VA Mortgages
Backed by the Veterans Administration and the federal government, it is similar to FHA except that you have to be a qualified Veteran or military person.
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Reverse Mortgage
A reverse mortgage is a mortgage available to seniors aged 62 or older. The HECM (Home Equity Conversion Mortgage) is a program created by the Department of Housing and Urban Development (HUD)and insured by FHA. The reverse mortgage enables senior homeowners to access a portion of the equity in their home . The homeowners can draw the loan proceeds in a lump sum, receive monthly payments over a specified term or over their lifetimes, as a line of credit, or some combination thereof. The homeowners' obligation to repay the loan is deferred until last borrower dies, ceases to live in the home as his/her primary residence, the home is sold, or there is a breach of the provisions of the mortgage (such as failure to maintain the property, pay property taxes, and keep the property insured).
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