Peoples Home Mortgage has a variety of home loan products and services to fit your needs. Below are some featured products we offer.
Not sure which mortgage is right for you? No problem! Our mortgage loan officers will guide you through the process and help you select the product most suited for your situation. Don’t want to go through the hassle of shopping your loan out to multiple lenders? Don’t worry! People’s Home Mortgage represents multiple lenders and will shop your unique financing scenario out for you in order to obtain the very best loan option for your situation.
A conventional home loan is a mortgage that is not insured, or guaranteed, by the federal government. They’re popular with borrowers who have good credit, a stable job and income, who can afford a down payment, and people who are financially stable overall.
Conventional loans are mortgage loans secured by private investors, not by government agencies. In addition, fixed rate loans, adjustable rate loans, and various loan terms are available with conventional financing. These loans adhere to Freddie Mac or Fannie Mae guidelines and requirements.
Conventional Loans offer:
- As little as 3% down for qualified, first time home buyers.
- Declining Mortgage Insurance factors at every 5% down increment, until no Mortgage Insurance is required if putting 20% or more down.
- Great for Investment Property ownership.
FHA HOME LOAN
The FHA, or Federal Housing Administration Loan is a loan Insured by the Government. If you would prefer to keep your down payment at a minimum, or have low to moderate income, the FHA Loan may be the right loan for you. The FHA loan also has flexible debt and credit requirements. If you’ve been told or are aware that your financial situation has some Mortgage limitations, than the FHA Loan might just be the one for you.
FHA home loans offer:
- A low 3.5% down payment
- Flexible income and credit requirements
- Low closing costs
VA MORTGAGE LOAN
We love offering the VA Mortgage to any and all Veterans, thank you for your service!
This VA specific benefit is made available to both active duty personnel, and honorably discharged Veterans and is one of the best loan programs in the industry for purchasing a home. In order to be eligible for this loan, there are minimum service periods based on the type and timing of service. If you’ve served in the military, but aren’t sure if you qualify for the VA Loan, than please contact us here at People’s Home Mortgage so that we can help you determine your eligibility. Having a copy of your DD-214 will help tremendously. If you don’t have that, we can still assist you!
VA home loans are partly guaranteed (typically a quarter of loan value) by the U.S. Department of Veterans Affairs and offers the following advantages:
- No down payment
- Higher loan value
- No private mortgage insurance
- Limit on closing costs
- Option for seller to pay closing costs
- No penalty fee for early payoffs
- Possible VA payment assistance
THANK YOU again for your service!
USDA HOME LOAN
A USDA guaranteed loan is a government insured, 100% purchase loan program. Through the USDA’s Guaranteed Rural Housing Loan Program, low and moderate income individuals can qualify for these mortgages with low down payment. To be eligible, both the property and the applicant must qualify using current USDA standards and the property must be located in a predetermined “Rural” area. You may be surprised by what and where our government considers Rural development, so contact a loan officer at People’s Home Mortgage to assist in determining if you as a borrower or an area or property is USDA Home Loan Eligible.
- No down payment
- Very low interest rates
- Low monthly private mortgage insurance
- Flexible credit guidelines
-Some state and county maximum loan amount restrictions may apply.
A jumbo loan is known as a “non-conforming” mortgage because it is for an amount that exceeds the conforming limits regulated by two federally sponsored enterprises. Recent enhancements to Jumbo lending guidelines have created an outstanding opportunity for you to increase your purchasing power, while keeping more of your assets liquid.
If you are looking at a home with a high price tag, you may want to consider a Jumbo loan. Jumbo loans are designed to finance luxury properties and homes in largely competitive real estate markets. They also come with unique underwriting requirements and tax implications.
For those 62 years and older, a reverse mortgage can be a great retirement planning tool to achieve your goals and does not require monthly mortgage payments. A reverse mortgage allows homeowners to borrow against the equity (wealth) in their homes. It is the “reverse” to a traditional mortgage since the borrower does not make payments to the lender. Instead, the lender makes payments to the borrower.
The lender charges interest which is added to the amount borrowed and when the last borrower moves out of the home or passes away, the loan becomes due. Any equity above and beyond the loan balance at that time is still available to the homeowner or posterity.
Despite the simple explanation above, the decision to use a Reverse Mortgage takes in many more factors than just home ownership, so please contact a Mortgage Loan Officer at People’s Home Mortgage so that we can discuss this in more depth with you.
- Be a homeowner or buying a new home
- Live in the home
- Be 62 years of age or older
Have a full and on time, 24 month payment history of Mortgage Payment(s) and Housing related expenses such as Insurance, Taxes, and HOA (if any) for any real estate owned prior to obtaining a Reverse Mortgage.
Charges such as an origination fee, mortgage insurance premiums, closing costs and/or servicing fees may be assessed and will be added to the loan balance. As long as you comply with the terms of the loan, you retain title until you sell or transfer the property, and, therefore, you are responsible for paying property taxes, insurance and maintenance. Failing to pay these amounts may cause the loan to become immediately due and/or subject the property to a tax lien, other encumbrance or foreclosure. The loan balance grows over time, and interest is added to that balance. Interest on a reverse mortgage is not deductible from your income tax until you repay all or part of the interest on the loan. Although the loan is non-recourse, at the maturity of the loan, the lender will have a claim against your property and you or your heirs may need to sell the property in order to repay the loan, or use other assets to repay the loan in order to retain the property.
Before obtaining a reverse mortgage, you should consult a trusted financial adviser or planner. There are government agencies and nonprofit organizations that can give you information about reverse mortgages. You can locate these resources at:
Please note that before you can complete an application for a Federal Housing Administration – insured Home Equity Conversion Mortgage loan, you must undergo counseling with a counseling agency approved by the U.S. Department of Housing and Urban Development (“HUD”). Your loan originator will provide you with a disclosure of available HUD-approved counseling agencies.
Not seeing a program that works for your specific needs above? Have a derogatory Credit Event that is requiring that you wait before entering the housing market again? Than speak with a loan officer from People’s Home Mortgage about our investors Portfolio Products. These loans are funded with the lenders money and thus use unique qualifying guidelines and rates. These loans can be a GREAT solution for certain/specific borrowers.
As a first time home buyer, my wife and I didn’t know exactly what to expect when getting our first mortgage. Scott and Jeremy were always there to answer any questions or address any concerns we had. They were very knowledgeable and helpful throughout the entire process. I definitely recommend using them and plan on using them on all my future purchases! Thanks guys!Dakota M.