At Sb1 we've helped hundreds of your fellow members finance homes and properties with our variety of mortgage products. Our dedicated team of Mortgage Specialists process mortgage applications every day. We understand this isn't something you do too often and we're here to help you through the process.
This section of our site contains great resources for you to review if you are considering a mortgage.
Sb1 has a variety of options to choose from for purchasing a home. Below we've detailed specifics about each of our mortgage options to help you find the one that's right for you. If you have any questions you can contact one of our helpful Mortgage originators via e-mail at firstname.lastname@example.org.
Sb1 Fixed Rate Mortgages are available for as much as 95% Loan-to-Value for up to $417,000. A full range of terms are available. Your interest rate and principal payment will remain the same throughout the length of your loan. This option is typically a good fit if you plan to be in your home five years or more and you're relatively certain that you won't need to refinance in the first few years.
As the name implies, these loans do not have fixed rates. Instead, they feature a rate that may adjust up or down with market conditions. If and when your rate adjusts - your payment will go up or down accordingly. Many members use ARMs because they could potentially offer lower interest rates initially compared to fixed-rate mortgages. The trade-off is the uncertainty of potential rate increases in the future.
1-year, 3-year and 7-year Adjustable Rate Mortages are available.
Available if you need funding for construction of a new home.
Balloon Loans provide another option for financing a home. The term Balloon is used to describe the way the loan is structured. Initial interest payments are considerably less at the beginning of the loan for a preset period of time until a large payment is due. The loan is structured this way to allow you flexibility if you are expecting a large amount of cash in the future or if you are planning to refinance.
If you have any questions regarding the following mortgages, please call our AnnieMac Home Mortgage Professionals at 888-308-8471 or email at email@example.com
FHA loans, which are insured through the Federal Housing Administration, offer many benefits to borrowers even if you have had credit problems in the past or have limited funds available for a down payment or closing costs. Benefits for a FHA purchase or refinance:
VA Mortgages are guaranteed loans by the U.S. Department of Veterans Affairs that offer financing advantages to Veterans and Active Military homeowners and home buyers.
VA financing empowers Veterans to purchase a new home with no down payment, no private mortgage insurance (PMI) and limited closing costs.
Conventional loans are any mortgage that is not guaranteed or insured by the federal government. Although a conventional loan is not insured or guaranteed by the government, it still follows the guidelines of government sponsored enterprises, Fannie Mae and Freddie Mac.
Home ownership is available to everyone. This affordable, flexible program requires only 3% of your own funds. Below are some of the eligibility requirements and benefits:
The 203K loan program enables you to finance both the purchase and rehabilitation of a one-to-four family property through a single mortgage. The loan can be used to repair or upgrade an existing dwelling that you purchase in one of two ways:
The FHA 203K loan program can be used to refinance a homeowner’s current mortgage and incorporate rehab and/or renovations into the new loan. A vast range of repairs, including room additions, bathroom remodeling, roofing, new flooring and air conditioning systems can be funded into the new loan. Below are some other benefits of the 203K Renovation Loan:
The USDA loan program offers borrowers the ability to purchase a primary residence in a rural area (defined by the USDA) with no down payment. USDA loans offer 100% financing with no private mortgage insurance (PMI).
The FHA-insured Reverse Mortgage Program gives seniors the opportunity to access tax-free cash from the equity of their home while still maintaining ownership and control of their property. Use of the funds are not restricted and many homeowners take advantage of reverse mortgages to help pay for medical expenses, home repairs, credit card debts and even vacations. With a reverse mortgage, homeowners are not required to make a recurring monthly mortgage payment. There are no credit score, income or asset qualifications and borrowers have the ability to select one of three flexible draw options.
There are no restrictions on how you can use the proceeds of your reverse mortgage which means you can direct the funds to a variety of purposes, including:
The reverse mortgage program can also be used to purchase a new residence. This program gives seniors, aged 62 years or older, the opportunity to purchase a new primary residence and live in the home with no monthly mortgage payment. Below are some more of the program’s highlights and eligibility requirements:
Are you someone with a high net-worth, great credit but your income doesn’t allow you to qualify for mortgage financing? With the Asset Depletion Loan program, borrowers may use liquid assets to assist in meeting full doc debt to income ratio requirements. Utilizing asset depletion income calculations assist in meeting ratio guidelines for borrowers with significant liquidity.
The Pledged Asset Loan Program offers financing up to 90% of a home’s value by pledging security assets or savings in lieu of a down-payment, second mortgage or home equity loan. This program is ideal for borrowers who wish to defer capital gains or losses while maintaining their investment strategy and continually benefitting from interest, dividends and investment appreciation.
Eligible assets include:
If you are current on your mortgage and have been unable to obtain a traditional refinance because the value of your home has declined, you may be eligible to refinance through HARP. HARP is designed to help you refinance into a new affordable, more stable mortgage. The HARP loan is a new loan and will require a loan application and underwriting process. Loan refinance fees will apply.
Below are some of the programs highlights and eligibility requirements:
Jumbo loans are one example of a conventional loan that does not meet Fannie Mae or Freddie Mac guidelines. A jumbo loan is a loan that exceeds the maximum price of $417,000 for a first mortgage.
The average interest rates on jumbo mortgages are typically higher than those for conforming mortgages as they generally are considered higher risk due to the larger amount of money that is being borrowed. Jumbo loans are available as fixed rate loans and adjustable rate loans.
Below are some of our other jumbo loan highlights: