Is a Government Mortgage Right For You?

There are several types of government mortgages that are designed to help clients with new and existing mortgages. Each one has its own requirements and that is where SHS can help. Our extensive knowledge of how each program works allows us to pair you with a government mortgage product that will fit your needs.

Reverse Mortgage

• Would you like to eliminate your mortgage payments?
• Would you like to purchase your dream home without exhausting your assets?
• Do you have outstanding medical expenses?
• Is your house in need of remodeling or repairs?
• Would you like to pay off your credit cards?

Those are just some of the reasons that a reverse mortgage may be a good fit for you. Reverse mortgages allow you to get tax free cash now, based on your home’s equity, without any monthly payments. Over half a million of America’s seniors have joined the program. As long as you are 62 or older, you continue to live in your home and you don’t have to worry about your credit score or income requirements. Learn more about reverse mortgages and how they can help you.

Please email us for a list of the items that you will need to apply for a reverse mortgage.

• Myth No. 1: The lender owns the home.
• Myth No. 2: The home must be free and clear of any existing mortgages.
• Myth No. 3: Once loan proceeds are received, you pay taxes on them.
• Myth No. 4: The borrower is restricted on how to use the loan proceeds.
• Myth No. 5: Only poor people need reverse mortgages.

Don’t Believe the Myths! Get the Truth About Reverse Mortgages.

FHA Refinance

With an FHA Refinance you don’t need a current FHA loan but you will need an up-to-date appraisal. An FHA Streamline mortgage requires that you have a current FHA mortgage. With an FHA Streamline, this is a fast and easy way to refinance and you do not need a current appraisal, you can use your original purchase price as your current value, no matter what your home is worth in today’s market! Contact SHS to learn more.

FHA Purchases

FHA backed mortgages are designed to make it easier for potential homeowners to obtain a mortgage. With lower down payments, reasonable credit expectations and flexible income requirements FHA purchases become attainable. Contact us to learn more.

FHA Rehab Loans (203b)

The FHA Rehab Loans (203b) is a great mortgage product that can help you purchase a new home and finance any repairs or you can get help to pay for existing home repairs or rehabilitation. Contact the experts at SHS to learn more.

VA 100% Purchases

Backed by the Department of Veteran Affairs (VA), these loans help members of the Army, Navy, Air Force, Marines, Coast Guard, National Guard and the Reserves purchase or refinance a home. These mortgages may offer up to 100% financing without the need to meet private mortgage insurance requirements. See if you qualify.

VA Refinance and Streamline IRRL's

The Interest Rate Reduction Refinance Loan (IRRL) helps by lowering your interest rate by refinancing your existing VA loan.This program can help lower your monthly mortgage payments. You can also refinance an adjustable rate mortgage (ARM) into a fixed rate mortgage. In most cases, no appraisal is needed. With a VA Streamline you do not need an appraisal or to verify your income and assets. You also do not need a VA loan to refinance, you just need to be a Veteran. Both programs allow you to go up 100% LTV. We put our veterans first to show our appreciation for their service to our country. Ask our experts if the mortgage is right for you.

What is a USDA Loan?

The United States Department of Rural Development (USDA) was created to help create economic opportunities in rural areas, and one of the ways that they do this is by offering loan programs.

Is the USDA loan program limited to first-time buyers?

No. Both first time buyers and repeat buyers can take advantage of USDA loans.

What is the USDA program’s minimum down payment?

There is no minimum downpayment with USDA loans. You can finance 100% of your home.

Can I use a USDA loan for a vacation or an investment property?

No. USDA loans are for primary residents only.

Is my home eligible for a USDA/Rural housing loan?

The USDA requires that your home be in a rural area, but their definition of “rural” is broad. Many small towns and suburbs may be considered “rural”.

• No down payment required
• 30-year fixed rate
• No cash reserves needed
• In some transactions closing costs can be financed
• Competitively low rates
• Seller contributions are allowed

Check out new mapping areas Click Here . Your property may be eligible!

For more information on USDA loans and to see of this is the right choice for you, contact your SHS expert today!