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Specialty Home Loans in Jacksonville, FL

Flex Term Loans

A flex term mortgage loan is a mortgage on a house with adjustable rates and terms. It was common to find flexible mortgage loans before the housing crisis, but in 2014, the Consumer Financial Protection Bureau put an end to that practice. Customers could get into a home at a fixed interest rate with a flexible mortgage loan, and the additional interest would be added to the principal over time in a process known as negative amortization.

Borrowers could choose from several different loan options with a flex mortgage, which was also known as a Flexible Payment Adjustable-Rate Mortgage.

  • You can refinance without having your loan’s term reset.
  • You should negotiate a loan modification that better suits your financial situation.
  • The interest you could save could be several thousand dollars.
  • Loans from conventional lenders, the Federal Housing Administration, and the Veterans Administration are all eligible borrowers.

Homebuyers were attracted to mortgage flex programs because of the extremely low introductory interest rates (sometimes as low as 1 percent). The introductory rate typically lasted a month before the interest rate was increased. Although they could have made the payment if the interest rate had remained at 1 percent, once the second bill arrived, they realized they couldn’t afford to do so and instead settled for making only the minimum payment or paying the interest.

Adjustable Rate Mortgage (ARM)

A home loan with a rate that can change periodically is known as an adjustable-rate mortgage (ARM). When you get an adjustable rate mortgage, your interest rate will be set for a certain amount of time. After that, at regular intervals (typically once a year but sometimes once a month), the interest rate that is applied to the outstanding balance will be reset.

Variable-rate mortgages, also known as ARMs, are another name for ARMs. ARMs have variable interest rates that fluctuate with reference to a benchmark or index, plus a margin. Most adjustable-rate mortgages use LIBOR as their index (LIBOR).

You’ll have to pay back the money you borrowed plus interest over a certain number of years to make up for the lender’s trouble and the possibility that their initial investment won’t be worth as much due to inflation. You will typically have the option of either locking in a low interest rate for the loan’s duration or allowing it to rise and fall as market conditions dictate. The interest rate on an adjustable-rate mortgage (ARM) typically starts out lower than the rate you’d get with a fixed-rate mortgage of the same term. After that time, however, interest rates that determine your monthly payments are subject to change based on market conditions and the going rate of interest for loans generally.

Delayed Financing

You can use delayed financing to get a mortgage after you’ve already paid cash for a piece of property. A home can be purchased with delayed financing by making an all-cash down payment and then immediately obtaining a cash-out refinance to mortgage the property. You’ll get a good chunk of your home-buying cost back, freeing up cash for things like:

  • Savings
  • Investments
  • Pay off Debt
  • Renovations
  • Purchasing a home

For a home purchase to qualify as a delayed financing transaction, the buyer must pay in full with cash and then immediately secure a mortgage for the remaining balance. You can make a more competitive all-cash offer on a home and increase its perceived value by using this financing strategy, while also putting more cash in your pocket.

You can avoid tying up all your savings in the home by using a cash-out refinance to get a mortgage and the freedom to make long-term payments over time.

Buyers who pay in cash will see results right away. You don’t have to wait for delayed financing if you bought a property with cash within the past six months.

However, if you purchase a home with a mortgage as opposed to paying cash, you will need to wait at least 6 months before you can get a cash-out refinance.

This highlights the importance of investing with cash to purchase real estate. Deferred financing is a useful strategy for real estate investors. All-cash purchases now account for more than a third of the market, allowing investors to maintain a high level of liquidity and thus purchase a greater number of homes.

Jumbo Loans

All home loan products that exceed the limits set by the Federal Housing Finance Agency are known as jumbo mortgages. Where home prices tend to be on the steeper end is where borrowers are most likely to take out a jumbo loan, such as in the greater Los Angeles area, San Francisco, New York City, or Hawaii. A jumbo loan is your best bet if you’re trying to finance a home whose price tag is higher than what the current conforming loan limits allow.

It’s common for Jumbo Loans to have either fixed or adjustable interest rates and a minimum credit score of 700 to qualify. In addition, a down payment of 10% is typically required for properties of this price range.

Doctor’s Loans

Medical school and/or residency are not required for the majority of doctor/physician loans. If a borrower puts down less than 20% on a conventional loan, PMI (private mortgage insurance) is typically required by the lender. Thanks to doctor-specific mortgage financing, medical professionals can avoid paying both down payments and private mortgage insurance.

Loans for physicians are offered to those just starting out in the medical field. Early in their careers, doctors may have difficulty qualifying for a conventional mortgage due to factors such as a high debt-to-income ratio (DTI) following medical school and a lack of employment or income documentation.

All of this is taken into account and special considerations are made for the unusual nature of a medical career in the context of physician home loans. Lenders take into account the career trajectories of doctors when making lending decisions, which may explain why they allow borrowers to take on mortgages despite a high level of student loan debt at the beginning of their careers.

A doctor’s future earning potential is higher than that of the average person, and they are less likely to default on their student loans despite starting out with a low income due to medical school debt. Therefore, financial institutions are more flexible in their requirements.

Renovation Loans

A home improvement loan can help a homeowner get the money they need to make necessary repairs to their dwelling. Fixer-upper mortgages and unsecured loans are two common types of renovation financing. It may be necessary to provide documentation of home improvement expenses and contractor payments, depending on the terms of your loan.

There are a number of mortgage programs designed to help people who want to buy homes that require repairs. Depending on the type of loan you apply for, the process of completing home renovations may vary. The following are some of the most widely used loan packages for residential renovations:

The Fannie Mae HomeStyle® loan is a single-close loan that can be used to cover the purchase price of a home plus any necessary repairs. The money from this loan can be used for anything from essential maintenance to the cosmetic upgrades the homeowner has always wanted to make.

Borrowers prefer this type of loan because it consolidates the funding for the house purchase and any necessary repairs into a single loan with a single monthly payment and competitive interest rates. We offer 15- and 30-year fixed-rate mortgage terms, as well as a range of adjustable-rate mortgage products. After repairs are made, the home’s estimated value is used to determine the final loan amount for a HomeStyle® mortgage. If you have excellent credit and can get low interest rates, the Fannie Mae HomeStyle® loan is a good option.

The FHA 203(k) loan is a government-backed alternative to the HomeStyle® loan that allows applicants with lower credit scores to qualify for the loan. The higher mortgage insurance premiums associated with an FHA loan mean that it is typically the more expensive of the two options. The origination fee for these mortgages is rolled into the loan’s principal amount.

A full or streamline FHA 203(k) loan is available, with the right one for you determined by the condition of your home. FHA 203(k) Full Loans are for primary residences that require extensive renovations, while Streamline Refinance Loans are for homes that need repairs of $35,000 or less.

Loans with the EZ “C”onventional designation can be used in conjunction with conventional mortgages to make cosmetic improvements to a home that increase its resale price. It includes upgrades chosen by the borrower in addition to those required by the appraiser.

A jumbo renovation loan functions similarly to an EZ “C”onventional loan, but it is designed for more expensive properties that don’t qualify for conventional financing. It’s possible to use a jumbo loan for both mandatory repairs mandated by an appraiser and elective maintenance proposed by the borrower. To increase the home’s value, repairs must be cosmetic rather than structural.

USDA Rural Development Home Repair Loans: Those looking for a loan to make necessary repairs to their home may qualify for one through the USDA’s Rural Development program. Financial aid is available for things like new appliances, foundations, siding, roofing, windows, plumbing, and electrical upgrades. Participants must live in a rural area and have a low enough income (up to 50% of the area median) to qualify for the program.

If you need help paying for your home improvements but can’t afford to do so out of pocket, you have other options besides taking out a loan. Home equity loans and lines of credit (HELOCs) are another viable option, and they are generally more cost-effective than unsecured personal loans. If your credit isn’t perfect but you have some equity in your home, this may be the best option for you. A home equity loan is a one-time lump sum paid at a fixed interest rate, while a home equity line of credit’s interest rate changes as mortgage interest rates do.

Manufactured Home Loans

A mobile home is a type of manufactured home that was created before June 15, 1976, and is mounted on a permanently installed chassis.

Mobile homes are similar to conventional homes, but they were constructed in a factory rather than on a foundation and transported to their final location. Mobile homes were renamed “manufactured” homes after the U.S. Department of Housing and Urban Development (HUD) mandated stricter safety regulations for the housing type in 1976.

What sets manufactured homes apart from mobile homes is that they were built after HUD’s updated safety regulations went into effect, while mobile homes were constructed before. Mobile homes were also designed to be easily relocated, unlike many factory-built houses.

Mobile and manufactured homes are not typically eligible for conventional mortgages, so the financing process is slightly different from that of a traditional house. Even if your manufactured home is permanently affixed to a foundation and meets all of the lender’s requirements, you may still have trouble getting a mortgage for it if you don’t own the land on which it sits.

Bank Statement/1099 Loans

Self-employed and contract workers who do not make enough money to qualify for a traditional mortgage may be able to get a 1009 income loan. Instead of tax returns, borrowers can use their 1099 statements to prove their income.

Investor Loans

Vacation homes, multi-family dwellings with five or more units, and single-family homes with two to four units are all eligible for investment property loans. U.S. Bank has several options for investment property loans to meet the requirements of most borrowers. If you are already a homeowner, you have the option of tapping into your equity to fund the acquisition of additional real estate. Talk to a mortgage loan officer about getting a mortgage for an investment property and the current mortgage rates for investment properties.

Experienced Jacksonville Mortgage Lenders

If you or someone you know needs a Jacksonville mortgage loan, please get in touch with one of our knowledgeable loan officers right away. With over a decade of experience, Bayway Mortgage Group has been assisting homebuyers just like you in securing financing for their ideal properties. Contact us today!

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