We offer our borrowers with loan fixed mortgage options of 10 year, 15 year, 20 year and 30 year fixed rates. This loan option is a good choice if you feel more comfortable that your principal payments and interests cannot change. The interest rates for the 10, 15 and 20 years are fully amortized over a period of time and must have constant monthly payments. In comparison with the 30-years fixed loan option, you get to own your home much faster but you must take note that on these shorter terms, you must pay a higher monthly payment.
Jumbo and SUPER JUMBO (Non-Conforming Loans)
Jumbo loans can be 30 and 15 years with fixed or adjustable rate (ARM). Jumbo loan amounts exceed the limits that are set by Fannie Mae and Freddie Mac. Where most lenders cap at $2,000,000, Radiant Mortgage Bank lends up to $10,000,000.
Residential mortgage loans insured by the Federal Housing Administration (FHA) have several benefits such as; smaller down payments, easier qualification standards, and more protection to prevent your home from foreclosure. At Radiant Mortgage Bank we can qualify borrowers with fico scores as low as 500. And, you DO NOT need to be a first time buyer. FHA loans fit the needs of first time and experienced home owners alike. To look at the maximum FHA loan amount that you can borrow in your state and county, click here.
VA stands for Veterans Affairs. We understand how difficult it is to own a home, especially if you are on active duty. This program is specifically for veterans and military personnel who want to achieve their dream of owning a home. For veterans who want to get this program, they must qualify for eligibility by getting a VA loan certificate. Radiant Mortgage Bank can help you through the entire process with our specialists who will assist you.
Radiant Mortgage Bank is a private company and we are able to issue conventional mortgage loans under guidelines set by FannieMae and FreddieMac. For most, this is the preferred financing method if you have 20% for your down payment and are borrowing less than $625,500.
Reverse Mortgages are based on guidelines set by FHA. This is a government insured loan! Borrowers at least 62 years of age or older can use a Reverse Mortgage to purchase a home, Refinance and existing mortgage or take cash-out and never make another payment. There are no credit score or income requirement for a reverse mortgage.
Harp up to 175% LTV
HARP or Home Affordable Refinance Program states that there will be at least 175% LTV or loan-to-value ratios because of 125% LTV cap that was taken off. The unlimited loan only applies only to Fannie Mae loans.