A conventional mortgage refers to any loan that is not insured or guaranteed by the federal government, as opposed to government insured loans such as FHA (Federal Housing Agency) and VA (Veteran’s Administration). Conventional mortgage loans can be either fixed mortgages or adjustable-rate mortgages, including hybrid ARMs. Conventional mortgages (whether conforming or not) typically have a slightly higher down payment than government loans. However, conventional mortgages normally provide more flexibility and lower interest rates for buyers with good credit and the ability to afford a slightly higher down payment.

ADJUSTABLE RATE MORTGAGE A mortgage that has an interest rate that can change periodically after the initial fixed rate period, typically each year, which in turn can also affect the monthly payment.  The initial interest rate is fixed for a set period of time (typically 3, 5, 7, or 10 years) before it is susceptible to annual increases or decreases based on market fluctuations.  The benefit of an adjustable rate mortgage is when interest rates are expected to fall, a homeowner could potentially lower their monthly payments with the lowered interest rates.

FIXED RATE MORTGAGE The most common type of mortgage today, is a mortgage that has a fixed interest rate for the entire term of the loan.  The benefit of a fixed-rate mortgage is that the interest rate and monthly loan payments will stay the same, eliminating any concerns about varying loan rates and payment amounts that fluctuate with interest rate movements, especially when interest rates are expected to rise. Fixed rate mortgages most commonly come with 15 and 30-year terms, although other options such as 10, 20, and 25-year terms are also available and can make sense depending on your short and long-term housing goals.

THE FEDERAL HOUSING ADMINISTRATION was established in 1934 to advance homeownership opportunities for all Americans; assist homebuyers by providing mortgage insurance to lenders to cover most losses that may occur should a borrower default on the loan; and to encourage lenders to make loans to borrowers who might not qualify for conventional mortgages.

FHA LOANS are easier to qualify for.  If you don’t have a lot of cash for a down payment or much equity in your current home, or even if your credit isn’t perfect, you can still take advantage of this loan option. These loans are designed specifically for home buyers who do not have the traditional 20% down payment available.

Because FHA loans are easier to qualify for, they are best for buyers with less-than-perfect credit. In fact, you can buy a home with as little as 3.5% down payment under an FHA loan program from LOANLYNX.

USDA / RURAL DEVELOPMENT LOANS are insured by the US Department of Agriculture to promote single family homeownership in defined rural areas. LOANLYNX can extend up to 100% financing to eligible rural individuals and families for the purchase of safe and sanitary dwellings. These guaranteed loans have assisted thousands of homeowners to purchase a home with affordable interest rates and loan terms.

A USDA loan is a no down payment home financing option for buyers seeking to purchase a primary single family residence (non-income producing) in a qualified rural area. Program eligibility is based on property address and the total income of those who reside in the household.  A one-time funding fee is collected and can be rolled into the loan amount if needed.  You can borrower up to 100% of the home’s appraised value and roll in any eligible closing costs or minor repairs. Credit guidelines are flexible and the annual mortgage insurance (paid monthly) is low.

A Rural Development Loan allows you to purchase a home on a USDA designated area with flexible qualification requirements and 100% financing. Homeownership has never been so easy.

Rural areas are defined as towns, cities or places with populations of 10,000 or less, and towns & cities that are not part of a Metropolitan Statistical Area (MSA) with populations between 10,000 and below 20,000.

The USDA GUARANTEED LOAN PROGRAM provides borrowers in rural areas the opportunity for home ownership.  This is an excellent product and benefit for those individuals that qualify. The USDA Guaranteed Loan Program also offers 100% financing opportunities for those who qualify.

USDA defines a MANUFACTURED HOME as any dwelling unit constructed partially off-site and then transported to a site to be completed and attached to a permanent foundation.NEW: Purchase of an eligible new unit, transportation and set-up costs, and purchase of an eligible site if not already owned by the applicant. Manufactured units must be less than 12 months old and never occupied and will include the site. The date of the purchase agreement must be within one year of the manufactured date displayed on the plat attached to the unit.

JUMBO LOANS are non-conforming loans that extend higher than the loan amounts set by the Federal Housing Finance Agency.  Jumbo financing is also available for loan amounts greater than $510,400. These loans provide funding in excess of the standard conforming loan limits for the county in which the home is located.

Borrow more! A Jumbo Loan provides financing for loan amounts higher than conforming loan limits.  If you have a high property value, you should consider products from our Jumbo Loan menu.

FNMA & FHLMC Loan Limits: Currently, on a one unit property, the Fannie Mae (FNMA) and Freddie Mac (FHLMC) conforming loan limit is $510,400, except for Alaska, Hawaii, Guam, and the U.S Virgin Islands, the limit is $765,600. Higher limits may be available in other areas, depending on the county location within the United States and is published annually by The Federal Housing Finance Agency (FHFA).

Conforming Jumbo: Similar to a conforming mortgage, a conforming jumbo mortgage is also controlled and guided by Fannie Mae (FNMA) and Freddie Mac (FHLMC). However, it offers higher loan amounts throughout the country based on the region’s median home values. This application process is also streamlined. It offers extended loan-to-value ratios (LTV) and increased lending limits. The maximum loan amount for a Conforming Jumbo loan is $765,600. However, some areas have a lower maximum.  Click to the right to see what lending limits are offered in your area. Typically a price premium is applied to the conforming loan pricing on conforming jumbo loans.

Jumbo: Jumbo mortgages are loans that exceed the conforming jumbo limits. While many underwriting guidelines are based on those set forth by Fannie Mae (FNMA) and Freddie Mac (FHMLC), these loans are not governed by these entities. The loan limits for jumbo lending are not set by any governing body and typically range from $510,400 to around $1,500,000 or $2,000,000. Streamline processes have been established for these loans. However, additional requirements and overlays are often applied when underwriting for approval. For example, the lender may ask for an additional appraisal and/or impose slightly a lower loan-to-value (LTV) ratio restriction. Although long term fixed rate Jumbo mortgages are widely available, adjustable rate products have proven a more common option with these loans.

Super Jumbo: Super jumbo mortgages are typically considered to be loans greater than $2,000,000, and like a jumbo loan, do not have defined or formal lending limits. With fewer lenders participating in these larger loans, super jumbo mortgages are considered a niche in the industry. Generally, a private banking partner or a super jumbo specialized lender provides these loans. LOANLYNX originators have tenure in providing homeowners loan products of this magnitude. Please contact your LOANLYNX super jumbo specialist for details and assistance.

Sometimes home buyers find a house in a perfect neighborhood that needs some personalized improvements.  They love the home’s layout, the school district, the neighborhood amenities and more, but the appliances may need updating, the heating and cooling systems may need modernizing, the basement may need finishing and the kids just might like to have an in-ground pool.

RENOVATION LOANS
Financing this ‘almost perfect’ home with a traditional mortgage would leave the homebuyers on their own for any updates, repairs or improvements, but a renovation mortgage build the cost of the renovations into the total loan amount.

RESTORATION LOANS
If you find a house to buy with spectacular potential but requires major repairs or reconstruction, a restoration loan can make your vision possible. Using one loan for the home’s purchase and improvements really simplifies the process.

FHA 203K
The FHA 203(k) loan allows a borrower to purchase or refinance and rehabilitate a property with one loan closing. The projected rehabilitation costs are held in an escrow account and disbursed as work is completed and inspected. The loan amount is based on the projected market value of the property when all repairs are completed. An important tool for community and neighborhood revitalization, the FHA 203(k) loan offers flexible qualifying and low down payments.

FNMA HomeStyle®
The HomeStyle® renovation loan allows you to either purchase a new home or refinance your existing home and make personalized improvements with one loan closing. The cost of your personalized improvements is placed in an interest bearing Escrow account and disbursed as the work is completed and inspected. *HomeStyle® is a registered trademark of Fannie Mae.

ENHANCE YOUR CURRENT PROPERTY
If you love your current home and location but maybe it’s too small or outdated, use a renovation loan to remodel and customize it inside or out to make everything exactly as you want. You can choose from a variety of loans depending on the scope and type of project.

Our Veterans's make us proud to be America. Thank you for all that you do!

VA MORTGAGES are made by private lenders and guaranteed by the Department of Veterans Affairs (VA).  VA loans are designed to help service people and veterans obtain financing at very reasonable rates and offer financing up to 100% of the home’s value with a maximum loan limit of $417,000.

LOANLYNX is honored to help our armed forces veterans own a part of the community they’ve helped protect.  VA home loans are available to veterans and their spouses and generally do not require a down payment.  Credit score requirements are typically less, lending guidelines are more flexible and you never pay monthly private mortgage insurance with a VA loan.

STREAMLINE REFINANCING allows you to lower your interest rate and monthly payment on your existing VA loan while providing a minimal amount of documentation.  You do not have to fully re-qualify for the new loan like you would on a rate/term refinance.  A reduced funding fee of .50% is charged regardless of LTV or loan term.  As with all VA programs, no monthly MI is required.

FROM CONCEPT TO CREATION

Our LYNXLock Extended Rate Lock program provides rate-lock options that protect against interest rate changes while your home is being built, regardless of market fluctuations. The rate-lock option requires a non-refundable extended lock fee

Isn't it time your mortgage paid you?

*DISCLAIMER: The material and information contained in this brochure is not from HUD or FHA, and has not been approved by the Department or Government Agency.

A REVERSE MORTGAGE LOAN gives you the ability to enjoy financial security and peace of mind, while remaining in your home during your retirement years. These loans allow senior homeowners to convert a portion of the equity in their home into usable cash.

There are no tax consequences*, you do not forfeit any of your rights as the homeowner, you or the heirs of your choosing decide when or if the home is to be sold, and when the loan is repaid 100% of the remaining equity belongs to you, your heirs or your estate.

The concept is simple. You have spent years building equity in your home by paying off (or paying down) your mortgage, and through the appreciation in your home’s value. A reverse mortgage simply allows you to withdraw a portion of that equity, use it any way that you like, stay in your home for as long as you like, and when you are ready to sell your home, or you have passed, the loan is repaid.

*Always consult a tax advisor before seeking a Reverse Mortgage Loan