Conventional
Mortgage Loans
Conventional or conforming loans refer to any mortgage that is not insured by the federal government. These types of mortgages follow the terms and conditions set by Fannie Mae and Freddie Mac. They are government sponsored institutions who are the largest purchasers of mortgages in the United States. These loans have stricter qualifying guidelines compared to government insured loans. High credit scores are recommended for this program since it will directly impact your monthly mortgage payment. Your debt to income ratio is also carefully reviewed and needs to be below 45%. A common misconception about conventional mortgages is that a 20% down payment is required in order to qualify. The reality is conventional financing allows for 3% down payment when used in combination with monthly mortgage insurance.
Loan Programs
The Federal Housing Administration (FHA) was created out of the National Housing Act of 1934, and was established to increase home ownership and provide affordable housing opportunities for all Americans coming out of the Great Depression. While most people believe that the FHA lends money directly to borrowers, it actually just insures the mortgage financed by FHA-approved lenders.
FHA Mortgage Loans
The VA (Veterans Administration) guaranteed home loan is the preferred loan program for active, non-active, Reserve, National Guard, and retired military of the armed forces because there is no down payment needed and no private monthly mortgage insurance required. While most people believe that the VA lends money directly to veterans, it actually just insures the mortgage financed by VA-approved lenders.
VA Mortgage Loans
The VA (Veterans Administration) guaranteed home loan is the preferred loan program for active, non-active, Reserve, National Guard, and retired military of the armed forces because there is no down payment needed and no private monthly mortgage insurance required. While most people believe that the VA lends money directly to veterans, it actually just insures the mortgage financed by VA-approved lenders.
USDA Mortgage Loans
In our current environment and economy, a good portion of families income is dedicated to housing costs and expenses. A great solution is to actually build your dream home as the process can be very beneficial to you. Click below to see more about New Beginnings construction products.
New Construction
Many homeowners don't take advantage of the equity built up in their over the years. One of the advantages of homeownership and having equity is that it can be used for upgrades to your home, bill consolidation, college expenses, etc. Unlock your equity today and let it work for you!
Home Equity Line
of Credit (HELOC)
Reverse Mortgages are so often misunderstood. For our senior citizens this can be an amazing tool to navigate through life with no mortgage payment at all. New Beginnings has helped families with unique situations utilize a reverse mortgage to counter those situations, making life less financially stressful
Reverse Mortgages
