It’s easy to glaze over when the conversation turns technical, especially when it comes to financing. This has been a personal challenge for me for as long as I can remember – numbers just have a way of doing that to me. Fortunately, we work with some fabulous lenders who are truly experts at listening to clients, finding a loan that fits the goal or objective, and then sharing their knowledge in the most basic way to make sure everyone is on the same page.

In my experience, it seems that interest rates run competitively from lender to lender, but it’s the loan product itself and the lender’s ability to perform that vary widely. We asked the below three lenders which current loan products excite them the most for today’s homebuyers – here are their responses:

Jason Ames with Homebridge:

VA (Veteran Home Loans):

This is an amazing product for our veterans that allows them to purchase a home with as little as $0 down payment. This really assists in removing one of the biggest barriers to home ownership for people who can afford the monthly but are maybe limited in their funds for closing. In addition, the interest rates on VA loans are typically lower than on conventional loans which gives the veteran a little more borrowing power. Underwriting on these loans is also more borrower friendly an can allow for higher debt to income ratios. Some people believe these loans are more difficult or the appraisals are more challenging but changes to the program over the last 10 years have alleviated those concerns. Plus, I believe we should assist and help our veterans who committed a portion of their life for the freedoms we have. 

Non-QM or Alternative mortgages:

These are mortgages that don’t meet the standard criteria for various reasons of a conventional, FHA or VA loans. These loans allow people to qualify based on asset qualification, property cash flow or bank statements to name a few. This benefits the borrower with the ability to purchase a home now without having to wait until they qualify for the more standard programs. A couple examples is someone who has a large liquid assets but aren’t of retirement age and aren’t working anymore because they sold their business or are living off their savings. The other example would be a business owner who maybe writes off a lot in tax deductions but has really good cash flow.

To learn more about Jason’s suggestions and loan products, feel free to reach out to him directly:

JASON AMES, Area Manager – Producing, NMLS #369319
Homebridge Financial Services, Inc.
775 S. Rivershore Lane, Suite 220, 200
Eagle, ID 83616
c: 208-869-4222  f: 208-319-9749 
e: jason.ames@homebridge.com
web: www.Homebridge.com/JasonAmes

THE HOMEBRIDGE VISION:
To make the dream of homeownership a reality for every customer, every day.

:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::

Kellie Allen and Tia Elson with Legacy Lending Team:

ARMs & Jumbo ARMs:

ARMs (adjustable rate mortgage) is a mortgage that has a rate that fluctuates throughout the life of the loan. In an ARM loan, the first number represents how long your fixed-rate period will last and the second number represents how often each year after the fixed-rate period ends the interest rate will change. For example a 5/6 ARM has a fixed rate for the first 5 years of the loan, and then the rate will adjust every 6 months after that for the remainder of the life of the loan.  An ARM loan can be advantageous as it has a lower rate initially and a lower initial monthly payment. This product is a great product to look at, especially for:

• Someone who moves often and doesn’t plan to own the home long term (i.e. 3-5 years) 
• Someone who plans to refinance in a few years time
• Someone who plans to have income increases to match the possible increase in monthly payment once the mortgage is in its adjustable rate period

S1L Bridge Loan:

A bridge loan provides funds for your new home by using the existing equity in your current home before it sells. This loan is a great option for a client who has their home listed for sale but not yet under contract.  Utilizing the bridge loan gets you access to that equity for the down payment on the new home now, allowing you to make offers without a financing contingency.  It can also assist your client in using their existing equity to produce a 20% down payment and avoid mortgage insurance. Synergy One Lending’s Bridge Loan is an interest only loan available for an 11-month term, with no prepayment penalty.  The bridge loan gets paid off as soon as their current home sells.   

S1L HELOC Loan: 

A HELOC (home equity line of credit), is a line of credit that is secured by the equity in your home. Most people use these for home improvements, consolidating debt, or to purchase other property.  Synergy One Lending’s HELOC is a unique product because it has a fixed rate whereas most HELOC products have a variable rate. You will also receive the full draw of your loan at the time of funding. You can apply for your HELOC online in as quick as 5-10 minutes through our online platform and complete the process in as little as 5 days! This product is great for a client who needs the funds quickly!

To learn more about Kellie and Tia’s suggestions and loan products, feel free to reach out to either one of them directly:

KELLIE ALLEN, Area Manager, NMLS #92930
Cell: (208) 941-4914 | Email: kallen@s1l.com | Fax: (208) 545-3788
2025 E. Riverside Dr., Suite 240, Eagle, ID 83616

TIA ELSON, Loan Officer, NMLS #1204551
Cell: (208) 841-4878 | Email: tmatthews@s1l.com | Fax: (208) 545-3788
2025 E. Riverside Dr., Suite 240, Eagle, ID 83616

www.legacylendingteam.com

https://www.facebook.com/LegacyLendingTeamS1L

https://www.instagram.com/legacylendingteam/

:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::

Gabe Crum with Idaho Central Credit Union (ICCU):

ICCU provides a full array of product offerings that can appeal to the needs of any homebuyer.  

First Time Homebuyer Loan:

This loan offers buyers the ability to get into a home loan with up to 100% financing and lower payments.  This ICCU product has a rate that is fixed for 5, 7, or 10 years, depending on your preference, and offers much more affordable payments because the program does not charge PMI as a part of the monthly payment.  When compared to the payments of other first time homebuyer programs that include PMI, the payment savings can be significantly lower with this program.  These loans are locally underwritten and serviced by ICCU and please don’t hesitate to contact me if I can assist in any way as you begin your home buying process.

To learn more about Gabe’s suggestions and loan products, feel free to reach out to him directly:

GABE CRUM, Mortgage Loan Officer, NMLS #1070585
Direct: (208) 846-7093 | Email: gcrum@iccu.com | Fax: (208) 846-7178

Helping Members Achieve Financial Success

:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::

If homeownership in East Ridge Village is your goal before year-end, there’s excellent resources only a phone call way. We invite you to learn more today – our team is here to help you.

We appreciate you taking the time to read this post – thank you!

About the Home Builder

Blackrock Homes

Blackrock Homes is based in Meridian, Idaho, and has been a top residential builder in Boise Valley for over two decades. They have a long-standing reputation for building quality homes of excellent value and delivering superior customer service.

Posted by:

Angie Dilmore

Real estate drew Angie in twelve years ago, when she decided to make a career shift that would bring new and exciting challenges each day. Though the industry is ever-changing, Angie strives to deliver a high level of customer care and takes pride in making real estate transactions a positive experience. You can contact Angie at 208.250.2774 or angie@inboisevalley.com.

Angie is a community specialist at Edington and East Ridge Village, and is licensed under Amherst Madison in Eagle, Idaho.