A Mortgage, simply put, is a loan that secures a property or real estate AKA your Home!
In exchange for Funds to purchase a home, the Homebuyer makes monthly payments to the lender with specific terms such as Interest Rate (Cost to Borrow Funds), Length of Loan (30 year is most common but there are many more options available!)
The mortgage is usually paid back in the form of monthly payments that are made up of interest and principal. The principal is the amount borrowed to purchase the home, this number reduces with every payment! The interest, on the other hand, is the cost of borrowing the principal amount for the past month.
Now normally a monthly mortgage payment includes the principal, the interest, local and state taxes, and home insurance. Taxes are remitted by the loan company to the local governments as a percentage of the value of the property. These tax amounts will vary based on where the borrower lives and are usually assessed each year on an annual basis. The home insurance payments go toward mortgage and hazard insurance. Now, if you decide to put less than 20% down on the purchase, you then need PMI (Private Mortgage Insurance) which is there to protect the Lenders from Home Buyers defaulting (No Longer keeping their promise to pay back loan).
Prospective Property Owners
Can be used for Primary Residence or Investment Property
Qualify for as little as 3% down
NO Mortgage Insurance Requirement if putting more than 20% down.
Seller allowed to contribute to closing cost
Down Payment can be a gift
Not just for First Time Homebuyers!
Qualify with as little as 3.5% down
May qualify with credit scores as low as 580
Typically, must have 12 months without any derogatory marks on credit.
With the FHA Streamlined 203k*, you have the option to purchase a home with additional funds available for improvements such as:
New flooring or paint
New Appliances
Updating the kitchen or bathroom
Energy efficient upgrades including HVAC system
*additional requirements or restrictions may apply
**Not all customers will qualify. Call Us today!
Prospective Property Owners
Multiple Down Payment Assistance Programs Available
May qualify with credit scores as low as 580
Many loan options available
100% Financing Options Available
The Right Loan for You
No Down Payment Required
Available for purchase or refinance
Flexible Qualifying Criteria
Great option for low-to-moderate income buyers
Only available in designated areas
Eligible Closing costs may be financed*
*Must be supported by appraisal value
We Value Your Service
Available to Military Veterans and active duty service members.
100% financing with full VA Entitlement*
No Monthly Mortgage Insurance
Construction Financing Available for Single family Residences, Townhomes, VA Approved Condos, and other property types.**
*A down payment may be required in the event the loan amount exceeds the current maximum loan amount or if the borrower does not have full VA entitlement
**Contact Us for more information about financing and property eligibility
Down Payment Assistance Program
This down payment assistance program offers a grant equal to 2% of the purchase price to our eligible borrowers.
Eligible Borrowers Include:
Any Borrower on the loan application who is a current, retires, or non-paid
First Responder: police officer, firefighter, public safety officer, paramedic, or emergency medical (EMT), including volunteers or similar
Educator
Medical Personnel: nurse, doctor, phlebotomist, or health ambassador, or hospital, American Red Cross worker, or similar
Civil Servant in a federal, state, or local municipality
Military Personnel
*Not available in Washington or Hawaii
Contact me to find out if you’re eligible, and whether this would be a good fit for your needs.
Construction: Build Your Dream Home
One and Done Construction Loan
Covers Stick Built, Manufactured, and Modular Houses
Includes Lot Purchase
No Payments Due During Construction
Available through FHA, USDA, and VA
Loans close before construction begins, so no re-qualification is required upon completion.
Renovation Loans: Turn a Fixer Upper into your perfect Home!
FHA Streamline 203(k) Loan
Minimum Down Payment 3.5% of Purchase price
580 minimum credit score
Both Fixed and Adjustable Rate Loans
Eligible Properties include Owner Occupied; 1-4 Unit Family, manufactured homes & Condo
Down Payment can be Gift from relative or employer
HomeStyle Renovation Loan
Minimum Down Payment 3% of Purchase price
620 minimim credit score
Eligible Properties: 1-4 Unit Family Owner Occupied, 1 Unit Second Homes, 1 Unit Investment Properties, Condos, Co-Ops and PUDs (Planned Unit Developments)
Permits greater flexibility for Eligible Improvements; i.e. Swimming Pools
FHA-Insured Down Payment Assistance Program
Not required to be a first-time homebuyer
No homebuyer education required
No Geographic restrictions
620 minimum credit score
Lower your monthly payments by refinancing your home.
Combine first and second lien into a single loan for lower interest and ease
Cash-out refi for consolidating debt, home improvements, repairs, or renovations
Reverse mortgages are a fantastic option to help finance your retirement by turning your home's equity into useable cash in the form of fixed monthly payments for the rest of your life, as a lump sum, or as a line of credit that can be accessed when needed.
Must be at least 62 years of age and the home must be the primary residence
Can be used to supplement income, cover debts or medical expenses, or finance home improvements
Is not taxable and does not impact Social Security and Medicare benefits
Free up funds with your home's equity to use for large purchases, consolidate higher-interest debts, or to make home repairs or renovations.
Investments Single Family Residences, 2-4 Units, Condos and PUDs from 100k up to a $1 million
Up to 80% LTV mixed use.
5+Units, Warehouse, Office, Retail, Self-Storage & Auto Repair up to $5 million.
5 Properties or 150 1-4 family, multi-family.
$300,000 to $50,000,000
From $50,000 to $50,000,000 Brudge Loans/Hard Money Rehab, DPO, Short Sales.
Up to 100% financing SBA 7a and 504 loans.
Whether building single custom homes or small new home communities, the right construction financing can make or break your project. At Geneva, we have the experience required to help advise you on the financing of your project. Once your vision is built , we can even help you Finance your buyers.
Product Benefits
Ideal for Investors & Small Developers.
Up to 24-month Terms
Non-Personal Guarantee Terms Available (Includes a 1% add to rate and a guarantee of completion).
Rate Discounts for 5, 10 and 20+ Units.
Product Details
Non Owner Occupied Only
Construction Financing for
Single Family Residences
Townhomes
Condos
Apartments
NMLS: 200614
Geneva Financial - Yuma
1271 S 4th Ave
Yuma, AZ 85364
TonyO@GenevaFi.com
If you are ready to start your Home Buying Process or simply want a consult to be prepared,
give us a call. We're happy to answer all your questions!