This type of mortgage uses the equity in a home to increase the monthly income of retired or elderly borrowers, without requiring them to sell or move. You may qualify if you have substantial equity in your home. The owner receives a monthly payment that slowly reduces the equity. However, the loan must be repaid if the borrower sells, moves or dies, which may reduce the value of equity available to heirs.
Whether you’re still finishing residency or are a successful partner in a growing practice, Physicians’ Loans offer financing options to help you manage your personal and professional expenses. We offer fixed or adjustable-rate loans and will finance up to 100% with no monthly mortgage insurance required. Favorable repayment terms provide flexibility to meet your needs. Requirements vary by state; call us to discuss your options.
Special programs are available to assist with down payments. You may qualify if you work full time for a public school, private school, or federal, state, county or city education agency as a state-certified, classroom teacher or administer in grades K-12.
Manufactured and modular homes look more like conventional homes these days, but there are special requirements to financing. You may be eligible for manufactured home financing from the FHA, with a downpayment of as little as 3.5%–and zero down. VA loans may be available for active-duty military and veterans.
Federal, state and city programs are available for active members of police and sheriff departments, as well as firefighters and other first responders. So that these local heroes can become part of the communities they serve, we can help them secure downpayment assistance, discounts on first mortgages, home equity loans and more.
The VA provides home loan guarantees and other housing-related programs. You may qualify if you are a service member, veteran, or eligible surviving spouse. These loans can help with buying, building, repairing, retaining, or adapting a home for personal occupancy. VA Home Loans are provided by private lenders, such as banks and mortgage companies. The VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms.
VA mortgages are government-guaranteed loans available to veterans of the armed services, those currently on active duty or in the reserves, and widows or widowers of veterans. Like FHA loans, VA loans have guidelines that allow more people to qualify. Some VA loans require no downpayment. There are limits on the size of VA loans, but usually they are large enough to cover the purchase of moderately priced homes across the country. VA-guaranteed home loans are made by private lenders; the guaranty means that the Veterans Administration will protect the lender against loss if the veteran or a later owner fails to repay the loan.
Portfolio loan programs are not sold on the secondary market or insured by the government. Qualifying guidelines are determined by the originating lender and can be more flexible on income, past employment and credit history than other products. These loans usually have a higher interest rate than other loan products and are serviced by the originating lender.