Products
Conventional Loans
Conventional loans, also known as conforming loans are the most popular type of mortgage and are backed by Fannie Mae and Freddie Mac, two government sponsored enterprises that support this type of financing. These loans are most attractive for applicants with better than average credit, can provide at least 3% of the purchase price for a down payment, and want to purchase outside of FHA loan limits.
FHA Loans
FHA loans are mortgages that are insured by the Federal Housing Administration and are a great option for applicants who have less than perfect credit, higher debt-to-income ratios or smaller down payments. FHA loans are very popular with first time home buyers and can be used with a home purchase or a refinance. FHA loans receive very low interest rates, however, they…
Jumbo Loans
A mortgage is considered a jumbo loan when the borrowed amount is more than $647,200, although that limit varies by state. Some states, such as California, have much higher loan limits because property values are higher than in other parts of the country. Due to rising home prices and a sustainable housing market, jumbo loans are becoming more and more popular.
Condo Loans
We cannot stress the point enough: it is imperative that clients work with a condo mortgage expert in order to navigate a sometimes difficult transaction. Condos, although they can be financed with every loan type available, have very intricate requirements that are based on the property itself and how it is managed.
Refinancing
The Hargrave Group has one of the highest refinance ratios company wide. Erik is a refinance expert who can guide you through the sometimes confusing process, advising on the best program to meet both your long and short term goals. We offer rate and term refinances, streamlined refinance, interest rate reduction loans, cash out refinance, renovation refinances, pool escrow refinances & more.
Renovation Loans
Renovation loans allow for the homeowner or buyer to upgrade or repair a property within one loan. The home is appraised as-complete, meaning that the value is derived from the market value of the home after it is repaired and/or upgraded. Renovation loans come in several different packages and can be used with virtually any type of loan product (conventional, jumbo, FHA, USDA, etc.).
USDA Loans
USDA loans are mortgages that are insured by the US Department of Agriculture and focus on properties located in rural areas. The USDA determines specific areas of the country, based on population, and opens up the opportunity for those areas to benefit from homeownership.
VA Loans
Veterans and active duty receive incredible benefits from a VA Home Loans. VA loans are mortgages that are insured by the Veterans Administration and available to active duty, veterans, and their spouses. Borrowers will generally have less stringent credit requirements and, in most cases, are not required to make a down payment. VA loans have very attractive interest rates and no monthly mortgage insurance requirements.
Reverse Mortgage
A reverse mortgage, also referred to as a home equity conversion mortgage (HECM), is a loan made by a lender to a homeowner that uses the home as security of collateral. Reserved for homeowners 62 years or older, reverse mortgages are intended to help retirees with limited income use the accumulated wealth of their income to cover basic month-to-month living costs, including health care expenses and home improvement.
