Fixed Rate Mortgages
What Is A Fixed Rate Mortgage?
As its name implies, a fixed rate mortgage is one where the interest rate on your home loan remains the same throughout its duration. This differs from a loan where the interest rate may change over time, such as an adjustable rate mortgage. Fixed rate mortgages are the most popular form of home loan in the United States largely due to the appeal of a consistent mortgage payment amount over the life of the loan.
In many instances, fixed rate mortgages have higher mortgage payments than adjustable rate mortgages. This is most often because the interest rate remains unchanged for the duration of the loan. Typically, loans with longer terms will have a higher interest rate than loans with shorter terms due to interest rate risk, or the possibility of fluctuating interest rates.
Fixed Rate Mortgage Benefits
The biggest benefit of a fixed rate mortgage is the fact that the interest rate does not change over time. This allows you to budget your finances and make a consistent, fixed payment over the duration of your loan.
Fixed rate mortgages allow you to lock in an interest rate and principal payment for the entire life of your loan. Your rate and principal payment never increase, even if the market changes – giving you peace of mind.
Other benefits include:
- Competitive interest rates
- Locked interest rate for the life of your loan
- Easier-to-understand loan terms and paperwork
Get Pre-Qualified For A Fixed Rate Mortgage
With flexible options, program expertise, and superior service, we’ll work with you from application to close to ensure a smooth loan process and create a loan program that meets your financial needs and goals. Click here to get pre-qualified.
If you are escrowing for property taxes and insurance, payments can increase if your taxes or insurance premiums increase. Subject to credit approval and program guidelines.
Adjustable Rate Mortgages
What Are Adjustable Rate Mortgages?
An adjustable rate mortgage (ARM) is a mortgage in which the interest rate may change over time. With an adjustable rate mortgage, the interest rate may change periodically, usually in relation to an index (such as the London Interbank Offered Rate, or LIBOR), and payments may “adjust” up or down accordingly. Unlike a fixed rate mortgage, homeowners with this type of home loan aren’t guaranteed the same interest rate for the duration of their loan. The risk of an increasing interest rate is something that borrowers should take into account when considering an adjustable rate mortgage for their home financing.
Adjustable Rate Mortgage Benefits
Because the borrower assumes more risk with this type of mortgage, adjustable rate mortgages offer prospective homeowners some notable benefits.
Adjustable rate mortgages typically offer lower initial interest rates and monthly payments than fixed rate mortgages in exchange for possible future rate adjustments. With an adjustable rate mortgage, the initial interest rate is fixed for a set period, such as 3 to 10 years, and the interest rate adjusts up or down depending on market conditions after that.
Adjustable rate mortgages can be a great option for homebuyers who plan to relocate or move in the future or who expect their income to increase.
Adjustable rate mortgage benefits include:
- Lower initial interest rate than fixed-rate mortgages, which means you will enjoy a lower monthly payment during the initial term.
- Flexibility for buyers who plan to move in the future or who anticipate their income increasing.
Interest Rate Caps
Depending on the type of mortgage selected, interest rate caps offer some protection for homeowners who opt to finance their home with an adjustable rate mortgage. An interest rate cap sets a limit on the amount the interest rate can increase. There are two types of interest rate caps. A periodic adjustment cap limits the amount an interest rate can increase or decrease between two adjustment periods after the first adjustment. A lifetime cap limits the amount the interest rate can increase over the duration of the loan.
Payment caps follow a similar structure as interest rate caps. Payment caps limit the amount the monthly payment may increase from one adjustment period to another, instead of the amount the interest rate can increase.
Get Pre-Qualified For An Adjustable Rate Mortgage
With flexible options, program expertise and superior service, we’ll work with you from application to close to ensure a smooth loan process and create a loan program that meets your financial needs and goals. Click here to get pre-qualified
Subject to credit approval and program guidelines. With Adjustable Rate Mortgage loans, the rate is variable and may increase or decrease every year after the initial fixed rate period based on changes to an index. This could result in an increase in the monthly payment.
If you’re a homeowner 62 years of age and older and need the financial freedom to continue living in your home, a reverse mortgage may help.
What Is A Reverse Mortgage And Who is Eligible?
A reverse mortgage is a special type of mortgage that enables you to convert part of the equity in your home into funds you can use. Reverse mortgages are reserved for homeowners 62 years of age or older.
How Do Reverse Mortgages Work?
With a reverse mortgage, the payments are “reversed.” Unlike a conventional mortgage, in which you pay the lender each month, the lender will pay you based on the equity in your home. In most instances, you don’t have to pay this money back as long as you continue to live in the home.
Important Reverse Mortgage Considerations
- The amount of money you owe on a reverse mortgage increases over time as funds are advanced to you and interest accrues.
- Some reverse mortgages have fixed interest rates, but many have variable rates determined by an index. This means your interest is likely to change depending on market performance.
- You still retain the title to your home with a reverse mortgage, meaning you are still responsible for any insurance, property tax, utilities or maintenance expenses. If you fail to have homeowner’s insurance, pay your property taxes or maintain your home, your loan may become due and payable.
- Reverse Mortgages may deplete some of the equity in your home, leaving fewer assets to you as well as your heirs. However, many reverse mortgages have “non-recourse” clauses that prevent you or your heirs from owing more than the home is worth when you sell your home and the loan becomes due.
- The loan needs to be repaid when the last surviving homeowner no longer uses the home as a primary residence, sells the home or passes away.
Reverse Mortgage Benefits
A reverse mortgage allows you to recieve the income you need to supplement Social Security, meet unexpected medical expenses, make home improvements or help you pay your bills- all without giving up the title to your home.
Reverse mortgages are non-taxable and, in most instances, won’t impact your Medicare of Social Security benefits. You also don’t need to make any new monthly mortgage payments.
Reverse mortgage benefits include:
- No monthly mortgage payments required
- The money you receive is not taxed
- You choose how you receive your money
- Finance with historically low interest rates
- Keeps you in your home
Learn More About Reverse Mortgages
Contact us and one of our qualified mortgage professionals will be happy to walk you through the reverse mortgage process and answer any questions you may have. Get started with a pre-qualification today!
Borrower eligibility requirements apply. Loan becomes due and payable when the last remaining borrower sells the property, permanently leaves the home or passes away. Taxes, insurance, and repairs are the responsibility of the borrower and must be maintained to avoid early repayment of the entire loan amount. Consult a tax advisor for questions about tax and government benefit implications. Information under Truth in Lending laws such as interest rates, loan terms, financing fees, and closing cost breakdowns is free of charge and does not constitute a reverse mortgage acceptance. Subject to credit approval and program guidelines.
Let CrossCountry Mortgage, Inc help you achieve your dreams with a Federal Housing Administration (FHA) Loan featuring a lower down payment.
Getting To Know The Federal Housing Administration
The Federal Housing Administration (FHA) is a government entity that offers mortgage insurance on loans made by FHA-approved lenders, such as CrossCountry Mortgage, Inc. The FHA provides insurance on mortgages for many different types of homes including single-family and multifamily homes. The FHA is completely funded by its own self-generated income, meaning there is no cost to taxpayers for its operation and services.
What Are FHA Loans?
FHA loans are insured by the Federal Housing Administration. These loans are designed to help first-time homebuyers and experienced homeowners alike by providing them with a low down payment option. FHA mortgage insurance serves as protection for lenders in the event of a homeowner defaulting on their home loan.
How FHA Loans Benefit You
FHA insured loans often give potential homeowners the option of making a lower down payment than they would need to make if using a traditional, non-FHA insured mortgage. FHA loan benefits include:
- Down payments as low as 3.5%
- Loan is guaranteed by the government
- Less than perfect credit can apply
- Energy-efficient mortgages, reverse mortgages, refinances, and renovation loans also available.
FHA Loans Benefit Everyone
FHA loans don’t just benefit the potential homeowner – they also are beneficial for the economy as a whole. They stimulate economic development in the form of expanding tax bases and creating jobs.
In fact, the FHA was created in 1934 as a direct response to difficulties in the housing industry such as unfavorable mortgage loan terms, low rates of homeownership nationwide and widespread unemployment among construction workers
Get Pre-Qualified for an FHA Loan
Now is the time to take advantage of the many benefits FHA loans offer potential homeowners. Plus, it’s now easier than ever to qualify! Our home loan professionals will guide you through the FHA loan process with expert knowledge, competitive rates, and first-class service. Click here to get pre-qualified.
An FHA loan is a government-insured loan subject to certain qualifications and restrictions. FHA provides mortgage insurance on loans made by approved lenders. The cost of mortgage insurance is paid by the homeowner as an up-front amount that is usually financed into the loan amount, as well as an additional amount that is included in the monthly mortgage payment. Subject to credit approval. For reverse mortgages, borrower eligibility requirements apply. Consult a tax advisor for questions about tax and government benefit implications. If you are a servicemember on active duty, prior to seeking a refinance of your existing loan, consult your legal advisor regarding the loss of any benefits you are entitled to under the Servicemembers Civil Relief Act or applicable state law.
FHA 203(k) Streamline Loans
It’s a no-win situation: you can’t get a loan to buy a house until certain items are repaired or upgraded… but the repairs and upgrades can’t be done until the home has been purchased. In these situations, a Federal Housing Authority 203(k) Streamline loan can help.
What Is An FHA 203(k) Streamline Loan?
FHA 203(k) Streamline loans are an affordable financial tool you can use to buy AND fix up your home. With an FHA 203(k) Streamline loan, you may be able to purchase a property and bundle the cost of repairs, upgrades and other improvements all into one FHA loan.
The FHA 203(k) Streamline program offers homebuyers and homeowners financing up to $35,000 to make repairs, upgrades and improvements to their home. This means homeowners can get the financing they need to improve their home or make it ready for sale, while homebuyers can make the repairs and enhancements necessary to make their home move-in ready.
FHA 203(k) Streamline Loan Eligibility
FHA 203(k) Streamline loans have a few key eligibility requirements. The total cost of necessary repair work must be no greater than $35,000. The total value of the property must also fall within the FHA mortgage limit for the area.
FHA 203(k) Streamline loans cover a wide variety of different home improvement activities. Some of these activities include:
- Modernizing a home’s amenities
- Addressing safety and health hazards
- Repairing or replacing floors, plumbing or roofing, or improving energy efficiency
- Making aesthetic improvements
FHA 203(k) Streamline Loan Benefits
The FHA 203(k) Streamline program is designed specifically to help homebuyers purchase homes that need repairs or rehabilitation before becoming move-in ready. These necessary repairs are often time consuming and costly, making it difficult to obtain traditional home financing. Unlike the FHA 203(k) Streamline program, which is insured by the government, non government-sponsored home improvement loans typically have short repayment terms and high interest rates. FHA 203(k) Streamline loans offer a much more cost-effective option by offering homebuyers a single fixed or adjustable rate home loan that covers both purchasing and rehabilitating the property.
FHA 203(k) Streamline loans offer homebuyers as well as homeowners a number of significant benefits, including:
- Low down payments
- Some fees may be financed
- One loan with one closing
- Repairs can be financed
Learn More About FHA 203(k) Streamline Loans
Want to learn more about what a FHA 203(k) Streamline loan can do for you? Contact us today and one of our home mortgage experts will guide you through the application process and answer any questions you may have.
A FHA 203(k) Streamline Loan is a government-insured loan subject to certain qualifications and restrictions. A 203(k) Loan Specialist will provide you with additional information to help you determine if you qualify. Subject to credit approval and program guidelines.
USDA / Rural Development Loans
If you thought U.S. Department of Agriculture (USDA) loans were just for farmers – think again. Let CrossCountry Mortgage, Inc educate you about USDA loans and help you take advantage of their many benefits.
What Is a USDA Loan?
USDA loans are designed to encourage rural land development and growth in rural areas. They were long thought of as just for farmers, but the program has been expanded in recent years to give more people looking to purchase or refinance in a rural area access to the incredible benefits offered by these loans.
USDA Guaranteed Rural Housing Loans
CrossCountry Mortgage, Inc offers USDA Guaranteed Rural Housing Loans. These loans are designed to help families without adequate housing finance the purchase of a home in a rural area. Applicants may have incomes up to 115% of the area’s median income and must be ableto afford mortgage payments, including insurance and applicable taxes. Credit score is also considered in the application process.
The duration of a USDA Guaranteed Rural Housing Loan is 30 years, with an interest rate determined by the lender. No down payment is required, which sets these loans apart from more traditional home loans.
USDA Loan Eligibility
Program guidelines are very specific – but don’t let that stop you from achieving your homeownership goals. An experienced USDA financing professional at CrossCountry Mortgage, Inc will help you navigate through the USDA loan process and determine if you are eligible.
Basic qualifications include:
- The property being purchased must be in a rural area as defined by the USDA.
- The property must be owner-occupied. Investment or vacation properties are not eligible for USDA loans.
- You must meet the income restrictions for the county the property is located in. Each county has a maximum income limit defined by the USDA. This maximum income limit depends on the cost of living, median income and other economic characteristics of the county the property is located in.
Benefits of a USDA Loan
USDA loans offer a number of unique benefits that set them apart from standard home loans. USDA loans require no down payment, so qualified individuals can finance up to 100% of the home’s total purchase price. This makes them one of the more desirable loans available to homeowners.
USDA loan benefits include:
- 100% financing option available
- Great rates and down payment options
- Better terms than a FHA or conventional loan
- Flexible credit guidelines mean less than perfect credit may still qualify
Learn More About the USDA Loan Application Process
Contact CrossCountry Mortgage, Inc and a qualified home loan professional will walk you through the USDA loan application process and answer any questions that may arise. Get started with a pre-qualification!
A USDA Loan is a government-insured loan subject to certain qualifications and restrictions. USDA guarantee fee and annual fees apply. A Mortgage Loan Specialist will provide you with additional information to help you determine if you qualify. Subject to credit approval and program guidelines.
You served your country. Now let your country and CrossCountry Mortgage, Inc return the favor with special financing just for veterans. VA loans reward veterans for their service and sacrifice on behalf of our country in a number of ways.
What Is A VA Loan?
VA loans are a special type of home mortgage reserved for active military members and veterans. These home loans are guaranteed by the U.S. Department of Veterans Affairs and offered by participating approved lenders like CrossCountry Mortgage, Inc. VA loans allow eligible veterans and active military personnel to realize their home buying dreams and help existing VA
homeowners with money-saving refinance options.
VA Loan Benefits
VA loans are designed to provide long-term home financing to qualified veterans and, in some cases, their surviving unmarried spouses. In many instances, their interest rates can be better than other conventional loans.
VA loans offer a number of advantages over other types of mortgages, including:
- No penalty fee if you pay the loan off early
- No private mortgage insurance requirements
- Less than perfect credit can apply
- VA may be able to provide some assistance if mortgage payment problems arise
Who is Eligible For A VA Loan?
- Active-duty military
- Reservists and members of the National Guard
- Some surviving spouses of veterans
These eligibility requirements are unique to VA loans. In addition to past or present military service, standard home loan criteria like your credit score and income will also play a role in your eligibility.
Certificate of Eligibility
In order to apply for a VA-sponsored loan, you will need to obtain a Certificate of Eligibility (COE). Your COE verifies to lenders that you meet the requirements necessary to obtain a VA-sponsored loan. Applying for a COE is straightforward and can be done online, through the mail or through a lender.
Active duty military personnel and current National Guard members or Reservists who have never been Federal active service will need to present a current statement of service in order to obtain a COE.
Veterans and current or former National Guard members and Reservists that have been activated for Federal active service will need to present a DD Form 214 confirming their past service.
Get Pre-Qualified For A VA Loan
Let an experienced VA financing professional at CrossCountry Mortgage, Inc help you navigate the VA loan process. Get started with a pre-qualification today.
Subject to credit approval. A VA loan is a government-insured loan subject to certain qualifications and restrictions. A VA funding fee is typically required, which can be financed into the loan amount. If you are a servicemember on active duty, prior to seeking a refinance of your existing loan, consult your legal advisor regarding the loss of any benefits you are entitled to under the Servicemembers Civil Relief Act or applicable state law.
Jumbo loans make it easier than ever for borrowers who dream big to own big.
With flexible options, program expertise and superior service, we’ll work with you from application to close to ensure a smooth loan process and create a loan program that meets your financial needs and goals.
What Is A Jumbo Loan?
A jumbo loan is any home loan that exceeds a specific threshold called the conforming loan limit. Currently, the conforming loan limit for a single-family home is $417,000 in the lower 48 states. However, loan limits can go higher in some high cost areas of the continental United States. Hawaii and Alaska both have a conforming loan limit of $625,500.
What Makes Jumbo Loans Unique?
Jumbo loans differ from conforming loans in a number of ways. First, they offer a larger amount of financing than a conforming loan. With this larger loan amount typically comes slightly higher interest rates than conforming loans for lower amounts.
Jumbo Loan Eligibility
The same factors examined when applying for any home loan are looked at when applying for a jumbo loan. However, qualifying for a jumbo loan typically requires higher credit scores, lower debt-to-income ratios, higher reserves and larger down payments than qualifying for a standard conforming home loan.
Jumbo Loan Benefits
There are number of benefits jumbo loans offer when compared to other methods for financing more expensive homes.
- Financing available up to $2.5 million
- The convenience of one loan for the entire loan amount instead of having multiple mortgages
- Competitive pricing
- Fixed and adjustable rate mortgage options available
- Quick turnaround with in-house underwriting
Get Pre-Qualified For A Jumbo Mortgage
Let the experienced professionals at CrossCountry Mortgage, Inc guide you throughout the entire jumbo loan process. With our expertise and attention to detail, we’ll work with you from application to closing to make your home ownership dreams a reality. Get started with a pre-qualification today!
All loan requests are subject to credit approval as well as specific loan program requirements and guidelines. With Adjustable Rate Mortgage loans, the rate is variable and may increase or decrease every year after the initial fixed rate period based on changes to an index. This could result in an increase in the monthly payment.
Finding the perfect condominium can be challenging – and trying to find a lender to finance your condo can be even harder.
At CrossCountry Mortgage, Inc, we understand the challenges that face condo buyers and sellers. We offer a variety of loan options to meet your needs and can help you get into your new condo quickly and without the hassle.
Benefits of Owning A Condo
More and more people are deciding that owning a condo is a better fit for their specific needs and lifestyle than a single-family home. Depending on what you’re looking for in a home, a condo offers a number of significant advantages. Those benefits include:
- Reducing the amount of home maintenance you’re responsible for. In many cases, lawn care and other types of outdoor maintenance are covered in your condo fees.
- Reducing the size of your home. Condos can be ideal living situations for singles, empty nesters and small families who don’t need or want to maintain a large home.
Applying For A Condo Loan
A unique aspect of condo loans is that in addition to the potential owner qualifying for the loan, the condo association must also qualify in order for a mortgage application to be approved. A lender will look at a number of factors when determining whether a condo association is financially healthy enough for the loan to be approved.
Typical considerations include:
- If all planned amenities for the complex are completed
- The percentage of condominium units that are owner-occupied
- The percentage of owners delinquent on their monthly dues
- The amount of money in budget reserves and whether the condo association has sufficient insurance
- Whether the condo association faces any pending litigation
These unique considerations are in addition to the typical financial criteria used to determine mortgage eligibility for individuals applying for a condo loan.
Condo Loan Benefits
Condo loans offer a number of benefits, including:
- Fixed and adjustable rate mortgage options*
- Purchase and refinance options
- Streamlined condo review process
- Competitive rates
Get Pre-Qualified For A Condo Loan
Our loan professionals will guide you through the condo financing process and provide you with expert advice and first-class service. Get started with a condo loan pre-qualification today!
Subject to credit approval and program guidelines. With Adjustable Rate Mortgage loans, the rate is variable and may increase or decrease every year after the initial fixed rate period based on changes to an index. This could result in an increase in the monthly payment.
Home Affordable Refinancing Program (HARP)
The economic downturn has left thousands of homeowners owing more on their homes than they’re worth – and shutting them out of refinancing with today’s current low interest rates. If this situation sounds like you or someone you know, the Home Affordable Refinance Program (HARP) may be able to help.
What Is a HARP Refinance?
A HARP refinance is designed to help homeowners who aren’t behind on their mortgage payments but have been unable to get traditional refinancing because the value of their home has declined. HARP refinances help homeowners who are “underwater” on their mortgage acquire a more stable and cost-effective home loan that reduces their monthly payments.
Who is HARP Eligible?
A homeowner’s eligibility for a HARP refinance is governed by a number of criteria, including:
- The homeowner must be current on their mortgage at the time of the refinance, with a good payment history over the past 12 months.
- Fannie Mae or Freddie Mac must own or guarantee the home loan.
- Fannie Mae or Freddie Mac must have purchased the mortgage on or before May 31, 2009.
- The mortgage cannot have been refinanced through HARP in the past unless it is a Fannie Mae loan refinanced through HARP between March and May of 2009.
- The current loan-to-value ratio must exceed 80%.
Benefits of a HARP Refinance
Refinancing through HARP offers mortgage holders who currently owe more than their home is worth a significant number of benefits, including:
- Lowering monthly payment or shortening loan term
- Building equity faster and saving money
- No limit on maximum loan-to-value for most mortgages
- Mortgage insurance not required in some cases
- Reduction or elimination of some fees
HARP Refinance Process
The first step in the HARP refinance process is to determine whether your home loan is owned or guaranteed by Fannie Mae or Freddie Mac. You can determine this by using their respective loan lookup tools. Fannie Mae’s loan lookup tool can be found here and Freddie Mac’s loan lookup tool can be found here.
Learn More About HARP Refinancing Options
Let CrossCountry Mortgage, Inc guide you through the HARP refinancing process. Contact us and a qualified home loan professional will go over your options with you and walk you through the application process. Get started with a pre-qualification today!
Subject to credit approval. To be HARP eligible, your mortgage must have been sold to FNMA or FHLMC prior to May 31, 2009, be current on payments, and must meet other program requirements. Interest on the portion of a HARP refinance that exceeds the original purchase price of the home plus the cost (if applicable) of any substantial home improvements that have been made is not tax deductible for Federal income tax purposes. You should consult a tax advisor for further information regarding the deductibility of interest and charges. If you are a servicemember on active duty, prior to seeking a refinance of your existing loan, consult your legal advisor regarding the loss of any of the benefits you are entitled to under the Servicemembers Civil Relief Act or applicable state law.
FHA Streamline Refinances
Let us help make homeownership more affordable with a Federal Housing Authority (FHA) Streamline refinance.
What Is An FHA Streamline Refinance And Who Qualifies?
FHA Streamline refinances are reserved for homeowners who already have an FHA mortgage. They offer FHA-insured homeowners a chance to lower their monthly payments.
What Makes FHA Streamline Refinances Unique?
The defining characteristic of an FHA Streamline refinance is that it doesn’t require a new appraisal to establish a home’s current value. Instead, the homeowner is allowed to use their home’s original purchase price as its value, even if the home’s actual value is less today.
Who Qualifies For An FHA Streamline Refinance?
Homeowners with an existing FHA-insured home mortgage are eligible for an FHA Streamline refinance. To be eligible, you must be current with your payments on the existing FHA mortgage and have owned the property for at least six months before you can qualify for refinancing.
FHA Streamline Refinance Benefits
An FHA Streamline refinance’s biggest benefit is that it allows the homeowner to use the original purchase price of their home as its current value regardless of what its re-appraised value would be. What this means for you is that the FHA may allow you to refinance even if you owe more than your home is currently worth.
With an FHA Streamline refinance, you’ll still enjoy all of the features of your FHA mortgage – with added benefits. FHA Streamline refinance benefits include:
- Lowering your monthly payments – permanently
- “No closing cost” options available
- Home re-appraisal not required to refinance in some cases
- Reduce your monthly payment even more with a decreased annual mortgage insurance premium and up-front mortgage insurance premium if your original FHA loan was endorsed on or before May 31, 2009
Get Pre-Qualified For An FHA Streamline Refinance
Contact us today and one of our qualified mortgage experts will walk you through the FHA Streamline refinance process and answer any questions you may have. Get started with a pre-qualification today!
An FHA loan is a government-insured loan subject to certain qualifications and restrictions. FHA provides mortgage insurance on loans made by approved lenders. The cost of mortgage insurance is paid by the homeowner as an up-front amount that is usually financed into the loan amount, as well as an additional amount that is included in the monthly mortgage payment. Subject to credit approval. If you are a servicemember on active duty, prior to seeking a refinance of your existing loan, consult your legal advisor regarding the loss of any benefits you are entitled to under the Servicemembers Civil Relief Act or applicable state law.
Wealth Building Loan
What Is the Wealth Building Loan?
Designed as an equity-creating mortgage option, the Wealth Building Loan requires no down payment and offers offers eligible borrowers a 7-1 Adjustable Rate Mortgage with a 20-year amortization.
Wealth Building Loan Benefits
The Wealth Building Loan eliminates monthly mortgage insurance payments nearly four years sooner than a 30-year conventional loan with a 3 percent down payment. Overall, this loan option helps homebuyers build equity quickly by applying more of their payment to principal and less to interest each month.
Wealth Building Loan Qualifying Factors
A few qualifying factors for this program include:
- Occupancy: Primary residence, owner occupied
- Property type: 1-unit residences, condominiums
- Maximum loan amount: $417,000 (except in certain FHFA High Cost Areas)
- Loan type: 7-1 Adjustable Rate Mortgage with a 20‑year amortization
Learn More About the Wealth Building Loan Application Process
Contact CrossCountry Mortgage, Inc today and a qualified home loan professional will walk you through the Wealth Building Loan application process and answer any questions that may arise. Get started with a pre-qualification!
With adjustable rate mortgages, the interest rate is variable and may increase or decrease every year after the initial fixed rate period based on changes to an index. This could result in an increase in the monthly payment. All loan requests are subject to credit approval as well as specific program requirements and guidelines.