Traditional Loans

Fixed Rate Mortgages

A fixed rate mortgage is a home loan with a fixed interest rate for the full term of the loan. With a fixed rate mortgage, your mortgage payment consist of principal and interest.

The most traditional fixed rate mortgages are amortized over 30yrs, 20yrs, 15yrs, or 10yrs.

Effective January 2019, the Federal Housing Finance Agency (FHFA) increased conforming loan limit to $484,350.
Adjustable Rate Mortgages (ARM)

An Adjustable Rate Mortgages creates the potential for the interest rate/payment to fluctuate. This type of mortgage transfers the risk of a changing economy to the borrower. In exchange for sharing the risk, ARM’s offer a borrower substantially lower interests rates than fixed mortgages.

Jumbo Loans

Effective January 2019, A jumbo loan is any loan greater than $726,525.00. Value of a jumbo mortgage varies by state, and county. Typically, Jumbo loans will have slightly higher interest rates than a conforming loan.

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First Time Buyer Loans

The first time homebuyer loan is to help first time home buyers get into the home of their dreams.

Down payment assistance program to cover down payment and closing cost
1% down payment loan program with no PMI
Lenient loan guidelines
Down payment assistance programs forgivable after 3 years

VA Loans

A VA loan is a mortgage loan guaranteed by the United States Department of Veterans Affairs (VA). VA loans offer our honorable military veterans outstanding features and benefits to obtain home ownership.

VA Loan Highlights include:

No down payment (county restrictions apply)
NO PMI
Lower interest rate
Non Allowable fees paid by lender
Relaxed guidelines

For every funded loan, UAMCO will donate $100 to the Wounded Warrior Project.
We Support our Veterans!

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FHA Loans

FHA home loans are mortgages insured by the Federal Housing Administration (FHA). By insuring the mortgage, the government is guaranteeing the lender will be repaid should the borrower default on the loan. As a result FHA borrowers pay a one-time upfront mortgage insurance fee and monthly mortgage insurance.

FHA Loan Highlights:

credit scores as low as 580
minimal 3.5% down payment
higher debt to income ratio’s
100% gift funds allowed for down payment and/or closing cost
relaxed credit guidelines
do not have to be a First Time Buyer
available for a purchase or refinance

With such relaxed guidelines, FHA loans is the perfect loan to purchase a new home with a minimal down payment.
FHA Loans are available for a purchase or a refinance!

Reverse Mortgages

Reverse Mortgages allow homeowners age 62 years and older to borrow a portion of their home equity without having to make monthly mortgage payments .Borrowers may choose to take their funds in a lump sum of cash, or utilize a structured monthly payment option. If you are a homeowner of 62 years or older Call Jessica McClure today at 714-713-0172 for a Free Reverse Mortgage Loan Consultation today.

Click Here to learn more about Reverse Mortgages