Mortgage Options
We have the right mortgage options for you and will make sure you get the one that fits you.
Options Available
VA Loan
The Veterans Affairs/VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses (provided they do not remarry). The basic intention of the VA direct home loan program is to supply home financing to eligible veterans in areas where private financing is not generally available and to help veterans purchase properties with no down payment.
Conventional Loan
Any mortgage that is not guaranteed or insured by the federal government is a conventional loan.
Generally, a conventional loan refers to a mortgage loan that follows the guidelines of government sponsored enterprises (GSE’s) like Fannie Mae or Freddie Mac. Conventional loans may be either “conforming” or “non-conforming”.
FHA
FHA Streamline refinances are designed to lower the monthly principal and interest payments on a current
FHA-insured mortgage, and must involve no cash back to the borrower.
No income verification is not required with an FHA Streamline Refinance, however, you must have a job.
Construction Loans and Lot Loans
A construction loan is a story loans. The lender has to know the story behind the planned construction before they’re willing to loan you money. Because it’s a story loan, it’s not going to be standardized like mortgage loans underwritten to Freddie Mac or Fannie Mae guidelines.
Adjustable Rate Mortgage
An adjustable rate mortgage (ARM, variable-rate mortgage or tracker mortgage) is a loan where the interest rate is periodically adjusted. The adjustment reflects the cost to the lender for borrowing on credit markets. An ARM may be offered at the lender’s standard variable rate or base rate.
USDA Loan
A USDA loan (also called a Rural Development Loan) is a government insured home loan that allows you purchase a home with NO Money Down. USDA Loans offer 100% financing to qualified buyers, and allow for all closing costs to be either paid for by the seller
Jumbo Mortgage Loans
A jumbo mortgage is mortgage loans above conventional conforming loan limits.
Fannie Mae and Freddie Mac generally set the standard limits on the maximum value of any individual mortgage they will purchase from a lender. When FNMA and FHLMC limits don’t cover the full loan amount, the loan is referred to as a “jumbo mortgage”.
Reverse Mortgage
Reverse Mortgages are an excellent financial tool to enhance your senior lifestyle.
With the loan, you can use the tax free money that you have in the equity of your home to reduce bills, pay for medical expenses, take a nice vacation or just enjoy life.
Cash-out Home Equity Loans
With cash-out refinancing, you refinance your mortgage for more than you currently owe, then pocket the difference.
Pay Off High Interest Loans
Consolidate Debt
Home Improvement Loans
Utilize Equity for Other Investments or for Extra Cash Flow
Cash-out Refinancing Explained
5220 Spring Valley Road Suite 602, Dallas | 214-360-9000
Southern Star Capital LLC dba Reliance Mortgage Company NMLS#370420
Equal Housing Lender