Loan Programs | Allied Mortgage Group
We offer a full suite of loan options that will accommodate almost every financial situation and stage of life. Whether you’re a first-time home buyer, self-employed, or a professional real estate investor, we probably have the right solution for you. Check out a short description of each loan type below, then give one of our loan officers a call to help you customize the right solution for your needs.
Since your rate won’t change for the life of your loan, your principal and interest payment will never increase. Fixed rate loans are popular because they ensure consistent monthly payments without worry or hassle of changing interest rates.
As the name implies, Adjustable Rate Mortgages (ARMs) have interest rates that change at a pre-determined frequency. If you anticipate a significant increase in your income or property value in the next several years, plan on staying in your home short-term, or would like to significantly lower your payment, an ARM might be right for you.
Federal Housing Administration (FHA) loans are insured by the US Government.
Overall, FHA loans provide more flexibility in credit, income, and equity/down payment requirements, and are great alternatives to conventional loans. They do include a Mortgage Insurance Premium (MIP), as well as monthly mortgage insurance, but FHA loans still enable many homeowners who wouldn’t qualify for conventional financing to purchase or refinance a home.
It's simple ... Lower Rates. Lower Payments. Higher loan limits. $0 Down.
Qualify for VA loans with even less-than-perfect credit. Unlike other options, VA loans are available as either fixed-rate or ARM mortgages – and never include monthly insurance (PMI).
A USDA loan (also called a Rural Development Loan) is a government insured home loan that allows you to purchase a home with NO Money Down. This program offers 100% financing to qualified buyers and allows for all closing costs to be either paid for by the seller or built into the loan.
Love the location, but the property needs work? Buy your dream home and finance the repair costs with an all-in-one 203k loan. This option offers loan amounts up to 110% of the home’s “as completed” value, and you can combine the purchase and home improvement costs in one loan.
If you buy and repair a 2-4 family house, you may live in one unit and rent the other units out to offset and even cover the cost of the mortgage.
This loan series includes innovative, flexible and low risk loan programs that can help home buyers with unique financial situations buy their dream home or even expand their property holdings.
Just Missed - for borrowers who may need more loan flexibility – like interest-only or a longer amortization period – than traditional loan programs offer. This full doc program also allows borrowers to use their strong assets to supplement their qualifying income.
Bank Statement - for self-employed borrowers using bank statements rather than tax returns as proof of income to qualify.
Assets for Income - for borrowers who'd like to include the calculated value of their strong assets to supplement their qualifying income.
Non-Warrantable Condo - for borrowers who'd like to purchase a condo that falls outside the conforming parameters.
Adverse Credit Event - for borrowers who've experienced an unavoidable adverse financial event – like a loss of a home due to a job loss or unexpected, mounting medical bills - in the past 12 - 24 months but have a credit score of 620 or higher.
Investor Cash Flow - for professional real estate investors who want to buy another property, and they want to use anticipated cash flow from the new property to qualify.
Professional Choice - for borrowers in professional fields with high future earning potential and good credit. Student Loans will not be a deterrent from qualifying.