Loan Programs
Which loan works best for you?
There are many different types of loans to choose from – choosing the right loan for you can seem like a daunting task. Not to worry, that’s where we can help! Through a brief consultation we will be able to determine which loan works best for you and your specific situation. Below you will find a quick summary of the different loan programs we can offer at Platinum Mortgage.
Qualified Mortgages (QA)
These mortgage programs meet the recommendations of either Fannie Mae or Freddie Mac and are not guaranteed or insured by the federal government. It is great for many types of homeowners with a variety of products to choose from.
- Maximum LTV 97%
- Minimum Credit Score 620
- Fixed or Arms Available
- Maximum Loan Amount $510,200
- Minimum Loan Amount $40,000
- Rates Variety with Credit Score and LTV
Federal Housing Administration Loans (FHA)
FHA loans have become some of the most popular government loans used in the housing industry. It’s great for first-time buyers with little down payment or lower credit scores. This loan is backed by the Federal housing Administration (FHA), an arm of the Department of Housing and Urban Development or HUD.
- Maximum LTV 96.5%
- Minimum Credit Score 550
- 30- & 15-year Fixed Options
- Maximum loan Amount
Veterans Administration (VA)
This loan is backed by the Department of Veteran Affairs. It is reserved for military personnel and their families.
- Max LTV 100%
- Minimum Fico 620
- Maximum loan Amount $725,000
- No Monthly Mortgage insurance
- Certificate of Eligibility Required
- Veteran Personnel only
USDA and Rural Housing
This government subsidized program offers some valuable incentive for living on the outskirts of populated areas. Currently the Southern Utah area allows for this program to be used in Hurricane, Cedar City, and Ivins as well as other areas not mentioned.
- Maximum LTV 100%
- Minimum Fico 640
- Low Monthly mortgage insurance
- Only allowed in rural areas
Jumbo Loans
When a loan exceeds the maximum amount of financing under the conventional loan programs it is a jumbo loan. These types of properties take a different loan program to finance due to higher risk from the bank.
- $510,200 – $5,000,000
- Maximum LTV 90%
- Minimum Credit Score 660
Non-Qualified Mortgages (Non-QM)
These new programs have started to emerge to help individuals who have struggle to obtain financing for homes in the past. Things like bankruptcies, foreclosures, and Self-employed dilemmas among others will find it easier to finance using these programs
- Minimum Credit Score 640
- Maximum LTV 90%
- No- Income options
- Bank Statements as Income
- Past derogatory credit options
Reverse Mortgage
This federally insured mortgage allows you to convert the equity in your home into cash without having to sell your home or pay additional monthly payments. The Reverse Mortgage will allow you to pay off your current mortgage, supplement your income or pay for healthcare expenses, you might consider doing a HECM reverse mortgage.
- Access equity like cash
- No monthly payment for life
- Does not affect your Social Security
- You still own your Home!
- FHA Insured
- Non-Recourse
- No restrictions on use of funds
- 62 Years or Older
- Adequate Equity in home
- Adequate income to cover living expenses
- Not in Bankruptcy or Foreclosure
- Current on Federal, State, and Property taxes