Loan Types

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 If you’re looking at Conventional Loans you’ve probably already found your dream home and now you need a mortgage lender to help you become the home’s new owner. A good mortgage originator will make sure that the home buying process is simple and will work hard to make sure you get the best terms. At Southeast Lending LLC, a lot of emphasis on understanding every aspect of your finances to be sure we are fully prepared for any curve balls that might be thrown our way. This attention to detail is the reason why our biggest referral source for business has always been former customers and that’s because – we make sure closings happen.

Some good reasons for getting a conventional loan are…

You only need a 3% down payment to get a conventional loan*

Loan periods can be as short as 10 years or as long as 30 years

30 Year Fixed, Adjustable Rate Mortgage (ARM) and other unique programs are available

*Conditions apply

Maximum Conventional Loans Amounts effective 1/1/2020 are...

 Units

1               $510,400

2               $653,550

3               $789,950

4               $981,700

Conventional loans have multiple variables including loan terms, interest rates and duration. Because of these variables it’s even more important to choose the right mortgage professional the first time. We explain every aspect of the process and your loan options in terms you will understand. We make sure you’ll have the best possible outcome on one of the biggest purchases you will ever make. We are available to you outside of normal business hours and on weekends when you need to ask questions throughout the process. Choosing Southeast Lending LLC can be the difference in you getting the home of your dreams at a price you can afford.

Conventional loans are very flexible because they allow you to have multiple home equity loans on your property as well as refinancing whenever you deem it necessary. This flexibility allows you to use your home as an investment and create financial freedom at the same time you are enjoying the stability of home ownership.

Integrity, Transparency, Knowledge and Availability are what makes Southeast Lending LLC stand out – experience the difference

For as little as 3% down*, Southeast Lending LLC can get you a conventional loan with the best available interest rates and the lowest possible monthly payment. Many large mortgage companies and banks can only give you one interest rate option with a loan offer because they are forced to lend their own money. Some of the small local mortgage companies have the ability to shop for rates, but they’re stuck with whatever their lending partners have to offer. Southeast Lending LLC has the ability to get you the best rates because we work closely with multiple A-rated mortgage wholesalers. This means we can shop for the best rates and terms.  At Southeast Lending LLC our process is built on integrity, knowledge, transparency and availability to ensure that you get the best possible outcome for yourself, your loved ones and your future.

*Conditions apply

There are many different types of Government Loan Programs. Here are the three most popular:

An FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). The FHA does not loan money to borrowers, rather, it provides lenders protection through mortgage insurance (MIP) in case the borrower defaults on his or her loan obligations. Available to all buyers, FHA loan programs are designed to help creditworthy low-income and moderate-income families who do not meet requirements for conventional loans.

FHA loan programs are particularly beneficial to those buyers with less available cash. The rates on FHA loans are generally market rates, while down payment requirements are lower than for most conventional loans.

Some of the other benefits of FHA financing:

• 3.5% down payment is required.
• Some closing costs can be financed.
• Lower monthly mortgage insurance premiums and, under certain conditions, automatic cancellation of the premium.
• More flexible underwriting criteria than conventional loans
• FHA limits the amount lenders can charge for some closing cost fees 
• Loans are assumable to qualified buyers.

VA guaranteed loans are made by lenders and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home. The guaranty means the lender is protected against loss if you fail to repay the loan. In most cases, no down payment is required on a VA guaranteed loan and the borrower usually receives a lower interest rate than is ordinarily available with other loans.

Other benefits of a VA loan include:

• Low interest rates.
• Closing costs are comparable and sometimes lower - than other financing types.
• No private mortgage insurance requirement.
• Right to prepay loan without penalties
• The Mortgage Loan may be assumable.
• Counselling and assistance available to veteran borrowers having financial difficulty or facing default on their loan.

Although mortgage insurance is not required, the VA charges a funding fee to issue a guarantee to a lender against borrower default on a mortgage. The fee may be paid in cash by the buyer or seller, or it may be financed in the loan amount.

A VA loan can be used to buy a home, build a home and even improve a home with energy-saving features such as solar or heating/cooling systems, water heaters, insulation, weather-stripping/caulking, storm windows/doors or other energy efficient improvements approved by the lender and VA.

Veterans can apply for a VA loan with any mortgage lender that participates in the VA home loan program. A Certificate of Eligibility from the VA must be presented to the lender to qualify for the loan.

USDA loans are made on properties within a qualifying rural area. Applicants with very low to moderate incomes can qualify for these loans, but still able to afford the housing payments, including the principal, interest, and insurance that are part of the monthly payment amount.

Other benefits of a USDA loan include:

• Affordable to those with lower incomes and good credit histories.
• No required down payment.
• New Manufactured homes are acceptable as long as conditions are met.
• Available in 30-year or 15-year fixed rates.
• Closing costs and lender fees can be rolled into the loan.
• Renovation and Repair costs can be rolled into the loan amount.

The property doesn't have to be a farm or open land to qualify for this type of loan. It just has to be in a qualifying area. mortgage broker fha va Lakewood Ranch Bradenton Sarasota

JUMBO LOANS

Congratulations on earning the ability to buy one of the more expensive homes in Florida through the use of a jumbo loan.  Jumbo Loan amounts are those loan amounts in excess of conventional loan limits mentioned above.

Some good reasons for getting a jumbo loan are….

• You only need a 10-20% down payment to get a jumbo loan
• Finance a loan up to $5,000,000.00
• Many lenders will offer you financial incentives to choose them
• Available in Adjustable Rate Mortgage (ARM) or Fixed Rate options
• Use this type of loan for primary homes, vacations homes or investment properties mortgage broker Bradenton Lakewood Ranch Sarasota