Loan Programs from Home Mortgage Network

Conventional Mortgages are not insured by any government agency. Lenders may underwrite a conventional mortgage to guidelines established by the secondary market (Fannie Mae or Freddie Mac), or via their own guidelines (Portfolio Loans). There are many different types of conventional loans that can be specifically designed to meet your financing needs.

Highlights of Conventional financing

100% financing
10, 15, 20, 25 and 30 Year loans
Loan amounts to 3,000,000 for single unit
One to Four unit properties
No income limits
First time homebuyer programs available
Fast commitments for borrowers with excellent credit
Fixed, ARM and Balloon mortgages available

FHA mortgages are insured by the Federal Housing Administration. FHA insures mortgages under more liberal guidelines than conventional financing options.

Highlights of FHA financing

Down payment as low as 2.25%
15 through 30 year Terms
Maximum loan amounts are set by FHA according to the number of units and the county.
Owner occupied only

Qualifying ratios are 29% and 41%

A willing seller may pay up to 6% of the sales price toward closing costs. Allowing you to purchase your home with Only a 3% investment! Ask how you can get a grant for that 3%.

If you are buying a home in a rural area, you can obtain 100% financing!
-Fixed rate
-A willing seller can pay your closing fees
Only 3% downpayment and a below market interest rate for qualified buyers!
-You can finance your closing fees or a willing seller can pay your closing fees
-30 and 40 year terms available

VA mortgages are insured by the Department of Veterans Affairs. VA insures loans to veterans who have served and active military who are serving in the US military.

Highlights of VA financing

0% Down!
15 and 30 year Terms
One to four unit properties
Owner occupied only
Qualifying ratios up to 41%

A willing seller may pay up to 6% of the sales price toward closing costs. Allowing you to purchase your home with NO MONEY OUT OF YOUR POCKET !!!

One of the biggest barriers to home ownership is coming up with the cash for down payment and closing fees. Home Mortgage Network is proud to offer conventional, NO MONEY DOWN financing!

Highlights of this program are

Financed closing fees up to 4%
Seller paid closing fees acceptable
Owner Occupied
No income limits!
Not restricted to first time homebuyers
No PMI, Options available
Fixed and ARM programs available

Jumbo mortgages are those in which the dollar amount exceeds the maximum loan amount that FNMA or FHLMC is willing to purchase. Jumbo loans are also referred to as non-conforming loans. At Home Mortgage Network we are proud to offer a variety of Jumbo loan programs.

Highlights of Jumbo financing

No income verification
Down payments as low as 5% Down for fixed rates
Terms of 10, 15, 20, 25 and 30 years
Loan amounts to $4,000,000 for single unit homes
One to four unit properties
No income verification available
Primary, secondary, or investment
Fast commitments for borrowers with excellent credit
Fixed, ARM and Balloon mortgages available
INTEREST ONLY loans

Home Mortgage Network is a registered mortgage broker with the New York State and Connecticut Banking Departments. Loans are arranged through third party providers.