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Loan Programs

FHA: (Federal Housing Administration)

FHA insured loan is a Federal Housing Administration mortgage insurance backed mortgage loan which is provided by a FHA-approved lender. FHA insured loans are a type of federal assistance and have historically allowed lower income Americans to borrow money for the purchase of a home that they would not otherwise be able to afford. To obtain mortgage insurance from the Federal Housing Administration, an upfront mortgage insurance premium (UFMIP) equal to 1.75 percent of the base loan amount at closing is required, and is normally financed into the total loan amount by the lender and paid to FHA on the borrower's behalf. There is also a monthly mortgage insurance premium (MIP) which varies based on the amortization term and loan-to-value ratio.

  • Low Down Payments
  • Easy Credit Qualifications

Conventional Loan:

Usually, a conventional loan is a 30-year fixed rate mortgage. That means it has a fixed interest rate for the 30 year term of the loan. Conventional loans also typically require at least a 20 percent down payment. For example, if a house costs $200,000, the lender will provide a loan for 80 percent of that amount. So, $160,00 is financed through the lender and the borrower must pay $40,000 cash.

Conventional loans can have better interest rates than non-conventional loans and can be a great option for those with a 20 percent down payment. However, even if the borrower does not have a 20 percent down payment, it is still possible to get a mortgage. By putting less down and accepting a possibly higher interest rate, the borrower can still get financing through a non-conventional loan.

  • Insured by Federal Govt-Fannie Mae-or-Fredie Mac
  • Conforming-or-Nonconforming

VA Loan:

A mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs (VA). The loan may be issued by qualified lenders.

The 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. Eligible areas are designated by the VA as housing credit shortage areas and are generally rural areas and small cities and towns not near metropolitan or commuting areas of large cities.

Reverse Mortgages

*For Home Buyers 62+

The Home Equity Conversion Mortgage (HECM)* is FHA’s reverse mortgage program, which enables senior home buyers, age 62+, to withdraw some of the equity in their home. This program was designed to allow seniors to purchase a new principal residence and obtain a reverse mortgage within a single transaction. Additionally, the HECM program enables senior home owners to relocate to other areas to be closer to family members, or downsize to homes that meet their physical needs, such as one level homes, ramps, etc.

HECM Advantages include:

  • Receiving monthly payment instead of making them
  • Retain title to home
  • Never owe more than value of the home

HELOC:    (Home Equity Line of Credit)

Instead of paying for mortgage insurance when your “Loan-to-Value” (LTV) is greater than 80%, we can offer either:

  • A fixed rate, fixed term concurrent 2nd mortgage
  • A “Home Equity Line of Credit” (HELOC)

Both can be done up to 95% LTV – meaning still only putting a 5% Down payment without mortgage insurance! Both loan programs - the interest you pay on these loans is tax deductible when used in buying a home!

Note that per the IRS: You can't deduct your mortgage insurance premiums if your adjusted gross income (line 11 on IRS Form 1040), is more than $109,000 ($54,500 if married filing separately).

Benefits of a Heloc:

  • Interest only payments required for the 1st 10 years (then amortized payments for the rest of the 20 years of the term)
  • You are able to draw down the balance and then charge it back up to the limit during the 1st 10 years.

203k Rehab

With the 203k Rehabilitation Program, Home buyers now have a single, long term, cost-effective way to both purchase and rehabilitate their new home, saving both time and money. Qualified existing homeowners can refinance their existing mortgage AND the costs of the rehabilitation in a single mortgage! The extent of the rehabilitation may range from a minor alteration (must exceed $5,000 in cost) to total reconstruction.* A home that has been demolished as part of the rehabilitation is eligible provided the existing foundation system remains in place. FHA 203k is a great solution for home sellers with less than desirable or in need of repair property, or home buyers who find that home that almost has it all...

What can be done with a 203k Rehabilitation Program:

  • Structural alterations and reconstruction
  • Modernization & improvement to the home’s function
  • Elimination of health and safety hazards
  • Changes that improve appearance
  • Reconditioning or replacing plumbing
  • Installing a well and/or septic system
  • Adding or replacing roofing, gutters and downspouts
  • Enhancing accessibility for a disabled person
  • Making energy conservation improvements

Foreign National Loans

Foreign National Loans are mortgages offered to a non-resident of the United States. Financing real estate is generally done by US mortgage companies and banks to United States citizens. Lenders also offer loans to non citizens. They may be resident aliens, temporary residents or other classifications of either temporary or permanent status.

USDA Loan:

USDA home loan from the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, is a mortgage loan offered to rural property owners by the United States Department of Agriculture.

Refinance Loan:

May refer to the replacement of an existing debt obligation with a debt obligation under different terms. The terms and conditions of refinancing may vary widely by country, province, or state, based on several economic factors such as, inherent risk, projected risk, political stability of a nation, currency stability, banking regulations, borrower's credit worthiness, and credit rating of a nation. In many industrialized nations, a common form of refinancing is for a place of primary residency mortgage.

If the replacement of debt occurs under financial distress, refinancing might be referred to as debt restructuring.

Loan (debt) might be refinanced for various reasons:

  1. To take advantage of a better interest rate (a reduced monthly payment or a reduced term)
  2. To consolidate other debt(s) into one loan (a potentially longer/shorter term contingent on interest rate differential and fees)
  3. To reduce the monthly repayment amount (often for a longer term, contingent on interest rate differential and fees)
  4. To reduce or alter risk (e.g. switching from a variable-rate to a fixed-rate loan)
  5. To free up cash (often for a longer term, contingent on interest rate differential and fees)

Fannie Mae's RefiNow

Effective August 16, 2021

This new addition is highly beneficial to those who have a median household income less than 80%. These individuals include those who may have issues refinancing due to reduced income (mainly due to COVID-19).


  • Higher DTI's allowed
  • Up to 90% LTVn
  • New loan rate must reduce current rate by .5%
  • Reduced monthly mortgage payment
  • Lower closing costs
  • You won't be penalized for COVID-19 forbearance
  • Eligible for $500 credit for obtaining a full appraisal

“Freddie Mac and Fannie Mae have adopted a new refinance option for loans to borrowers with incomes at or below 80% of area median income and you may be eligible to take advantage of this program. If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under this refinance option.”

“You can determine whether your mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites: /p>

This information is not intended to imply that any of our loan products will be offered by or in conjunction with HUD, FHA, VA, the U.S. government or any federal, state or local governmental body. Information in these guidelines is for credit policy guidance only and is not a complete representation of Universal Mortgage & Finance, Inc. Lending Policies. This is not a commitment to lend or extend credit. Information and/or date is subject to change without notice. Not all loans or products are available in all states. These are not complete program guidelines. *Programs are subject to well qualified borrowers and certain restrictions may apply.