Mortgage Loan Programs

Mortgage loan programs are constantly changing, evolving to reflect current market conditions. A licensed, mortgage loan specialist at Envoy Mortgage will be able to help you determine which program best suits you.

The following information will give you a broad overview of the many different types of mortgage loan programs that you could consider. Each home loan program is distinct and has many different requirements that are related to the borrower and also the property. A mortgage loan specialist at Envoy Mortgage will be able to further assist and give you the information you need about mortgage loan programs available to you.

Types of Mortgage Loan Programs

Conforming

Fixed Rate Mortgages

10-, 15-, 20-, 25-, 30-year terms
Texas 50 (a)(6) refinances (Texas Cash-Out Refinance)
Available in high-cost areas

Fannie Mae DU Refi Plus

No cash-out refinance
Reduced verification and documentation
High Loan-to-Value

Freddie Mac Relief Refi

No cash-out refinance
High Loan-to-Value
Reduced rate and/or term benefit to borrower

Fannie Mae MyCommunity Mortgage

Lower down payment requirements
Lower MI

Fannie Mae Flex 97

Lower down payment requirements
Lower MI

Fannie Mae HomePath Mortgage

No MI
No appraisal
Fannie Mae owned properties
Available in high-cost areas

Adjustable Rate Mortgages

3, 5, 7, 10/1 LIBOR ARMs
Interest Only option
Available in high-cost areas

Non-Conforming (Jumbos)

Fixed Rate Mortgages

15-, 30-year terms
Loan amounts up to $1.5MM

Adjustable Rate Mortgages

5, 7, 10/1 LIBOR ARMs
Loan amounts up to $1.5MM

Government

FHA

Lower down payment requirements
15-, 20-, 30-year terms
3, 5/1 Treasury ARMs
203(k) Streamline rehabilitation loans
Non-credit qualifying refinance available
Available in high-cost areas

VA

No down payment purchase transactions
15-, 20-, 30-year terms
Interest rate reduction refinance available
Available in high-cost areas

Reverse Mortgage

Fixed and ARMs available
Access to equity while residing in the home
Repair set-aside option
Various pay out options

USDA Guaranteed Rural Development

Residential rural areas
No down payment available
No MI

Mortgage Revenue Bond Programs

Georgia

Georgia Dream

First Time Home buyer
$5,000 - $7,000 Down Payment & Closing Cost Assistance
30-Year Fixed (Conv, FHA, VA, USDA-RD)

Indiana

First Home Plus

First Time Home Buyer
6% Down Payment Assistance for FHA program (not to exceed than $7,500)
10% Disability Down Payment Assistance (not to exceed $14,999)

Kentucky

KHC First Mortgage

First Time Home Buyer
Financing up to 100% (Must Qualify)
Debt to Income of 40 / 45
Up to 6% Seller Contributions

Mississippi

MHC Bond

First Time Home Buyer
3% Grant Assistance towards Down Payment and Closing Cost
Income Limits Applicable by County and Family Size

North Carolina

First Home Bond

First Time Home Buyer
2nd Lien Down Payment Assistance Up to $8,000

Ohio

Ohio Housing Bond

First time Home Buyer
30 Year Fixed (Conv, FHA, VA, USDA-RD)
4% of Sales Price - 2nd Lien Assistance
3% of Sales Price – Grant Assistance

Tennessee

Great Start / Great Advantage Programs

First Time Home Buyer
2% (Great Advantage) & 4% (Great Start) Grant Assistance
620 Minimum FICO

Texas

TDHCA Bond 77

First Time Home Buyer
5% Down Payment Assistance
Unassisted 1st Lien with Lower than Market Interest Rate

TSAHC Heroes Bond

First Time Home Buyer
Texas Educators, Police officers, Fire Fighters, Texas Heroes
3% Grant Assistance
620 Minimum FICO

Utah

UHC Bond – First Home Plus

First Time Home Buyer
6% Down Payment Assistance

Virginia

FHA Plus Loan

First Time Home Buyer
3.5% - 5% Down Payment Assistance

Washington

House Key State Bond / House Key Plus

First Time Home Buyer
Up to $10,000 Down Payment Assistance

Mortgage Loan Programs