Home Loan Options
With a wealth of knowledge on a wide range of financing options, Miles D. Rusth and team are able to assist you with any of your mortgage needs. Read more below to learn about just some of the home loan programs available in Oregon, Washington, California, and Idaho. Contact Miles today and he’ll help you discover the best home loan solution for your financial situation.
CONVENTIONAL HOME LOANS
A conventional home loan is a mortgage that conforms to established guidelines for the size of the loan and specific financial situation. These home loans are backed or insured by the borrower, while other types of loans are insured by the government. Conventional home loans are the most commonly used loan types. This type of home loan is often a fixed-rate or adjustable-rate mortgage (ARM).
Fixed-rate home loans are loans in which the interest rate will remain fixed for the entire life of the loan term, no matter the market interest rates.
Adjustable-Rate Mortgages (ARM)
An adjustable-rate mortgage (ARM) is a loan in which the interest rate on the outstanding balance of your home loan can fluctuate as market interest rates change.
REFINANCING HOME LOANS
Refinancing simply replaces your current mortgage with a new one. During a refinance, a borrower is most often looking to obtain a better loan term, lower monthly payments or lower their current interest rate. Refinancing your home loan is all about the bottom line: What will it cost and will it make financial sense for you? Miles and his team can help you lay out your options to identify whether a refinance is the right next step for you.
Applying for a home loan in a new state can be challenging when you are unfamiliar with the local market and the types of mortgages available in Oregon, Washington or California. As a local Senior Mortgage Banker with Summit Mortgage Corporation, Miles has the right tools and resources to help you relocate to the Northwest with ease.
JUMBO HOME LOANS
A jumbo home loan is a mortgage with an amount that is greater than the conforming loan limits set by Fannie Mae and Freddie Mac. The conforming loan limit in Portland, and most other areas around the U.S., is currently $424,100. Why would a home buyer need a jumbo home loan? It can help them qualify to purchase a high-priced or luxury home. Summit Mortgage Corporation has jumbo home loan programs available with competitive rates.
CONFORMING HIGH BALANCE HOME LOANS
Like a jumbo home loan, a conforming high balance home loan is a conventional mortgage in which the loan amount exceeds conforming loan limits. The only difference is that the home must be located within a recognized high-balance mortgage area or county. Conforming high balance home loans are typically used in high-cost areas (San Francisco, Los Angeles, San Diego, etc.).
CONSTRUCTION & LOT LOANS
Construction loans are interim loans used for financing construction costs for a home that’s being built. These loans are typically paid off once the house is completed or converted into a traditional mortgage. Construction loans have special guidelines that include monitoring to ensure timely completion so you can begin repayment promptly. Miles works with you from the very beginning until funding day – making the process smooth and seamless. Our powerful one-time close program and competitive rates to help finance your dream home.
REMODEL & REHAB LOANS
Remodel and rehab loans allow homeowners or home buyers to finance or refinance a home alongside a renovation. This is done through a single mortgage. These programs allow loan amounts to be based on the expected value of the home, once renovations are complete.
RESIDENTIAL INVESTMENT LOANS
Dreaming of owning a vacation home or second home in your favorite getaway destination? An investment property can be a great way to mix fun vacations with smart investing. Miles has financing tips and information to help you on your way to owning your next investment property.
If you’re age 62 years or older, a reverse mortgage, or Home Equity Conversion Mortgage (HECM), may be a great option to look into. Reverse mortgages allow borrowers to convert home equity into cash. This gives some seniors a much-needed extra source of income for monthly expenses, medical bills, and more.
SELF-EMPLOYED HOME LOANS
As a local Senior Mortgage Banker, Miles understands the entrepreneurial spirit of the Northwest and specialize in home loan programs for self-employed borrowers. Despite today’s tougher lending environment, self-employed individuals can qualify for a home loan. Contact Miles to learn how he can help you, as a self-employed borrower, in Oregon, Washington, California, and Idaho.
ENERGY EFFICIENT MORTGAGES
(GREEN HOME LOANS)
Green home loans are an emerging option for the environmentally friendly and energy-conscious borrower. Because we live and work in an energy-conscious corner of the world, Miles knows how important it is to have these types of home loan options available to our borrowers in Oregon, Washington, and California. Energy Efficient Mortgages (EEMs) are offered under a variety of lending programs, including FHA, VA, and Freddie Mac.
ENERGYSPARK HOME LOAN PROGRAM
Washington residents have an additional option when it comes to Energy Efficient Mortgages (EEMs). The EnergySpark home loan is among the newest and greenest home loan programs from the Washington State Housing Finance Commission. If you’re a Washington resident and would like to learn more about green home loans, contact Miles today.
FHA HOME LOANS
FHA home loans are a great option for people who want to own a home, but may not have enough saved up for a down payment on a conventional loan. The down payment on a FHA home loan is much less than a conventional home loan. Though you may have to pay a bit more in the long run because of higher interest rates and mortgage insurance, this can be an affordable option for those looking to buy their dream home a little more quickly.
VA HOME LOANS
Miles believes the men and women who serve our country deserve the best financing available, which is why we are proud to offer Veterans Affairs (VA) home loans. These mortgages are designed to offer long-term financing to eligible veterans (or surviving spouses) of the United States military. VA home loans require no down payment and the seller may pay the buyer’s closing costs and/or prepaid expenses up to 4% of the loan amount.
USDA HOME LOANS
The U.S. Department of Agriculture (USDA) provides special home loan opportunities that are designed to provide affordable homeownership opportunities in eligible rural areas. USDA home loans have zero down payment and fixed interest rates. These loans have special geographic and income restrictions. Learn if you qualify for this loan program by contacting Miles today.
GOOD NEIGHBOR NEXT DOOR PROGRAM
If you’re a law enforcement officer, pre-Kindergarten through 12th grade teacher, firefighter or emergency medical technician, you may be eligible for the Good Neighbor Next Door (GNND) sales program. This HUD sponsored incentive offers a 50% discount on the list price of eligible single family homes. Contact Miles to find if you’re eligible for the GNND program.
HOME ADVANTAGE LOAN PROGRAM
The Home Advantage loan program is available for qualified residents of Washington State. This program offers below market interest rates to low- to moderate-income home buyers who meet program qualifications. This loan program also offers down payment assistance of up to 4% of the first mortgage loan amount in the form of a deferred second mortgage at 0% interest. Contact Miles today to learn more about this opportunity for Washington residents and to find out about eligibility requirements.
HOUSE KEY OPPORTUNITY LOAN PROGRAM
Another great opportunity for future or current Washington residents is the House Key Opportunity loan program. House Key Opportunity is funded by the state of Washington and offers below market mortgage rates for a select group of first-time home buyers. This loan program is often combined with a second mortgage for down payment assistance. Learn more about eligibility requirements by contacting Miles today.
Niche products are less common types of home loans. Miles is experienced in a variety of niche products and is able to provide options for your unique financial situation. We offer specialized home loans for future income programs, extended lock options, low interest second mortgages, properties with large acreage, manufactured and modular homes, and HomePath.