Did You Know?

Refinancing your mortgage at a lower rate could save you thousands of dollars each year!

Try our Mortgage CalculatorsTry our selection of  mortgage calculators to find out:

Interest Rates Are Still Low!

Interest rates are still low!*
If you're thinking about buying a home we've got great rates for you!

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* Rates vary daily. Please contact us for current rates.

 

Mortgage Products

Universal Mortgage & Finance, Inc. is proud to offer all types or mortgage programs to our customers.  In addition to the standard loan types listed below, we also specialize in Loans for Military & Law Enforcement and Loans for Teachers, which each have specialized programs available to qualified participants.

Conventional Loans

Conventional LoansConventional loans, plainly put, are mortgages made by private entities such as, banks, mortgage companies, private financers, or credit unions.  Government regulated Fannie Mae and Freddie Mac loans are also considered to be conventional.  These are primarily for higher credit score borrowers with money to put down.

There are two types of Conventional loans, Conforming and Non-Conforming, and they are based on loan amounts.  Any loan amount at or under $417,000 is considered Conforming.  In some high cost areas the limit is higher than $417,000.  But, for the most part anything over a $417,000 loan amount is considered to be a Non-Conforming loan.

The minimum down payment required is 5% of the purchase price or appraised value, whichever is lower.  Any loan that doesn’t have a minimum of 80% equity requires private mortgage insurance (PMI).

For more information on this program and eligibility requirements contact one of our licensed home loan specialists.

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FHA Loans

FHA Home LoansAn FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA). HUD/FHA will insure a percentage of the loan to reduce the risk to the lender if the loan payments were defaulted on.  This allows the rates on and FHA loan to generally be lower than conventional rates.

One of the main advantages to an FHA loan is the fact that you can have less-than-perfect credit and still obtain a great interest rate.  FHA has shorter wait times after bankruptcy and foreclosure than conventional loans do. 

Another benefit is that FHA allows for a “streamline refinance.”  This allows you to refinance at a lower interest rate with no appraisal required after six payments if the rates drop once you are in the loan.

FHA loans are also assumable.  This means that if you were to sell your home, the buyer could “assume” the current loan you have at the current terms.

For more information on this program and eligibility requirements contact one of our licensed home loan specialists.

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VA Loans

VA Mortgage ProgramVA loans are home loans for the purchase of a primary residence available to consumers who have served or are presently serving in the U.S. military. The Department of Veterans Affairs backs the loan made by mortgage companies by insuring a percentage of the loan to reduce the risk to the lender if the loan payments were defaulted on.  This generally allows for the VA interest rates to be lower than conventional loan interest rates.  The VA does not lend the money.  The mortgage company lends it after underwriting based on The VA’s guidelines.

In order to be eligible for a VA loan you must be one of the following:

One of the main benefits to VA loans is that there is $0 required down payment (100% financing).  Loan amounts can generally go up to $417,000, but in some high cost areas they can go up to just over $1 million.  There is no monthly mortgage insurance and

For more information on this program and eligibility requirements contact one of our licensed home loan specialists at Universal Mortgage and Finance, Inc. or visit:

http://benefits.va.gov/BENEFITS/factsheets/homeloans/VA_Guaranteed_Home_Loans.pdf

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USDA Rural Development Loans

USDA Rural Development LoansUSDA RD loans are 100% financed/ZERO money down loans that are backed by The US Dept. of Agriculture.  They are designed for lower income families to purchase  a primary residence in rural areas.  They require the borrowers to be below a certain income level determined by the county of the property.   Rates are similar to other federal government backed mortgage rates.

For more information on this program and eligibility requirements contact one of our licensed home loan specialists at Universal Mortgage and Finance, Inc. or visit:

http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

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HOME AFFORDABLE REFINANCE PROGRAM (HARP)

Refinance Savings are often substantialIf you're not behind on your mortgage payments but have been unable to get traditional refinancing because the value of your home has declined, you may be eligible to refinance through the Home Affordable Refinance Program (HARP). HARP is designed to help you get a new, more affordable, more stable mortgage. HARP refinance loans require a loan application and underwriting process, and refinance fees will apply.

You may be eligible for HARP if you meet all of the following criteria:

To see if your home is eligible check the following sites or contact one of our licensed home loan specialists.

For Fannie Mae owned loans:
http://loanlookup.fanniemae.com/loanlookup

For Freddie Mac owned loans:
https://ww3.freddiemac.com/corporate

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Reverse Mortgages

Reverse MortgagesA Reverse Mortgage is a mortgage backed by FHA/ HUD.  It allows homeowner’s who are at least age 62 to release the equity in their home.  Homeowner’s can receive a lump sum of money from the equity in their home to use as they wish.  No monthly payment is ever required. 

Title to the property remains in the name of the homeowners, to be disposed of as they wish, encumbered only by the amount owing under the mortgage.  The borrower remains entirely responsible for the property. This includes physical maintenance. 

The only time a reverse mortgage comes due is when the borrower dies, sells the property, moves out of the house, or breaks the contract in any other way.

For more information on this program and eligibility requirements contact one of our licensed home loan specialists.

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