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Conventional No Closing Cost Loan

Loan Features

  • No closing costs
  • Fixed payments
  • Slightly higher interest rate lock

Recommended For

  • Homebuyers who have little to no cash to pay fees up front
  • Homebuyers who need extra cash to make renovations
  • Homebuyers who plan to stay in their home for many years
Loan Features
  • Predictable payments
  • Fixed payments
  • Protection against rising interest rates

Recommended For

  • Homebuyers who prefer regular, fixed payments
  • Homebuyers with limited income
  • Homebuyers who plan to stay in their home for many years

Conventional Adjustable Rate Loan

Loan Features

  • Early term low monthly payments
  • Qualification based on lower initial payment, so loan can be larger
  • A variety of initial fixed rate options

Recommended For

  • Homebuyers who need more than they can qualify for with a fixed rate
  • Homebuyers who want to save money in the short run
  • Homebuyers who want to move in a few years

FHA Loan

Loan Features

  • Low down payment
  • Flexible income, debt, and credit requirements

Recommended For

  • Homebuyers with limited savings
  • Low to moderate income homebuyers

VA Loan

Loan Features

  • No down payment required
  • Flexible income, debt, and credit requirements

Recommended For

  • Qualified veterans, reservists, active service members and their spouses
  • Eligible first or second time homebuyers who have low to moderate income

Interest-Only

Loan Features

  • Low monthly payments consisting only of interest for the first
five or seven years
  • Available with 1/1, 3/1, 5/1, and 7/1 adjustable rate loans

Recommended For

  • Homebuyers looking to increase their short-term cash flow
  • Homebuyers who intend to move or refinance within a few years

Jumbo Loan

Loan Features

  • Mortgage amounts in excess of the conforming limit of $417,000 for a one-unit property
  • Typically carry higher interest rates
  • Also known as non-conforming loans

Recommended For

  • Homebuyers who need financing to purchase an expensive property
  • Investment-minded buyers who can afford a large purchase, but want to leverage assets more effectively

USDA Loan

Loan Features

  • No credit, limited credit and less-than-perfect credit options
  • No down payment, no limit to concessions and financing up to 102% of appraised value
  • Subsidized interest rates as low as 1% and a loan term of 33 years

Recommended For

  • Rural homebuyers with low or very low income
  • Borrowers in need of housing, whether to purchase or to repair  outside the local commuting area

Reverse Mortgages (aka HECM)

Loan Features

  • Lump sum, line of credit or fixed monthly income options
  • Retain title to or ownership of your home

Recommended For

  • Home owners aged 62 years or over with no existing mortgage balance and sufficient equity built up in the home
  • Home owners who meet the FHA minimum property standards

 

Contact Us
29190 US Hwy 19 N
Clearwater, FL 33761
Office: (727) 773-0505
Fax: (727) 773-0606
ojmortgage@ojmortgage.com