FHA
FHA stands for Federal Housing Administration (FHA) which is a governmental agency created in 1934 to improve housing standards and promote homeownership

FHA mortgage loans are an attractive mortgage solution for a purchase or refinance because today's FHA mortgage rates are near historic lows. The guidelines are flexible allowing more people to qualify. Whether you have had credit issues in the past or are simply looking to limit your down payment to 3.5%, an FHA loan might be an ideal home financing solution. There are several FHA mortgage loan options, including (*terms subject to change):

• Purchase loan - If you are buying a home, your down payment can be as low as 3.5% of the price of the home. FHA also allows seller concessions up to 6% of your home purchase price.
• Refinance loan - Refinance up to 97.75% of your home value. The FHA even offers up to 85% cash-out, the highest amount of any our home loan programs.
• Debt Consolidation - If you are swamped with too many monthly payments – credit cards, personal loans, car payments, 2nd liens, and other debt – now may be the best time to consolidate that debt into a single mortgage payment using a FHA loan. Your single, consolidated payment may be much lower than the total amount of individual payments you are making now. Plus, the interest may be tax deductible (consult your tax advisor).
• FHA Streamline Refinance - Do you already have an FHA loan? If so, you may qualify for fha refinancing with a lower rate and lower monthly payment. Best of all, there is very little paperwork involved and no new home appraisal is required.
• Manufactured and Mobile home loans - There are FHA mobile home loans available for mobile homes and manufactured homes.
• FHA 203K Rehabilitation Loans- Creative solution for those looking to purchase or refinance a residence who plan on rehabilitating the property.

VA
For eligible veterans and active duty military a VA mortgage loan can be a wonderful benefit to take advantage of. The Department of Veterans Affairs guarantees these loans, which can finance as much as 100% of the value of the property. In addition to the excellent VA mortgage rates and no money down option there are a number of advantages to obtaining a VA home loan, such as:

• Many VA loans are assumable, meaning if you sell your home the new owners can take over your mortgage rather than applying for a new loan. This is extremely attractive to many buyers and will set your property apart from others for sale.
• Those with less than perfect credit can sometimes qualify for a VA home loan even if they would not qualify for most conventional loans.
• A VA mortgage can allow you to purchase a home with very little initial out of pocket expenses. Up to 100% of the property value can be financed, and so can the VA funding fee. Closing costs are permitted to be covered by gift funds or paid by the seller.
• If you already hold a VA mortgage and would like to take advantage of today's low VA mortgage rates a streamlined refinance can be considerably simpler, less time consuming, and less expensive than a conventional refinance.

Fixed Rate Mortgage
The traditional fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.

Hybrid ARM (3/1 ARM, 5/1 ARM, 7/1 ARM, 10/1 ARM)
These increasingly popular ARMS—also called 3/1, 5/1 or 7/1—can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans. For example, a "5/1 loan" has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining 25 years. It's a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.

Adjustable Rate Mortgages (ARM)
When it comes to ARMs there's a basic rule to remember...the longer you ask the lender to charge you a specific rate, the more expensive the loan.

Niche Loan Programs
Point Mortgage has developed relationships with a wide array of resources enabling our Mortgage Bankers to provide nearly every product available on the market. Our belief is that if there is a loan that fits your needs, we will find it.

• Adjustable Rate Loans
• USDA Rural Housing Loans
• Investment Loans
• Hard Money Loans
• Foreign National Loans
• Jumbo and Super Jumbo Loans
• Interest Only Loans
• Pledged Asset Loans
• Stated Income Loans