Loan Programs
 
 
 
 
 
 

Loan Programs

  • Conventional - A conventional loan is the most common form of loan used for residential mortgages. There is generally less paperwork involved in processing a conventional loan than with government (FHA) loans. Private Mortgage Insurance (PMI) is only required when you are making less than a 20 percent down payment. Qualifying standards for a conventional loan are higher than those of a government loan.


  • FHA - A FHA loan is a loan that is insured by the Federal Housing Administration. Therefore, FHA loans are also known as government loans. Private mortgage insurance (PMI) is required on all FHA loans regardless of how much money is put down. FHA loans are a great alternative to conventional financing.


  • VA - A VA loan is also a government loan. However, VA loans are only offered to veterans of the military. 100 percent financing is available and there is no Private Mortgage Insurance (PMI).


  • First Time Buyer - There are programs available that help qualified first time buyers obtain assistance with their down payment and closing costs. Some programs alllow for 100 percent financing as well as reduced PMI. I have helped many people buy a home with very little or even no money of their own. These loans can be Conventional, FHA or VA.


  • Stated Income - A Stated Income loan is exactly what the name implies. You state what your income is without having to prove it. Stated Income loans are generally used for self employed people who have a difficult time documenting their actual income. Qualifying for a stated income loan requires better than average credit.


  • Jumbo Loans - A Jumbo loan is a loan that exceeds the $417,000 limit to be considered conforming. Non conforming or Jumbo loans can be considered more risky therefore, the interest rate is usually slightly higher than on a conforming loan or a loan less than $417,000


  • Construction/Permanent Loans - A Construction to Permanent loan is a loan that allows you to borrow all of the money needed to build a house. A Construction loan usually only lasts for six months while the house is being built. After the house is complete, the construction loan gets converted into a regular mortgage loan for the normal 180, 240 or 360 months. Construction loans work very differently than a loan to purchase an existing home. If you have questions, please contact me. Trying to explain it on this page would leave room for nothing else.


  • Investor Loans - Carrollton Mortgage Services, Inc. offers loans that allow investors to purchase multiple properties. We also have an Investor Rehab loan that works much like a Construction Loan and allows the investor to borrow all of the money needed to acquire and fix up the property. Please contact me for more details on this program.


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    Carrollton Mortgage Services, Inc. - 2300 York Road Suite 213 - Timonium, MD 21093
    Office Phone: (410) 561-7515 Ext 130 Fax: (410) 561-8145 Cell Phone: (443) 309-2718
    Toll Free Phone: (800) 840-5269 Ext 130

    We lend in the following states: MD, VA, WV, DE, PA

    The information provided in this web site may not apply to each individual mortgage loan situation.

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    Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.