A PROFESSIONAL MORTGAGE COMPANY
A conventional loan is any mortgage that is not guaranteed or insured by the federal government. Conventional loans generally require larger down payments than government-backed loans. There are several categories of conventional loans, but fixed rate mortgage loans are generally the simplest form. A fixed rate loan allows the borrower to “lock in” an interest rate, and pay down the principal and interest on the mortgage every month at the same rate until the loan term expires.
Conforming conventional loans are arrangements that meet stipulations set forth by Fannie Mae and or Freddie Mac, two very large mortgage companies. Nonconforming loans are instruments that do not meet Fannie Mae or Freddie Mac's qualifications. Fannie Mae and Freddie Mac do not actually approve or deny loans; they buy and sell mortgages. Lenders prefer borrowers that have conforming loans since they can later sell these loans to Fannie Mae or Freddie Mac and secure funds for other investments.
Other types of nonconforming conventional loans are jumbo loans. These loans are not eligible to be traded by Fannie Mae or Freddie Mac. Current guidelines for conventional home loans put the maximum price at just over $548,250 for a single-family arrangement. The interest rate on a conventional loan is determined by the kind of loan the borrower wants. Lenders typically look at the borrower’s FICO score, available funds to close the transaction, and employment history.
Finally, the property you are buying or building must qualify for the loan. Mortgage documents for conventional loans can vary from lender to lender. Lenders may include certain clauses in a mortgage contract such as, alienation, due-on-sale or prepayment penalty.
The Federal Housing Administration (FHA) was created in 1934 by Congress to help Americans obtain mortgages and purchase homes. In 1965, it became part of the U.S. Department of Housing & Urban Development (HUD).The FHA does not make loans directly to borrowers but rather provides insurance on loans made by approved lenders. FHA-insured mortgages can be obtained for single-family, multi-family, manufactured and mobile homes, and hospitals. FHA loans are different from conventional loans in a number of ways
FHA loans have lower credit requirements than conventional loans, making them more available to a wider range of potential homebuyers. Unlike a conventional loan, the FHA loan limit is different in each state. While conventional loans ordinarily require a 10-30% down payment, FHA-insured loans only require a 3.5% down payment. Gifted funds can be used as down payment and are acceptable for FHA-loans if:
The donor is the borrower’s relative, employer, labor union, a charitable organization, a governmental agency, or public entity,that has a program to provide homeownership assistance to low-and moderate-income families or first-time homebuyers.
No repayment of the gift is expected or implied.
The requirements used to determine whether or not to approve FHA loans are also more flexible for borrowers. Factors such as household income, lower credit scores and repayment ratios are among the factors considered. Most people associate FHA loans with purchase transactions. Although, home purchases are the most common uses, FHA loans are available for rate-and-term refinancing, cash-out refinancing, and FHA Streamline program refinancing. FHA mortgage insurance typically appeals to lenders because it protects them against loss should the borrower default on the loan. These are the key difference between FHA and conventional mortgages.
Borrowers are responsible for making the mortgage insurance premium payments that is usually included in their monthly mortgage expenses. This cost typically drops off when the balance remaining on the loan is greater than three-quarters of the property value or after 5 years, whichever takes longer.
For your convenience, please fill out (typed/free-hand) and forward an application (linked below) via email to firstname.lastname@example.org. An agency representative will contact you to schedule your appointment to speak with one of our loan officers.
Please download your application here. <<<
Collateral Structure for Project Financing
1. Do you have a project or company that is bankable but the lender is requesting additional collateral?
2. Is your project a profitable venture?
3. Are you surrounded by experienced and skilled professionals ready to run this project once it is funded?
4. Are you willing to extend equity to our investor in the range of 30% - 75% for a CASH PAYMENT plus 100% of the financing you require?
OUR LOAN PAYMENT GUARANTEE PROGRAM CAN HELP SOLVE YOUR PROBLEM IF YOU ANSWERED YES TO THE QUESTIONS ABOVE.
Min Funding/Collateral Amount: $25 Million
Max Funding/Collateral Amount: $3 Billion
Interstate Mortgage has the funding capacity for: Construction Loans, Distressed Projects, Hotels, Motels, Medical Apartments, Retail, Office, Industrial Warehouses, and Energy Companies.
And much more!!!
Up to 80% Loan to Value
Call (209) 609-6322 for more information.
GET A LOAN!
New Home Financing
Interstate Mortgage can find you the best-suited loan for your new home purchase. With various loan programs available, we’ll help you match your needs with a loan that will satisfy you for as long as you own your home.
With a fixed-rate mortgage, the borrower will lock in an interest rate, and pay down both the principal and interest on the loan at the same rate every month for the life of the loan. The 30-year fixed rate is the most typical but terms can be for a longer or shorter period of time, the primary difference being in the size of the monthly payments.
Adjustable-Rate Mortgages Basic ARM
The borrower wants to start with a low payment or wants to buy more homes for their money. The borrower can put as little as 5% down, with rate adjustments every 6 months.
Fixed Period ARM
Borrowers who plan to move or refinance in a few years and want the security of a fixed rate for that period of time can receive a fixed rate for 5, 7, or 10 years.
Home Equity Loan vs. Home Equity Line of Credit
There are advantages and disadvantages to both Home Equity Loans (HELs) and Home Equity Lines of Credit (HELOCs). The difference between the two depends on your needs. Both types of loans allow you to borrow up to a certain amount of your current home value. You can use this money for debt consolidation, renovation, etc.
Hard Money Lending:
. 30 years term
. No tax returns required
. Up to 80 % LTV
. Can buy under corporate entity. Protect your identity and other assets.
. Short term rental 80 LTV purchase, refi 75 LTV cash out
. Portfolio refinances, 4-8 properties
. 30-year term (no balloons)
. No Tax returns
Small Commercial Loans
. 70% Loan -to-Value
. Full 30-year terms
. Property types include multi-family and mix used. Property must debt service.
. Loan amount: $300,000- $3,000,000
Galaxy 33, Inc. DBA Interstate Mortgage was founded in 2015. The company functions primarily as a residential mortgage broker in California and North Carolina. Ninety-five percent of the loans processed at Interstate Mortgage are for residential real estate properties; the remaining five percent are Commercial and Industrial properties. Currently we have offices in California and North Carolina. Worldwide we support Commercial, Construction, Land Loans, Green related projects, Hard Money and In Ground Assets Loans. The company was incorporated in July of 2014.
Interstate Mortgage prides itself on providing Quality Real Estate loan services to both the borrower and the Investor.
The Principals of Interstate Mortgage have over 35 years of experience in the Mortgage industry. We are committed to continuing to help our customers achieve the American Dream in Home Ownership.
With over 35 years’ experience in the Mortgage Industry, we are committed to continuing to help our customers achieve the American Dream in Home and Business Ownership.
We are committed to have a frank and truthful conversation with our customers regarding their loans and industry changes. We will not give you a loan that we would not give ourselves or our family members. We stay in touch by email, fax, phone or text messages every step along the loan process. We will also be in communication with your Realtor in these transactions about important facts and milestones.
Time of the Essence:
Time is one of the key ingredients in Real Estate. Sellers want to sell, and buyers want to move. Timing is critical in every transaction. We try our best to meet or exceed all expectations.
We at Interstate Mortgage strive for excellence in our work and our relationship with our customers. Integrity is missing from most of our industry. For us integrity means putting your needs in front of ours. We will be straightforward with you, your Realtors and anyone else you authorize.
Interstate Mortgage North Carolina DRE license #279715, California Department of Real Estate #00915039, NMLS #2086175
CALL Today (209) 609-6322
624 Matthews Mint Hill Road, Suite 113
Matthews, NC 28105
Office: (209) 609-6322
Fax: (704) 266-4396