Flagship Financial Services offers many home loan programs with terms for 10, 15, 20, and 30 years (other terms may be available depending on certain conditions).
Please contact us at (954) 771-8984 to meet with one of our expert mortgage banking specialists. Together, we will determine which home loan financing option best suits you and your financial needs.
Common Loan Programs
Fixed Rate Mortgage Program
A fixed rate mortgage loan has equal monthly payments for a fixed period of years. Since the borrower’s payments are “fixed”, the borrower can expect to make the same monthly payment for the entire term of the loan. Fixed rate mortgages are available for Conventional, FHA, VA and Jumbo loans.
Adjustable Rate Mortgage (ARM) Programs
An adjustable rate mortgage loan’s starting interest rate and payments are generally lower than the Fixed Rate Mortgage and both the interest rate and payment adjust according to economic conditions. The low introductory rate is used to calculate the starting payment for a specific period of time, for example: 1, 3, 5, 7, and 10 years; also available are monthly ARMs and other specialty products. After the introductory period most ARM’s adjust yearly, the interest rate and payment will adjust (increase or decrease) based on the ARM’s index and margin. Both Conventional and Jumbo loans have a wide variety of ARM programs available; however, FHA and VA each only have one ARM program.
Conventional Conforming and Jumbo Mortgages
Conventional conforming mortgages are loans that meet the guidelines and loan limits of Fannie Mae and Freddie Mac (government sponsored agencies that establish guidelines for mortgage lenders). Most mortgages in the U.S. conform to these guidelines and are considered conventional loans. Fixed and ARM mortgage programs are available for conventional loans.
A jumbo mortgage exceeds the loan limits established by Fannie Mae (FNMA) and Freddie Mac (FHLMC) (contact Flagship for current limit). Since jumbo loans exceed these guidelines, the interest rates are generally higher than a conventional loan. Fixed and ARM mortgage programs are available for jumbo loans.
Federal Housing Administration (FHA) Mortgage
An FHA mortgage is insured by the U.S. government and must comply with FHA guidelines and loan limits (which differ from Conventional and VA). It is available to all U.S. residents and is known for low down payments mortgages. FHA loans are popular with first time homebuyers with limited cash available. FHA has both a fixed rate and an ARM program available.
Veteran’s Administration (VA) Mortgage
A VA mortgage is guaranteed by the U.S. government and must comply with VA guidelines and loan limits (which differ from Conventional and FHA). Only veterans that have served for a specific period under honorable conditions are eligible for a VA loan. VA mortgages are available when purchasing a property using -0- down payment. VA has both a fixed rate and an ARM program available.
Mortgage Revenue Bond Programs (Bond Mortgage)
A Bond Mortgage is issued by a government agency, usually a state or county. The rate is normally lower than prevailing rates; but to qualify for the program borrowers must meet certain restrictions including, but not limited to: 1st time homebuyer, maximum income limits, and purchase price limits. Full documentation is generally a requirement including 3 years of complete tax returns from the borrower. Flagship is a participating lender in several Bond Mortgage Programs issued in the state of Florida.