Government Home Loan Programs: There are basically two types of government loan programs - FHA and VA. FHA (Federal Housing Administration) does not actually make loans.  They insure loans for the lender in case of default.  You may be able to get an FHA loan with 3% down payment, or even less! FHA loans can have Adjustable Rate Mortgage (ARM) or Fixed Rate Mortgage.

Veterans Administration (VA): loans can only be made to qualified veterans and require no downpayment or closing costs.  The loan process is the same as any other loan.  VA only offers fixed rate mortgages.

Manufactured Homes: A manufactured home is built to the Manufactured Home Construction and Safety Standards (HUD Code) and displays a red certification label on the exterior of each transportable section. Manufactured homes are built in the controlled environment of a manufacturing plant and are transported in one or more sections on a permanent chassis.

HUD Homes : When someone defaults on a FHA loan, the lender forecloses on the home and HUD takes ownership.  HUD then sells these HUD Homes at market value.  Anyone can buy a HUD home.  HUD Homes are sold "as is," without warranty.  HUD homes can be a bargain.  HUD might offer special incentives such as an allowance to upgrade the property, a moving expense allowance, or a bonus for closing the sale early.  On most sales, the buyer can request HUD to pay all or a portion of the financing and closing costs.  Down payment is generally 3% but could be as low as $1.  For more information or a list of HUD homes for sales, visit: http://www.hud.org/

Conventional Loans : These are long term loans made by lenders, for financing of the home loan. Unlike FHA and VA loans, these loans are not insured or guaranteed by the government.  The lender requires the homeowner to maintain loan insurance provided by private mortgage insurance company, to help the lender offset the risks associated with loan default.  Mortgage insurance is generally required on loans where the loan to property value is over 80%.

Fixed Rate Loans: With a fixed-rate mortgage, your monthly payments for interest and principal stay the same during the life of the loan.  Property taxes and homeowners insurance may increase affecting your payment, but generally your monthly payment will be consistent.  The loan is amortized over the term of 30 years.  Shorter term loans are available depending on your needs.

Adjustable Rate Loans (ARM): With an ARM loan, the interest rate changes at specified intervals, usually in relation to an index gauging the changing market conditions.  The payments may go up or down as index changes.  ARM loans have rate caps that set the maximum interest rate change per interval and throughout the life of the loan.  ARM loans start out at a lower rate, making it easier for you to qualify and to afford.  It also means that you might qualify for a larger loan.  Moreover, your ARM loan could be less expensive over a long period than a fixed-rate mortgage, for example, if interest rates remain steady or move lower.  You have to weigh the risk that an increase in interest rates would lead to higher monthly payments in the future.  It's a trade-off; you get a lower rate with an ARM in exchange for assuming more risk.

Fixed to ARM: Just as the term implies, these loans start out as a fixed rate and then convert to an ARM loan after a specified period generally ranging from two to five years.  The advantage is that the loan starts out at a lower rate than the prevailing interest on a fixed rate.

Balloon Loans: These are mortgages in which monthly installments are not large enough to repay the loan by the end of the term.  As a result, the final payment due is the lump sum of the remaining principal due as specified on the Note.

Jumbo Loans: Are mortgages where the loan amount exceeds the limits set by Fannie Mae and Freddie Mac.  These loans can be Fixed Rate or ARM.

A-,B, C (Not So Perfect Credit) Sub-Prime Programs: If your past credit problems cannot be explained, you will be qualified for a lower grade loan ( B or a C grade loan) which may require a higher down payment, higher rate, and/or non-standard loan terms.  Remember, you can always refinance your loan once you re-establish your credit.

Niche Programs/ALTA Loans: These are special conforming and jumbo mortgage programs where the program guidelines fall outside of traditional Fannie Mae and Freddie Mac guidelines.  For example, we offer stated income where you are not required to provide income documents; no ratio where we do not even need to know your income; no mortgage insurance (MI) where you are not required to get mortgage insurance; and no income, no asset (NINA) where neither your income nor your assets will be verified.

Second Mortgages: Sun West offers several types of second mortgage products.  You can borrow against the equity in your property to make improvements to your home, pay off debts, or for any other reason.  We also offer debt consolidation loans that allow you to consolidate your debts, possibly saving you hundreds of dollars each month and giving you a tax write-off.