Resources: What are your loan needs?

I am a United States Veteran or Active Military

Procura Mortgage Company proudly serves those who have served.

The Veterans (VA) loan programs are designed to provide access to home financing for active military personnel and U.S. veterans. VA home loans are guaranteed by the U.S. Department of Veterans Affairs.

Benefits of a VA home loan:

  • No down payment
  • No monthly private mortgage insurance (PMI)
  • Closing costs may be paid by the seller, up to 4% of the sales price
  • Can be combined with other down payment assistance programs
  • Assumable to qualified borrowers
  • Even if you have used your VA eligibility in the past, you may still be eligible for another VA loan
  • If you have a current VA loan, you may be eligible for a Streamlined VA Rate Reduction to lower your payments
I have an existing FHA mortgage, and would like to reduce my rate

Refinancing with a Federal Housing Administration (FHA) streamline loan may be just what you need. The flexible guidelines and lower credit requirements help many people reduce their monthly payments.

Benefits of a FHA streamline refinance loan:

  • No income verification
  • No new appraisal required for existing FHA loans
  • Lower monthly payments after closing
I don't have a large down payment, and have concerns about my credit

A Federal Housing Administration (FHA) home loan might be the perfect fit. You may use an FHA-insured mortgage to purchase a new or existing 1-4 unit home, a condominium, or a manufactured home on a permanent foundation.

Benefits of a FHA home loan:

  • Low down payment available
  • Gift funds for down payment are allowed
  • Non-traditional credit allowed
I don't have a lot of money for a down payment

A portfolio home loan can help finance your primary residence. You may use a portfolio home loan to purchase a new or existing single-family residence or detached or zero lot line home.

Benefits of a low down payment portfolio home loan:

  • Lown down payment available
  • Gift funds for closing costs are allowed
  • Sellers contribution to closing costs allowed
I want to buy a fixer-upper, foreclosure or distressed home

Your house may not truly feel like a home until it fits you and your family. If you're buying a fixer-upper, the FHA 203(k) streamlined rehabilitation (limited repair) program lets you finance up to an additional $35,000 into your mortgage for property repairs or improvements to your home or rental property.

The program can be used for a number of improvements and repairs including:

  • Repair/replacement of roofs, gutters, downspouts, and flooring
  • Repair/replacement/upgrade of HVAC, plumbing and electrical systems
  • Minor remodeling that does not involve structure repairs, such as kitchens and bathrooms
  • Purchase and installation of appliances, including free-standing ranges, refrigerators, washers and dryers, dishwashers, and microwaves.

Benefits of a FHA 203(k) home loan:

  • Low down payment available
  • Up to $35,000 for cosmetic improvements
  • Primary residence only
  • Purchase transactions and no cash out refinance transaction
  • Great for distressed or aged properties
I have moderate to low income and live in a rural area

The USDA Rural Development Guaranteed Housing Loan Program (USDA RD) is primarily used to help low-income individuals or households purchase homes in rural areas. Funds can be used to build, repair, renovate or relocate a home.

USDA RD loans are fixed-rate, 15-year or 30-year mortgages and require no down payment. They are only available in designated rural areas and income limits for borrowers vary per area.

Benefits of a USDA RD home loan:

  • No down payment
  • 100% financing
  • Flexible credit score guidelines
  • Property must be located in the USDA designated area
  • Income restrictions apply
I want to buy my first home and need down-payment assistance

Coming up with the money for a down payment is often the largest hurdle facing first-time homebuyers. Fortunately, there is help available in the form of down payment assistance. First-time homebuyer down payment assistance programs are available in every state. Many states have set up agencies to provide special programs to help potential first-time buyers overcome obstacles in buying their first home.

Many states offer outright cash grants for down payment, while others will provide a low-or zero-interest loan to cover the down payment.

Benefits of down-payment assistance for your first home loan:

  • Low minimum credit scores
  • 30 year fixed rate mortgages
  • Income and property restrictions may apply
  • Subject to availability in each state
I would like to finance a home with the lowest rate available, and don't mind the risk of adjustable rates

Adjustable Rate Mortgages (ARMs) aren't for everybody. They are ideal for borrowers with stable increasing income potential, since the rates for these mortgages are usually lower during the first few years. Homeowners who are looking for short-term purchases also enjoy the adjustable rate mortgage option.

Benefits of an adjustable rate home loan:

  • Low down payment available
  • Various terms available
  • Low interest rates
I want to have my payments fixed for the life of the loan

Fixed-rate mortgages are the most common mortgage for first-time homebuyers because they're stable. Typically the monthly mortgage payment remains the same for the entire term of the loan allowing for predictability in your monthly housing costs.

Benefits of a fixed-rate home loan:

  • Your mortgage payment won't be affected if interest rates increase. This is especially helpful if you plan to own your home for five or more years.
  • You know what your monthly mortgage expense will be for the entire term of your mortgage. This can help you plan for other expenses and long-term goals.
  • While your actual mortgage payment will not change, your total monthly payment can occasionally increase based on changes to your taxes and insurance. In many cases you can choose to pay these costs as part of your monthly payment through an escrow account.
I want to finance a manufactured home

We have home loans available for manufactured homes that are taxed as real estate, double-wide, and built after June 16, 1976.

Benefits of a manufactured home loan:

  • Low down payment - primary residence only
  • Conventional Fannie Mae/Freddie Mac fixed rate
  • Maximum loan amount of $417,000
  • VA financing with no down payment
  • Second home financing
I am American Indian or Alaska Native

The Section 184 loan program is designed to provide access to home financing to American Indian and Alaska Native tribal members. Section 184 home loans are administrated through the Housing and Urban Development (HUD) Office of Native American programs.

Benefits of a Section 184 home loan:

  • Low down payment
  • No monthly mortgage insurance
  • Broad qualifications
  • Assumable to qualified borrowers
I want to refinance my home and need a loan amount above $417,000

Any loan over the $417,000 conventional loan limit is referred to as a jumbo loan. Loan limits may differ on a county-by-county basis.

Jumbo loans are much more flexible than most people think. They can be a fixed-rate or adjustable rate mortgage, whichever suits your purpose.

Benefits of a jumbo home loan:

  • Loan amounts up to $1.5 million
  • Available for single-family, detached or zero lot lines, and detached PUDs
  • Primary residence only
  • Loan amounts less than $729,750 have low down payments
  • 5/1 and 7/1 adjustable rate mortgage options available
I want to finance an investment property

When it comes to buying investment property, you need to understand the numbers. Investors have different goals. Some want to buy a single-family home, duplex, or multi-family (1-4 units). Others want to buy a vacation home in an area they want to visit. They may use it from time to time and rent it out the rest of the year. Whichever approach you decide to take, make sure you understand the numbers, including the cost of financing, a down payment, repairs, etc. Be realistic about whether you can afford to make the mortgage payments for as long as it may take to find a buyer or a tenant.

Benefits of an adjustable rate home loan:

  • 5/1 and 7/1 adjustable rate mortgage options available for owner-occupied duplex
  • 1-4 units financing available
Still not finding what you need?

Procura Mortgage Company offers a wide range of mortgage loan options at competitive rates. The staff of mortgage professionals can help you decide which program is best for you.