Mortgage Loan AgreementLifeTree Lending, LLC offers a variety of loan programs to meet your needs. We work with the leading lenders in the industry to provide: Conventional, FHA, VA, USDA, Conforming or Non-Conforming loans. We also are able to finance manufactured (Mobile Homes) Ask you loan officer more specifics on the requirements for this type of loan..

&nbspFHA LOANS

30-Year Fixed-FHA

A government-insured loan, at a fixed interest rate for a term of 30 years. The minimum down payment for an FHA loan is 3.5%. Term: 30 years

An FHA loan is a mortgage loan that a government agency, specifically the division of the Department of Housing and Urban Development, that insures residential mortgage loans made by private lenders and sets standards for underwriting mortgage loans. This type of mortgage carries an upfront mortgage insurance premium as well as monthly mortgage insurance.

20 Year Fixed- FHA

A government-insured loan, at a fixed interest rate for a term of 30 years. The minimum down payment for an FHA loan is 3.5%. Term: 20 years

15 Year Fixed- FHA

A government-insured loan, at a fixed interest rate for a term of 15 years. The minimum down payment for an FHA loan is 3.5%. Term: 15 years

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&nbspCONVENTIONAL LOANS

30 Year Fixed-Conventional

A type of mortgage in which the underlying terms and conditions meet the funding criteria of Fannie Mae and Freddie Mac. This mortgage interest rate is set at a fixed rate for 30 years and cannot fluctuate. The traditional minimum down payment on a conventional mortgage is 5%. Term: 30 years

About 35-50% of mortgages, depending on market conditions and consumer trends, are conventional mortgages. In other words, Fannie Mae and Freddie Mac guarantee or purchase 35-50% of all mortgages. Conventional Mortgages may be fixed-rate or adjustable rate mortgages.

20 Year Fixed- Conventional

A type of mortgage in which the underlying terms and conditions meet the funding criteria of Fannie Mae and Freddie Mac. This mortgage interest rate is set at a fixed rate for 30 years and cannot fluctuate. The traditional minimum down payment on a conventional mortgage is 5%. Term: 20 years

15 Year Fixed- Conventional
A type of mortgage in which the underlying terms and conditions meet the funding criteria of Fannie Mae and Freddie Mac. This mortgage interest rate is set at a fixed rate for 15 years and cannot fluctuate. The traditional down payment on a conventional mortgage is 5%. Term: 15 years

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&nbspARM LOANS

5/1 ARM

A loan with a fixed rate for the first 5 years that has a rate that changes once each year for the remaining life of the loan. Because the interest rate can change after the first five years, the monthly payment may also change. The interest rate is based on a pre-selected index, causing the annual interest rate and mortgage payments to rise and fall with the market.
Term: 30 years

This type of loan is considered to be riskier because the payment can change significantly. In exchange for the risk associated with an ARM, the homeowner is rewarded with an interest rate lower than that of a 30 year fixed rate. When the homeowner acquires a one-year adjustable-rate mortgage, what they have is a 30-year loan in which the rates change every year on the anniversary of the loan.
However, obtaining a one-year adjustable-rate mortgage can allow the customer to qualify for a loan amount that is higher and therefore, acquire a more valuable home.

7/1 ARM
A loan with a fixed rate for the first 7 years that has a rate that changes once each year for the remaining life of the loan. Because the interest rate can change after the first seven years, the monthly payment may also change. The interest rate is based on a pre-selected index, causing the annual interest rate and mortgage payments to rise and fall with the market.Term: 30 years

Loan Programs

30 Year Fixed- JUMBO
A fixed interest rate high-balance loan for a term of 30 years. A loan is considered jumbo if it exceeds the conforming and conforming high balance loan limits. The current conforming loan limit for a single-family home is $417,000 for all states—except Hawaii and Alaska, where it is $625,500. Jumbo loans are available for primary residences, second or vacation homes, and investment properties.
Term: 30 years


iStock_000006991853_Large15 Year Fixed – JUMBO

A fixed interest rate high-balance loan for a term of 15 years. A loan is considered jumbo if it exceeds the conforming and conforming high balance loan limits. The current conforming loan limit for a single-family home is $417,000 for all states—except Hawaii and Alaska, where it is $625,500. Jumbo loans are available for primary residences, second or vacation homes, and investment properties. Term: 15 years

5/1 ARM- JUMBO
A high-balance loan with a fixed rate for the first 5 years that has a rate that changes once each year for the remaining life of the loan. Please Note: Because the interest rate can change after the first five years, the monthly payment may also change. The interest rate is based on a pre-selected index, causing the annual interest rate and mortgage payments to rise and fall with the market. A loan is considered jumbo if it exceeds the conforming and conforming high balance loan limits. The current conforming loan limit for a single-family home is $417,000 for all states—except Hawaii and Alaska, where it is $625,500.Term: 30 years

7/1 ARM- JUMBO
A high-balance loan with a fixed rate for the first 7 years that has a rate that changes once each year for the remaining life of the loan. Because the interest rate can change after the first five years, the monthly payment may also change. The interest rate is based on a pre-selected index, causing the annual interest rate and mortgage payments to rise and fall with the market.
A loan is considered jumbo if it exceeds the conforming and conforming high balance loan limits. The current conforming loan limit for a single-family home is $417,000 for all states—except Hawaii and Alaska, where it is $625,500.
Term: 30 years

MyCommunity Mortgage

To qualify for the borrowers’ income may not exceed the program’s income limit. However, for homes located in neighborhoods designated as “under-served,” there is no income limit. MyCommunity Mortgages are also available for refinancing loans in which only the Rate and Term of the loan is changed with less than $2,500 cash out.

Special My Community Loan Benefits: If you are in the Health Profession, Educational Profession, and Protect and Serve your Community. My Community has some special incentives for you. Fixed rates can be 30 years, 30-year interest only, and a 40-year term as well. Homeownership Counseling is required.

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Home Key Program

Home Key is designed for borrowers who have suffered a mortgage credit event such as bankruptcy, foreclosure, or short sale. The highlights of the program are at least 1-year post-credit event, 620+ FICO, 25% down payment, up to 50% DTI, and up to $1.5M loan amount.

With this program, a past bankruptcy or foreclosure doesn’t have to be a roadblock to your dreams of home ownership.

Cash Flow Loan

Specially designed for investors in a rental property where qualification is solely based on property cash flow and not income. A minimum down payment of 30% is required on a single family, duplexes or qualified condos. There is no limit on the total number of properties financed and is available for loans up to $1M.

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First Time Home Buyers

My Community- First Time Home Buyers
The My Community Mortgage (MCM) loan program, offered by Fannie Mae, is designed for low- to moderate-income first-time home buyers. This program provides significant flexibility in credit guidelines for first time home borrowers with limited cash resources. The minimum down payment is 3%. Term: 30 years Maximum Amount: $417,000

To find out if you meet the income requirements:http://ww3.freddiemac.com/ds2/sell/affgold.nsf/frmState?OpenForm&State=South+Carolina

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All Adjustable rate loans are considered to be riskier because the payment can change significantly. In exchange for the risk associated with an ARM, the homeowner is rewarded with an interest rate lower than that of a 30 year fixed rate. When the homeowner acquires a one-year adjustable-rate mortgage, what they have is a 30-year loan in which the rates change every year on the anniversary of the loan. However, obtaining a one-year adjustable-rate mortgage can allow the customer to qualify for a loan amount that is higher and therefore, acquire a more valuable home.