Other Loan Programs
The following is a partial list of programs offered by Elite Residential Lending with a brief description of the key elements of each. For a complete list of the programs that we offer, please contact us at 312-800-0755
These Materials are not from HUD or FHA and were not approved by HUD or a government agency.
Other Loan Programs
Construction Loans are used to finance the construction of a new structure. Whether you're interested in building a brand new home for you and your family or you're looking to construct a commercial property we can help craft a terrific lending solution. Each loan is unique as the property you're looking to construct.
We look forward to your questions about construction loans. Please call us to find out more.
A popular loan type, conventional fixed rate loans feature a constant interest rate for the life of the loan. Generally speaking, monthly payments remain constant. Traditionally borrowers are expected to provide a 20 percent down payment though this is not necessarily required. Contact us for details on down payment requirements. Available terms generally range from 10 years, 15 years, 30 years and 40 years.
A jumbo loan, or non-conforming loan, usually means any home loan for amounts higher than $417,000. Jumbo loans feature similar loan programs to fixed rate and adjustable rate programs. There are even FHA jumbo loans. The main difference between jumbo loans and conforming loans is the interest rate. Because jumbo loans are riskier for lenders they usually have higher rates. Learn more about jumbo loans by contacting us today.
Home equity loans call for a borrower to acquire a new loan on an already mortgaged property using the equity you've built as collateral. Home equity loans are typically reserved for those looking to pay down medical or consumer debt , start a business or pay tuition. Please contact us directly if you're interested in a home equity loan. Most states restrict the amount of money one can borrow against their home. Interest rates on home equity loans are generally higher than conventional loans
Adjustable rate mortgages are loans where the interest rate is recalculated on a yearly basis depending on market values. As interest rates are adjusted so is the borrower’s monthly payment. While interest rates on ARM loans are generally lower than fixed rate loans they can eventually become higher. Various types of ARM loans include Hybrid ARMs such as 10/1 year, 7/1 year, 5/1 year and 3/1 year programs. Contact us for more information on adjustable rate mortgage loans.