The following is a partial list of programs offered by Monarch Mortgage with a brief description of the key elements of each. For a complete list of the programs that we offer, please contact us.
Backed by the Veterans Administration and the federal government, it is similar to FHA except that you have to be a qualified Veteran or military person. There is no down payment required.
Backed by the Department of Housing and Urban Development, this mortgage offers the borrower the ability to put as little as 3% down payment – and they can even finance “allowable” closing costs. Seller can contribute up to 6% of the purchase price to the buyer towards closing costs.
The United States Department of Agriculture is the central federal department whose initial role was to provide the farmers of America with a source of knowledge about farming, somewhere a farmer could turn to obtain general information. This role continued until the Depression years when, due to low prices for agricultural commodities, the USDA initiated for the first time support of commodity prices and farm income. It has broad authority to address agricultural issues, to undertake a variety of studies, research, and investigations and to engage in other information-gathering activities. The USDA works in partnership with state, county, municipal, and tribal governments to use a range of tools to protect the consuming public and farmers and ranchers. After several attempts at obtaining Congressional approval, the Agricultural Adjustemnt Act (AAA) of 1938 was passed. This law has been historically reauthorized by subsequent sessions of Congress since its passage-until 1996.
Building a new home can be an exciting prospect - unless you get caught up in a construction loan approval process that is overly complicated and time consuming. With this loan, we will finance up to 90% of the cost of land and construction. We offer a one-time fixed rate closing or traditional ARM products.
This is a program of the federal home loan bank (FHLB) system that provides funding to the member banks to be used for purchase, construction, rehab or refinancing of housing. In the single-family homeownership context, the money can be used for down payment assistance, interest rate buydown, and/or principal reduction, provided that the housing is for residents with earnings no greater than 80% of the Area Median Income.
Subordinate to the first mortgage, these loans offer the borrower the ability to get money for home improvement, debt consolidation, or many other reasons without disturbing their first mortgage. Convenient when you have a low interest first mortgage.
Used to finance 1-4 family properties that will be for investment with as little as a 10% down payment. Aggressively priced, these programs have many variations.
