Affordable Loans

House America® Loans

With the goal of making homeownership more affordable, The Group Guaranteed Mortgage’s House America® loan program includes special features that can be attractive to individuals and families that do not fit within traditional loan guidelines. Low down payment requirements are highlights of this program. There is also flexibility when it comes to sources of income, assets, and traditional credit histories.

The flexible features of the House America loan program were designed to help qualified borrowers address many of the traditional barriers to homeownership:¹

• Credit History. The program can consider monthly rent and utilities payments to establish a favorable credit history.
• Income and Assets. The program can consider income from multiple jobs, extra income from jobs such as child care, cleaning services, home repair and maintenance, rent paid by a live-in boarder, and personal savings not held in a traditional banking account.
• Debts and Other Bills. The program is designed to help people who may use a higher than average amount of their monthly income to pay living expenses and debt.
• Home Loan Payments. Payment choices can be made in advance as there are a variety of fixed and adjustable rate mortgages with various loan terms (15,20, 25, 30 and 40 year loan terms) available with this program.

Other attractive features include options for having immediate family members (parents, children or siblings) help each other buy a home of their own. The House America® Loan Program can be a great financing solution for home buyers.

¹ Landlord Education is required for all 2-4 unit properties.  Landlord education offered at no cost through the House America Counseling Center.  Some Special Features cannot be combined. Maximum income restrictions may apply in your area.  Ask for details.

FHA Loans

What is an FHA Loan?
Many people think that they have to get an FHA Loan through the Federal Housing Administration. However, the Federal Housing Administration does not provide FHA loans; they simply guarantee or insure the loans.  FHA loans are often referred to as government-insured loans or government loans. To get an FHA loan, you apply through an approved lender like The Group Guaranteed Mortgage.

FHA loans have features that can make them easier for first-time home buyers to qualify such as lower down payments and flexible lending guidelines.

More specific features include;

• Low down payment (usually 3% of the FHA appraisal value or the purchase price, whichever is lower)
• No maximum income/earning limitations
• Fixed rate and ARM loans available
• Insurance from the federal government replaces private mortgage insurance
• Maximum loan amounts vary by county — ask for information on your county

Who can qualify for an FHA Loan?
An FHA Loan could be the ideal solution for some homebuyers, especially if one or more of the following apply:

• First-time homebuyer
• Not a lot of money to put down on a house
• Low monthly payments are important
• Non traditional employment or credit history

There are also eligibility requirements for the property. Other restrictions apply. Properties that are eligible for an FHA loan include single-family homes, 2-4 unit properties, condominiums, and manufactured homes.

VA Loans

What is a VA Loan?

A VA loan is guaranteed by the Department of Veterans Affairs (VA). VA loans are offered through an approved lender such as The Group Guaranteed Mortgage. These loans have features that make them easier for qualified veterans to obtain. These features include:

• Up to $799,000 for veterans with full entitlement
• Fixed rate with 10–30 year loan terms
• More flexible income, employment and savings requirements.

Who can qualify for a VA Loan?
Any veteran who served in the active military, naval or air service, who was discharged or released from active duty under conditions other than dishonorable. Active service members may also be eligible.

There are also eligibility requirements for the property. Other restrictions apply. Properties that are eligible for a VA loan include single-family homes, VA-approved condos, PUDs (Planned Unit Developments) or 2-4 unit properties.

Construction Loans/One-Time-Close (OTC) Program

The Group Guaranteed Mortgage’s One-Time-Close construction to permanent loan programs provide financing for construction and conversion to the permanent loan in one transaction.  Now qualified borrowers don’t have to apply and be approved for a construction loan to build that new dream home, then apply and be approved for a second, permanent loan when the home is complete.

Qualified homebuyers can:

• Save time and money with one loan transaction for both construction and permanent financing; one application, one closing and one set of closing costs.
• Finance closing costs and construction phase payments.
• Include the purchase of land, plans and permits in the loan amount.¹
• Finance eligible renovation/rehabilitation projects.

¹ Subject to potential changes in property eligibility requirements for the Lot Loan and One-Time-Close programs and other qualification criteria at the time each loan is originated.

Home Equity Loans
A home equity loan could be the ideal solution for home improvements, a renovation or remodel. A home equity loan is obtained by accessing  the available equity in your property.

Home Equity Lines of Credit (HELOCs)

A Home Equity Line of Credit (HELOC) is a line of credit that can be obtained by qualified borrowers who want to access the available equity in their home. Our HELOCs feature an adjustable interest rate based on the Prime Rate, often with lower interest rates than typical credit cards. Once a borrower’s HELOC is approved, they also receive a checkbook from which to draw funds.

Benefits of a HELOC?

• A line of credit – homeowners take as much or as little of their line at closing as they wish, up to the full amount of the line of credit
• Renewable source of funds - pay down principal and re-use (during draw period)
• Can be used as a “safety net” for future cash needs
• Flexible repayment terms – pay interest only, fully amortizing, or any amount above interest only during the 5 or 10-year draw period

HELOCS feature the following benefits:

•  Money can be used for any purpose
•  A valuable financial planning tool
•  Potential tax deductibility of interest paid (check with your tax advisor)
•  Often allow larger credit limits, lower interest rates and lower monthly payments than most other forms of consumer credit ¹

Here are some ways people choose to use their funds...

• Home renovation
• Landscaping
• College tuition
• Debt consolidation
• Automobile purchase
• Investments
• Vacations

¹ Taking out a home equity line of credit may increase the total number of monthly payments and/or the total amount paid when compared to your current situation.