The Medrano Team offers our clients a wide variety of financing options. Whether you are buying your first home, building a custom home, or looking to add to your real estate portfolio, we are here to help!
Also known as “conforming” loans, this is the most common type of mortgage loan out there. The rules and guidelines for these types of loans are dictated by Fannie Mae and Freddie Mac and ever changing. They come with both fixed and adjustable rate options and are currently available up to a max loan amount of $510,400 in Texas.
Fixed Rate Mortgages (FRM)
The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan’s lifetime.
Adjustable Rate Mortgages (ARM)
Adjustable-rate mortgages include interest payments which shift during the loan’s term, depending on current market conditions. Typically, these loans carry a fixed-interest rate for a set period of time before adjusting.
A jumbo loan, also known as a non conforming mortgage, is a type of financing that exceeds the limits for conventional lending. Made to finance luxury or high valued properties these loans usually have distinct underwriting requirements from lender to lender and also come with fixed and adjustable rate options.
We offer both warrantable and non-warrantable condominium financing via conventional, jumbo, FHA, and VA loan options. Fannie Mae/Freddie Mac have established requirements that deem a condo project “warrantable” or “non-warrantable” and you’ll want to discuss this with your lender as the rate and terms can differ between the two.
What we would refer to as a “portfolio” loan in our industry - this type of loan is unique. Eligible for Doctors, Residents, and Dentists this loan offers options up to 100% financing with no private mortgage insurance requirement. With both fixed and adjustable rate options this type of financing is ultra competitive to the medical community.
Looking to build your dream home? Looking to buy a fixer upper and renovate? We offer both “One-Time” and “Two-Time” construction/renovation financing options.
One-Time Close
- Just as it says…you close one time. One set of closing costs and your rate is locked at the time of closing.
- Affords borrowers confidence in knowing that their permanent loan is secured.
- Loan payment is interest only based upon drawn funds during construction and then modifies to permanent and fully amortizing loan once home is complete.
- Recast options are available.
Two-Time Close
- Two step process. 1st loan is the interim loan aka construction loan. 2nd loan is the “permanent financing” loan.
- Perfect for borrower who wants to use a specialty program for the permanent loan (such as VA or certain jumbo loans).
- Perfect for borrower who has home to sell, but doesn’t want to move twice. Can qualify with higher debt-to-income ratios.
- Allows for you to refinance later and take advantage of the updated value of your newly built home at that time.
VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans exceptional benefits, including low interest rates and no down payment requirement. In addition, there is no required private mortgage insurance on these loans. Veterans, service members, and surviving spouses can be eligible to take advantage of a VA mortgage. This program was designed to help military veterans realize the American dream of home ownership.
FHA loans are insured by the Federal Housing Administration. These loans are designed to help first-time homebuyers and experienced homeowners alike by providing them with a low down payment option and more flexible credit score requirements. FHA mortgage insurance (upfront fee and monthly) is required on these loans and serves as protection for lenders in the event of a homeowner defaulting on their home loan.