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Location, Location, Location
With a USDA loan, it’s all about location. Properties that fall within certain areas deemed rural by the U.S. Department of Agriculture may qualify, if borrowers meet certain income limits. These limits differ by county.
Insured by the federal government, FHA loans help buyers save with up-front costs through lower down payments and secured interest rates. These loans carry mortgage insurance throughout the full term.
You Have Options
Conventional loans are our most popular for a reason. They can be used to purchase or refinance a home, borrowers can opt for fixed or adjustable interest rates, and the minimum down payment is 5%. A 3% down payment option exists for first-time homebuyers and other qualifying borrowers.
Help With Down Payments
Got all your ducks in a row, except the down payment? Don’t write off homeownership yet. We strive to help with various forms of down payment assistance — you have options.
Serving Those Who’ve Served
Members of the military, National Guard, eligible surviving spouses, veterans and reservists could qualify for loans which are partially guaranteed by the VA. This allows lenders like Open Mortgage to offer special benefits and optimal terms to eligible borrowers.
Buy & Remodel
Roll the cost of the home and a remodel into a rehab loan, great for turning that fixer-upper into the home of your dreams. There are options for an FHA loan, known as 203 (k), or a conventional homestyle loan.
Many homeowners that financed homes through FHA loans switch to a conventional when refinancing in order to drop monthly mortgage insurance payments. With a conventional loan, after 20% equity is reached, mortgage insurance drops and borrowers can save thousands of dollars over the long term.
Buy & Remodel
Our experienced loan originators can help you decide
whether a reverse mortgage is right for you. In order to qualify you must
be 62 years or older and complete a counseling session with a HUD Certified Housing Counselor.
Borrowers are expected to live in the home as their primary
residence and pay homeowners taxes, insurance, and any applicable HOA fees.
Contact your Reverse Loan Originator for more information.
HECM for Purchase
Enjoy your retirement on your terms.
In the past, your options were limited, but there may be a way for you to achieve your dream of a new home: the Home Equity Conversion Mortgage for Purchase (H4P for short). The H4P lets seniors aged 62 and older purchase a home with approximately 50% down, helping you retain more of your financial nest egg.
HECM for Retirement
Enjoy your retirment on your terms.
The Home Equity Conversion Mortgage (HECM for short) has rapidly become part of the financial planning world. No longer considered a loan of last resort, the new and improved HECM could help those who may not necessarily need cash now, but wish to secure the longevity of their savings. And considering that your home may be your largest asset, you owe it to yourself to learn more about the HECM.
Things to know about Reverse Mortgages:
Let’s get started.