Loan Programs

Products / Loan programs

Megamerica Mortgage offers a variety of loan programs to    meet your needs. We work with the leading lenders in the industry to provide you with a variety of options so you feel  confident that you receive exactly what you are looking for and need. Take a look at some of the loan programs we have to offer.

FHA loans

A mortgage loan insured by the Federal Housing      Administration which provides a variety of benefits for first-time buyers, buyers without a large down payment, or buyers using gifts for down payment and closing costs. Options typically include 15- and 30- year fixed rate loans, or a 3/1 Adjustable Rate Mortgage.

Fixed rate mortgages

Typically a 15 to 30 year term, a Fixed Rate Mortgage loan maintains the same interest rate for the entire term. Unlike.   loans where the interest rate may change periodically, the principal and interest payment will not fluctuate with a fixed rate loan. However, the escrowed portion of the payment may change due to changes in taxes and homeowners insurance rate.

VA loans

A mortgage loan guaranteed by the U.S. Department of Veterans Affairs that makes it possible for eligible veterans and active-duty military personnel to finance 100% of a home’s purchase price with $0 money down.

The VA program offers 30-years fixed rate, assumable loans, and allows the seller to pay up to 4% of the sales price in concessions (i.e. VA funding fee, taxes and insurance, gifts, etc). There is no limit on seller contributions toward closing cost.

Adjustable rate mortgages

An adjustable rate mortgage is a loan in which the  interest    rate on the note is periodically adjusted. The result of a fluctuating interest rate on a loan is a monthly principal and interest payments that adjusts.

The interest rate for the loan is often based upon a market    index. Payments may become either higher or lower based    upon the market conditions affecting the index at the time of the change. These interest rate changes are often periodically and over the life of the loan.

USDA loans

A USDA loan (also called a Rural Development Loan) is a government insured home loan that allows for the purchase of a home with no money down. USDA loans offer 100% financing to qualified buyers. The property must be located in a rural area and must be in the eligibility zone.

Jumbo loans

A jumbo loan is one of the loan programs that may be called for when you need a loan amount higher than the conventional conforming loan limits set by Fannie Mae and Freddie Mac.

Additional loan programs

We also offer additional lending programs depending upon your location. Please call us for more information.