Programs

Reverse Mortgage

A reverse mortgage is another name for a Home Equity Conversion Mortgage (HECM). This type of loan allows homeowners age 62 and older to convert a portion of their home's equity into cash to pay off their existing mortgage. A HECM removes the strain of monthly mortgage payments while allowing borrowers to remain in the home, and it can free up cash to enjoy the years ahead.

If there is additional equity after the mortgage has been paid, there are no restrictions on how you can use the funds.

  • Offset day-to-day living expenses
  • Cover emergency expenditures, such as medical costs or home repairs
  • Provide for in-home care
  • Pay for the trip of a lifetime
  • Fund a grandchild's college tuition

 

*Borrower is still responsible for continued payment of taxes and insurance, and any applicable homeowner's fees.

Refinance

Element Funding offers a number of refinancing options to borrowers. Whether you are wanting to lower your interest rate, lower your monthly payment, take some available equity out (cash out), or consolidate debt, we have a program for you.

Lower Your Monthly Payments

Are you lowering your interest rate and monthly payments your main reason for refinancing? Do you currently have a higher fixed rate loan, or an adjustable rate mortgage in which the interest rate can vary from year to year? If so applying for a low fixed rate loan might be a wise option for you if you plan on staying in your home for a number of years. We also offer adjustable rate mortgages, where the initial term is fixed for 3, 5, 7, or 10 years, and offer you a lower initial fixed rate. These programs may better suit your needs if you plan on moving in the next few years.

 

Cash-Out Refinance Loans

Are you looking to cash out on some of the available equity in your home? Perhaps you are looking to update your kitchen or bath, pay for your child's college tuition, consolidate your existing debt (i.e. credit cards with those exorbitantly high interest rates), consolidate your 1st and 2nd mortgages, or take that special family vacation. In this case, you will need to obtain a loan that is higher than the remaining balance on your mortgage. If you have had your existing loan for a number of years or your current home is at a higher interest rate, you may not even experience an increase in your monthly mortgage payment despite an increase in your loan.

 

Rate and Term Refinances

A rate and term refinance allows you to pay off your existing mortgage, or consolidate your existing 1st and 2nd mortgage (or Home Equity line of credit) and roll in all your closing costs and lower your interest rate and/or term. This is a great option for those looking to lower their monthly payment without taking out any additional equity. 

 

Building Equity

Are you looking to build up the equity in your home more quickly and payoff your mortgage faster? Consider refinancing to a mortgage loan with a shorter term, such as a 15 year fixed rate loan program. Although your mortgage payment may experience an increase, a shorter term loan affords you a lower interest rate, and by paying it off sooner, you will build up your equity faster. In some cases, if you have had your 30 year loan for a number of years at a higher interest rate, it is also possible that by refinancing to a 15 year fixed you may not experience an increase in your monthly payment.

Jumbo Loans

Our Jumbo Loan programs are the answer when you need to finance more than Fannie Mae's or Freddie Mac's conforming conventional loan limits of $453,100.00. These mortgages may come with more restrictive guidelines due to higher loan balances but we are savvy in navigating through the Jumbo Loan market. You now what you want and Element Funding can help you get it!

  • Element Funding Jumbo Loan products up to $3 Million.
  • Choose from 10, 15, 20, 25, 30 year fixed rate programs.
  • Choose from 5/1, 7/1, and 10/1 adjustable rate products.
  • Loan available with up to 90% financing and No Mortgage Insurance!
  • Minimum credit score of 680.
  • Had a prior Bankruptcy or Short sale? We may have a program for you as long as you can meet a 4 year seasoning requirement.
  • Do you have a limited or thin credit profile? We have loan that permit you to build non-traditional credit!

We will bring you HOME!

HARP

The housing market crash undermined a lot of people's finances. The Home Affordable Refinance Program (HARP) Loan is designed to help homeowners who are paying off a house that has lost significant value. This federal government program can provide some financial freedom. Refinance to a lower-rate mortgage with no down payment requirement. Plus, you have the choice of fixed or adjustable rates over various terms.

  • Expanded loan-to-value ratios provide additional assistance.
  • Get financial relief if you're paying off a high-rate mortgage on a home that's worth less than you owe.

Requirements:

  • Down Payment: None
  • Terms: Multiple years, fixed and ARM
  • Credit Score: 620 Minimum
  • Mortgage Insurance: Yes
  • Maximum Loan Limit: $417,700*

*Some "high balance" areas have loan limits above the standard level.

ARM

You can save some money when you get a mortgage with an adjustable interest rate, especially when rates are low. This option also is helpful for providing more breathing room when you need a Jumbo Loan. Here's how ARMs work: You get a fixed rate for a few years before the mortgage adjusts annually, based on a particular index value. Point is, you either want to sell before your rate increases or refinance your mortgage. But you'll save money upfront because the intro rate is lower than a fixed-rate option.

  • Increases the availability of credit if you're looking for a Jumbo Loan.
  • Get a fixed rate for 3, 5, 7, or 10 years before the mortgage becomes adjustable.
  • Ideal if you're planning to sell your home before the low intro rate adjusts upward.

Requirements:

  • Down Payment: Varies
  • Terms: 3/1, 5/1, 7/1, 10/1 years fixed/year
  • Credit Score: Varies
  • Mortgage Insurance: Varies
  • Maximum Loan Limit: Varies

VA

We thank our military veterans by serving them and their families proudly.

Veterans and widowed spouses are eligible for special VA Loans that are tailored to make homeownership more attainable for those who have logged military duty serving our country. We provide access to government-backed VA Loans because you and your family deserve a helping hand. You don't have to worry about a down payment or mortgage insurance. This mortgage keeps more money in your pocket every month.

  • Choose from various term options and fixed or adjustable rates.
  • Enjoy lower monthly payments because you won't need to pay mortgage insurance.
  • Get 100% financing with no down payment requirements.

Requirements:

  • Down Payment: None
  • Terms: 15, 20, 25, 30 years, fixed and ARMs
  • Credit Score: 600 Minimum
  • Mortgage Insurance: No
  • Maximum Loan Limit: Yes, varies by county

FHA

FHA Loans are geared toward hard-working families in low-to moderate-income brackets. Down payments are lower than conventional mortgages. And you can choose from various terms with fixed or adjustable rates.

  • Allows you to purchase a home when you have limited resources.
  • Ideal for the first-time homebuyers from low- to moderate-income families.
  • Purchase a home using a lower down payment.

Requirements:

  • Down Payment: 3.5% of the final loan amount
  • Terms: 10, 15, 30 years, fixed and ARMs
  • Credit Score: 640 Minimum*
  • Mortgage Insurance: Yes, one-time, up-front and monthly
  • Maximum Loan Limit: Yes, varies by county

 

*Unless approved by FHA Choice Manual Underwrite Process.

USDA

It's better in the country. That's why you want to live in a rural community. The United State Department of Agriculture (USDA) subsidizes qualified borrowers through the Rural Housing Loan. The USDA determines what "rural" means, and that varies widely by state. But if you're eligible, you can qualify for lower monthly payments and you don't need money for a down payment. You'll also spend less time in traffic driving to the closing.

  • Available as a 15-year or 30-year option with a fixed rate.
  • Finance 100% of your home with no down payment requirement.
  • The loan's income eligibility cap varies by community.

Requirements:

  • Down Payment: None
  • Terms: 15 or 30 years, fixed rate
  • Credit Score: 620 Minimum
  • Mortgage Insurance: Yes
  • Maximum Loan Limit: Yes, varies by county