Lending Options

With years of experience and diverse product offerings we work with your clients to understand your purchase or refinance goals and make suggestions accordingly. We currently offer Conventional, Jumbo, FHA, VA and Correspondent Lending options. We also have great success in securing financing for self-employed borrowers as well as other special scenario borrowers.

Conventional Loans

Conventional loans are any loan which is not guaranteed or “backed” by the federal government. Conventional loans were considered the “norm” for many years before the government got involved as the Federal Housing Authority and established FHA loans. Conventional Loans have many perks including only having to meet the guidelines of the lender. Appraisals will also only need to meet the lender’s guidelines instead of strict standards of the Federal Housing Authority and the Veterans Administration. Terms are also sometimes negotiable. In certain scenarios lenders will allow cash-short borrowers to roll closing costs into the loan in exchange for a slightly higher interest rate.

With all the perks there are also a few downsides. Conventional Loans typically require larger down payments. Fees and other costs are also set by the lender so in certain circumstances they may be higher (and lower and some). Usually, a conventional loan is a 30-year fixed rate mortgage. That means it has a fixed interest rate for the 30 year term of the loan. Also loans with higher than an 80 percent loan-to-value (LTV) ratio will require lenders to obtain Private Mortgage Insurance (PMI). At Ikon Financial Group our experienced loan officers know all the ins and outs and can help you avoid certain fees, costs and even PMI.

For more information about Conventional Loans or to Apply, Contact Us today!

Jumbo Loan

A Jumbo Loan, also known as a non-conforming loan, is a mortgage with a loan amount above the conventional loan ceiling, currently set at $417,000. With offices throughout the Southeast Ikon Financial Group is very experienced in navigating the complexities of Jumbo Loans and providing our clients they highest level of personalized service. Interest rates on Jumbo Loans are typically between 0.25 and 1.00% higher than conventional loans due to the greater risk to the lender. Additionally closing costs can be a bit higher as well.

If you are in the market for a Jumbo Loan let one of our Jumbo Loan experts help you today, Contact Us Here.

Federal Housing Authority (FHA)

FHA loans are government loans issued by federally qualified lenders and insured by the Federal Housing Administration (FHA). These loans have been insured by the FHA since the creation of the agency in 1934. FHA loans have been particularly helpful for individuals who typically otherwise would not have been able to secure a loan from another source, due to low income or high risk. However with new regulations FHA loans are no longer just for low-income individuals. Nearly anyone can qualify for an FHA loan as there are no income limits in place, however there are limits on how much you can borrow. You will also need a decent credit score (600+) and have a reasonable debt to income ratio. A few other great perks regarding FHA loans include:

Allow people to buy a home with as little as 3% down
Easier to use gifts for down payment and closing costs
No prepayment penalty (a big plus for sub-prime borrowers)
An FHA loan may be assumable
Possible leniency during financial hard times

Did you know Ikon Financial Group is one of the only local authorized FHA brokers? Contact Us today to help you get started with the FHA Loan Application process.

Veterans Affairs

Veterans Affairs Loans (VA) are mortgages backed by the U.S. Department of Veterans Affairs. It was designed to offer long-term home financing to eligible veterans and their spouses where sometimes offer financing options are not available. VA loans allow veterans 100% financing without Private Mortgage Insurance (PMI) but typically have higher fees imposed by the VA. The VA charges a funding fee of 0 to 3.3% that is paid directly to the VA, the good news is it is allowed to be financed.

Do you qualify for a VA loan? Is it the best option for you? Let us help you make the best mortgage choice for your purchase or refinance! Contact us today!

Reverse Mortgage Loans

A Reverse Mortgage is a special type of home equity loan for persons 62 and older. Reverse mortgages allow owners to convert some of the equity in their homes to cash (up to $625,500). These funds can be dispersed in the form of a lump sum, a line of credit, fixed monthly payments, or a combination of the three. The loan does not usually have to be repaid during the homeowner’s lifetime. Loan advances are not taxable and do not affect the homeowner’s Social Security or Medicare benefits. Reverse Mortgages are not for everyone, but you may want to consider a reverse mortgage if you are committed to staying in your home and want to increase your monthly available cash. Advantages include:

Greater financial independence and quality of life
Staying in your home and maintaining the title to your property
You will never owe more than the value of your home
You make NO payments until the loan ends or the house is due

Before moving forward with a Reverse Mortgage, you may want to consider a few things. Federal regulations regarding mortgages are always changing and many sales agents are not familiar with Reverse Mortgages. The good news is that Ikon Financial Group has a dedicated Reverse Mortgage Specialist on our team to guide you through this process.

If you are interested in learning more about Reverse Mortgages, Contact Ikon Financial today.