CONVENTIONAL, GOVERNMENT & JUMBO LOANS

Daniel Shlufman, through Classic Mortgage LLC, offers a variety of Residential Mortgages including Federal Housing Administration (FHA) Loans, Conventional Fannie Mae & Freddie Mac Loans, VA Loans, Jumbo Loans, Fixed & Adjustable Rate Loans, No Income Verification Loans, Self Employed Loans, Refinancing & Debt Consolidation. It's important to work with someone knowledgeable, experienced, & qualified, such as Dan Shlufman, to determine which loan is the right choice for you.

CONVENTIONAL LOANS

Fannie Mae & Freddie Mac

Fannie Mae & Freddie Mac loans were created to support the secondary mortgage market in the United States. One of the ways they support the market is by purchasing and securitizing mortgages from lenders, which provides liquidity to the market and allows lenders to continue originating new loans.

These loans are considered conventional loans and are mortgages that are not insured by a government agency like the FHA or VA. Instead, these loans are backed by Fannie Mae or Freddie Mac, which means that lenders can sell them and receive payment for them, which frees up their capital to make new loans. These loans typically have stricter eligibility requirements than FHA or VA loans.

One of the benefits of these loans is that they often have lower interest rates than FHA or VA loans. They may also have lower mortgage insurance requirements.

JUMBO LOANS

Non-Conforming Loans

A jumbo loan, also known as a non-conforming loan, is a type of mortgage loan that exceeds the maximum loan limits set by Fannie Mae and Freddie Mac.

Jumbo loans are typically used to finance the purchase of luxury properties or homes in expensive markets.

Jumbo loans carry more risk for lenders, which means they may have higher interest rates and more stringent eligibility requirements. These loans often require larger down payments and higher credit scores than conventional loans, and may also require more extensive documentation of income and assets.

FHA LOANS

Federal Housing Administration Loans

An FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA), which is part of the U.S. Department of Housing and Urban Development (HUD). These loans are designed to make loans more accessible to people who may not qualify for traditional mortgages. This may include first-time homebuyers, people with lower credit scores, or buyers who cannot afford a large down payment since these loans only require 3.5% down. FHA loans may also have lower interest rates and lower closing costs than traditional mortgages.

One important thing to note is that FHA loans require borrowers to pay mortgage insurance premiums (MIP) as a way to protect the lender in case the borrower defaults on the loan. The MIP is typically paid as an upfront premium at the time of closing, as well as an ongoing premium that is included in the monthly mortgage payment.

VA LOANS

Veterans Administration Loans

VA loans are guaranteed by the Department of Veterans Affairs and are available to eligible current and former members of the U.S. military and their spouses. These loans are designed to make it easier for veterans and their families to purchase homes by offering more favorable terms than conventional mortgages.

Benefits of a VA loan is that they do not require a down payment and may have lower interest rates than conventional mortgages.

VA loans also have more flexible eligibility such as lower credit score requirements and higher debt-to-income ratios. However, borrowers must still meet certain eligibility criteria, such as having a valid Certificate of Eligibility (COE) and meeting the minimum service requirements.

Another important feature of VA loans is that they do not require borrowers to pay private mortgage insurance (PMI), which saves money on the monthly payments.

FIXED & ADJUSTABLE

Fixed & Adjustable Interest Rate Loans

Fixed and adjustable rate loans are two types of loans that differ in terms of their interest rates and repayment terms.

Fixed rate loans are loans with a fixed interest rate that remains the same throughout the life of the loan and are commonly used for mortgages.

Adjustable rate loans, also known as variable loans, have an interest rate that can fluctuate over time, based on an index such as the prime rate or LIBOR. As a result, the borrower's monthly payment amount can also change, depending on the interest rate.

MORTGAGE REFINANCING

Replace Your Existing Loan With A New One

Mortgage refinancing is the process of replacing an existing mortgage with a new one with different terms, in order to obtain a lower interest rate, reduce monthly payments, or pull out equity.

The most common reason for refinancing a mortgage is to take advantage of lower interest rates and reduce monthly payments. Refinancing can allow borrowers to save money on interest over the life of the loan. Additionally, this may provide borrowers the opportunity to shorten the term of their loan. Refinancing also provides borrowers the opportunity to pull out equity in the property when the new loan is more than the old one. A borrower may do this for home improvements, unexpected expenses, or debt consolidation.

SELF EMPLOYED LOANS

Loans For Self-Employed, Commission Based & Entrepreneurs

Self-employed individuals may find it more challenging to obtain a home loan due to the lack of traditional documentation such as W-2 forms or pay stubs that demonstrate a steady income stream. However, it is possible for self-employed individuals to qualify for a home loan by providing alternative forms of documentation and working with lenders who specialize in these types of loans, such as Dan Shlufman.

One way for self-employed individuals to demonstrate their income is to provide tax returns for the previous two years. Lenders may use the adjusted gross income (AGI) from the tax returns to determine the borrower's income level. Self-employed individuals may also be required to provide bank statements, profit and loss statements, and other documentation that shows the financial health of their business. Lenders may also look at the borrower's credit score, debt-to-income ratio, and other financial factors when determining eligibility for a self-employed home loan.

DEBT CONSOLIDATION

Cash Out Loans, Home Equity Loans & Line Of Credit

A debt consolidation mortgage is a type of mortgage that is used to consolidate multiple debts into one loan. With a debt consolidation mortgage, the borrower uses the equity in their home to pay off other debts such as credit card debt, personal loans, or other high-interest debt.

A cash-out loan allows you to refinance your home while pulling cash out at closing. For example, if you owe $100,000, you could refinance for $120,000 allowing you to get $20,000 (minus closing costs). The money can then be used to consolidate your high interest debt.

A home equity loan is a loan that uses equity in your home as collateral. Most home equity loans are second mortgages. The money can be used for whatever purpose you choose, including debt consolidation.

Instead of being setup as a typical home loan for a fixed dollar amount, a Home Equity Line of Credit may be set up as well. This allows you to use the money as you need and avoid paying interest on the entire amount. Again, a HELOC is typically a second mortgage and can be used to consolidate high interest debt.

All Mortgages are done through our partner, Classic Mortgage, LLC
Licensed by the NJ Department of Banking and Insurance.
Licensed Mortgage Banker-NYS Department of Financial Services (Doing business in New York as Classic New York Mortgage in lieu of true corporate name of Classic Mortgage, L.L.C.)
NMLS # 31149
FHA ID 1393700008
VA ID 559719-00-00