Loan ProgramsThe following is a partial list of programs offered by Tidewater Home Funding with a brief description of the key elements of each. For a complete list of the programs that we offer, please contact us at 757-366-8690.
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Conventional
Traditional loan programs that usually require at least 5% down and offer competitive interest rates. Documentation and good credit are necessary.
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VA Mortgages
Backed by the Veterans Administration and the federal government, it is similar to FHA except that you have to be a qualified Veteran or military person.
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FHA Mortgages
Backed by the Department of Housing and Urban Development, this mortgage offers the borrower the ability to make as little as 3% down payment – and they can even finance “allowable” closing costs. Seller can contribute up to 6% of the purchase price to the buyer towards closing costs in certain situations.
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VHDA Mortgages
VHDA offers a variety of home loan options designed to meet the needs of Virginia's homebuyers.
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203K Loans
The Section 203(k) program is HUD's primary program for the rehabilitation and repair of single family properties. The program may be utilized with a purchase or refinance and allows for up to 6 months of escrowed mortgage payements, if the property is uninhabitable.
The 203K program includes full and streamline options. A streamline is utilized for simple repairs/renovations up to $35,000. Additional qualifications apply and follows FHA guidelines.
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Jumbo Loans
This is a loan for an amount greater than the FNMA/FHLMC government mandated maximum and is considered a specialized loan product. Jumbo loan terms are 30 and 15 year fixed rate and competitive ARM terms of 3,5,7, 10 year products with full document, alternate documentation and limited documentation. Cash out and No cash out refinance are allowable.
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Reverse Mortgages
Reverse mortgages are a special type of home loan that lets a homeowner convert the equity in his/her home into cash. They can give older Americans greater financial security to supplement social security, meet unexpected medical expenses, make home improvements, and more.
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