With offices in located in Washington and California, Legacy Group Lending, Inc takes pride in educating and advising our clients on all available loan products and financing options. As a mortgage banker our access to loan programs is second to none.

We are proud to offer our clients the following loan program options: Click any of the items below to learn more, and if you aren't sure about which program is right for you feel free to contact us.

      - FHA
      - Conventional
      - Jumbo
      - VA
      - Construction
      - Home Equity
      - Reverse Mortgage Loans

Whether you’re a first time homebuyer, a long time investor, or planning your retirement we’ll simplify the process ensuring all your questions are answered and deadlines met along the way.

FHA Loans [top]

FHA is a very popular route for the first time homebuyer to take. It is not a program reserved only for first time home buyers. You can buy your third or fourth home with an FHA loan. The only stipulation is that you may only have one FHA loan at a time.

The Federal Housing Administration (FHA), a wholly owned government corporation, was established under the National Housing Act of 1934 to improve housing standards and conditions. It's goal was to provide an adequate home financing system through insurance of mortgages, and to stabilize the mortgage market.

Thanks to the insurance products FHA helped to pioneer, such as the long term amortizing loan, the nation's home ownership rate has soared to an all time high of 66 percent as of the third quarter of 1997; well on the way towards the goal of 67.5% by the year 2000.

Conventional Loans [top]

Conventional loans are secured by government sponsored entities or GSEs such as Fannie Mae and Freddie Mac. Conventional loans can be made to purchase or refinance homes with first and second mortgages on single family to four family homes. In general, Fannie Mae and Freddie Mac's single family, first mortgage loan limit is $417,000 in 2006. This limit is reviewed annually and, if needed, changed to reflect changes in the national average price for single family homes.

Jumbo Loans [top]

Loans which are larger than the limits set by Fannie Mae and Freddie Mac are called jumbo loans. Because jumbo loans are not funded by these government sponsored entities, they usually carry a higher interest rate and some additional underwriting requirements. A strategy to lower your overall interest payments if your purchase or refinance balance is above $417,000 is to use a combination of both first and second trust money, referred to as an 80/10/10, 80/15/5 or 80/20. Every situation is different, but it is one more option to consider.

In addition to common loan structures such as fixed rate, adjustable rate and balloon loans, Fannie Mae and Freddie Mac also have loan programs for low to no down payments, community lending and affordable housing initiatives, construction to permanent, home improvement and reverse mortgages.

VA Loans [top]

The Department of Veterans Affairs (VA) guarantees loans offered by The Legacy Group to help qualified veterans, reservists, and active-duty service members to finance their homes. VA loans are suited for veterans with:

-low- or moderate-income

-limited savings

VA loans offer these features:

-A no down payment option

-Flexible income, debt and credit requirements to help borrowers qualify

-Down payment and closing costs that may be funded by a gift, grant or secured loan

-A variety of fixed-rate and adjustable-rate loan options

Check with your regional VA office to determine your eligibility.

Construction Loans [top]

A construction loan, unlike a traditional mortgage, is a short-term loan for the purpose of building or improving a property. Construction loans are unique, no two projects or borrowers are the same. The loan is built around an appraisal, scope of work (new construction vs. renovating), a construction budget, the borrower's credit and assets, as well as, the builder. We understand this process. We will spend the time to educate you on the financing choices you have in building your home. Construction loans are about relationships, the builder, the lender, and the borrower working together to finish the project.
All construction loans have some things in common. The loans are typically 12 months or less. They have interest only payments during construction. One of the great features of a construction loan is you are able to borrow against the future value of the home you are building. As the borrower you also get to control the funding process with the builder. You approve each draw giving you the opportunity to make sure the work is done to your satisfaction. Some construction loans only cover the actual construction term, while others called “construction to permanent” cover the construction term then convert to the permanent financing of your choice upon completion of your home. During construction, interest only payments on the completed portion of the project are paid. Contact our Construction Lending specialist with any questions you may have.

Home Equity Loans [top]

Home Equity Loans and Home Equity Line of Credits (also known as HELOCs) are fixed or variable interest rate solutions for getting cash out of available equity in your home. This equity could be used for any purpose such as making home improvements, consolidate debt, vacations, or unexpected expenses. Call today for a free consultation from a home loan expert.

Reverse Mortgage Loans [top]

A reverse mortgage is a special type of home loan that lets a homeowner convert a portion of the equity in his or her home into cash. The equity built up over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence. HUD's reverse mortgage provides these benefits, and it is federally-insured as well. Contact our Reverse Mortgage specialist to help you get started.

"Creating Legacies."