• First Time Buyers
• No Down Payment
• Purchase Loans
• FHA & VA Loans
• Refinance
• Debt Consolidation
• Second Mortgage
• Home Equity Line of Credit
• Bridge Loans

Listed below are loan programs we offer.

First Time Buyers  -  First time home buyer programs are designed to help borrowers who may not have the funds to pay the cost of a traditional down payment or the closing costs associated with a mortgage. In many states, there are programs specifically tailored for your needs. These programs are easier to qualify for and make obtaining a mortgage more cost effective. You must not have owned a home in the past three years to be eligible for a first time home buyer program. First time home buyer programs include:

• FHA and VA Loans for First Time Buyers - These loans are backed by the Federal Housing Administration (FHA) and the Veteran's Administration (VA). These loans are not solely intended for first time home buyers, although The Erskine Group can help determine if you meet the qualifications for either program and which would be acceptable for your needs.
• Community Home Buyer Programs - Community home buyer programs are also available. These loans reduce the amount of the down payment you must pay (to 3% of the total down payment) to obtain the loan. This home loan program requires that you take a class on home ownership in your own city and/or state.
• Mortgage Credit Certificates - A Mortgage Credit Certificate (MCC) is provided by an issuer authorized to utilize Private Activity Bond Volume Cap which entitles a homeowner to take credit on their Federal income taxes in an amount equal to a certain percentage of the interest paid on their mortgage loan. This helps buyers to free up funds and make monthly home loan payments more affordable for the home owner. Income and purchase price requirements may also vary from state to state and it is best to speak with The Erskine Group to see if this may fit your needs.
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No Down Payment  -  Lenders have introduced (zero down) payment loans for new home purchases, allowing you to finance 100% of your new home's value. These loans are a great solution for those who can not put down the traditional 10-20% down payment usually required on other types of mortgage programs. This program allows you to start building equity in your home right away - and with the money you save, you can purchase furniture or other necessities for your new home.
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Purchase Loans  -  Purchase loans are available to borrowers with a wide variety of rates and terms. Purchasing your home is easy with The Erskine Group. The biggest hurdle, however, for many new home buyers is the traditional down payment to obtain the loan - this can be 10%-20% of the purchase price. There are creative ways to come up with the down payment.

In any situation, let The Erskine Group work with you to see if you can obtain, or qualify for:

• Loans and/or gifts from family or friends.
• Using funds from a qualified 401k plan as a down payment
• National or Local Down Payment Support Programs
• Local Housing Authorities
• Low Down Payment Qualifications

There are different limits, and/or qualifications with any of these options. Be sure to talk with The Erskine Group today.
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FHA & VA Loans - FHA loans are insured by the Federal Housing Administration. These loans are open to all qualified home purchasers. FHA products include:

• 203(k) Loans: This loan allows home buyers to finance both the purchase and the rehabilitation of a home through a single mortgage. The home must be at least one year old. The cost of rehabilitation must be at least $5000. All cost of repairs including total property value must be within the FHA maximum mortgage limit.
• Energy Efficient Mortgage: The Energy Efficient Mortgage (EEM) allows home buyers to save future income on utility bills. This can be done by financing energy efficient features to a new or existing home as part of an FHA insured home purchase. The cost of improvements must be evaluated by an energy consultant or the Home Energy Rating System. This cost would have to be less than the anticipated savings from the improvements.

VA loans - VA loans are long term programs with low or no down payment guaranteed by the Department of Veterans Affairs. This program has a negotiable fixed interest rate that is competitive with conventional mortgage interest rates. VA loans are generally for members of the Selected Reserve,  or active duty service members.
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Refinance  -  There are many reasons to refinance your home mortgage. Refinancing can help you reduce the amount of your monthly mortgage payment. This can be done by refinancing into a new, lower-rate home mortgage loan, a fixed ARM combination, or an adjustable rate mortgage. You can also obtain a fixed monthly payment by refinancing your ARM mortgage loan into a new fixed rate loan. You can even consolidate debts by using the equity in your home and refinancing your mortgage loan.
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Debt Consolidation - Debt consolidation is a debt repayment plan to help ease your monthly payments by reducing interest rates. With a debt consolidation loan, all your debts will be consolidated into one simple monthly payment. There are several ways debt consolidation can be achieved. One way is to take out a second loan on an existing property to pay off existing debts. Another way is to refinance an existing property and take cash from the property to pay off existing debts if there is sufficient equity.
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Second Mortgage  - This type of loan allows you to borrow a fixed amount of money payable over a fixed period. A second mortgage loan should be taken into consideration if you need a set amount for a specific purpose. For example, second mortgages can be used to pay for your children's college, pay off debts, or as a down payment. This program is similar to applying for a first mortgage, but this program allows you to take out a second loan on the same property. Like standard mortgages, second mortgages may have varying terms, ranging from 1 year up to 20+ years depending on your situation.
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Home Equity Line of Credit  -  Home equity lines may be a useful source of credit if you need to borrow money. This type of loan allows you to have certain tax advantages and you are able to borrow large sums of money at an affordable rate. This program requires you to use your home as collateral for the loan. Your home may be at risk if you make late payments or cannot make monthly payments.
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Bridge Loans - A bridge loan  "bridges" the gap between the purchase of a new home and the sale of the borrower's current home, sometimes also known as a "swing loan". The borrower's current home is used as collateral and the money is used to close on the new home before the current home is sold. Some are structured so they completely pay off the old home's first mortgage at the bridge loan's closing, while others pile the new debt on top of the old debt. They usually run for a term of six months.
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