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Coast to Coast Lending Group Inc offers a variety of loan programs to meet your needs. We work with the leading lenders in the industry to provide:
 
FHA Reverse Mortgage / Refinance or Purchase
FHA Cash Out Refinance
FHA Purchase Loan
FHA Streamline Loan
FHA 203k Purchase and Rehab Loan
VA Cash Out Refinance
VA Purchase Loan
VA Streamline Loan
Fannie Mae Conventional Purchase and Refinance
Freddie Mac Conventional Purchase and Refinance

FHA Reverse Mortgage / Refinance or Purchase
FHA Reverse Mortgages (HECMs) for Seniors HECM is a Home Equity Conversion Mortgage. This term is used exclusively for the FHA-insured reverse mortgage loan program. The HECM is FHA's reverse mortgage program that enables you to withdraw a portion of your home's equity. You can also use a HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing. How the Program Works There are many factors to consider before deciding whether a HECM is right for you. To aid in this process, you must meet with a HECM counselor to discuss program eligibility requirements, financial implications and alternatives to obtaining a HECM and repaying the loan. Counselors will also discuss provisions for the mortgage becoming due and payable. There are borrower and property eligibility requirements that must be met.
 
Borrower Requirements You must: Be 62 years of age or older Own the property outright or paid-down a considerable amount Occupy the property as your principal residence Not be delinquent on any federal debt Have financial resources to continue to make timely payment of ongoing property charges such as property taxes, insurance and Homeowner Association fees, etc. Participate in a consumer information session given by a HUD- approved HECM counselor Property Requirements The following eligible property types must meet all FHA property standards and flood requirements: Single family home or 2-4 unit home with one unit occupied by the borrower HUD-approved condominium project Manufactured home that meets FHA requirements Financial Requirements Income, assets, monthly living expenses, and credit history will be verified. Timely payment of real estate taxes, hazard and flood insurance premiums will be verified

FHA Cash Out Refinance
Borrower up to 85% of the current market value.As the name implies, the greatest benefit of an FHA cash out refinance is to put extra cash in the borrower’s pocket. These funds can be used for any purpose such as: Home improvement Education costs Buying a new car or paying off a car loan Consolidating credit card balances Creating a personal cash cushion or to invest. For example, if you owe $100,000 on your home you could open an FHA cash out loan for $150,000, assuming your home has adequate equity and you qualify for the loan. If closing costs were $5,000, you could end up with an extra $45,000 in your pocket. Click here for today’s FHA cash out rates. Secondary to receiving cash out, these loans may be used to simultaneously lower the rate and/or change the loan term, i.e. from a 30 year fixed to a 15 year. You could even change an adjustable rate mortgage to a steady fixed rate loan. Compared to conventional cash out loans, FHA cash out loans have relaxed guidelines, allowing borrowers with lower credit scores and higher debt-to-income ratios to potentially qualify. The FHA cash out allows the borrower to open a loan as high as 85% of the home’s current value. A mortgage at that loan-to-value may be difficult to obtain with a conventional cash out loan.
 
Up to 95% LTV on FHA first mortgage that does not exceed $417,000. Otherwise limited to 85% LTV. Standard cash-out maximum mortgage calculation up to 95%. Current appraised value is used in determining maximum loan amount. There are no seasoning requirements for subordinate liens. Unlimited CLTV for re-subordination and/or modification of existing subordinate financing. Also applicable for FHA first mortgages limited to 85% LTV.

FHA Purchase Loan
Why Should I Consider an FHA Home Purchase Loan? There are many reasons for homebuyers to investigate an FHA home purchase. First time homebuyers should explore FHA loan options because it's easier to qualify for an FHA home mortgage. Your loan is guaranteed by the government, making your application more attractive to lenders. Since the typical first-time FHA home loan applicant is young and in the early phases of their careers, chances are they still have student loans and other debt to content with; an FHA home mortgage often costs less and is more forgiving of youthful indiscretions with credit and payments. FHA home loans don't require a big down payment at closing time. For first-time homebuyers this can be a real plus; that typical borrower in the early stages of a new career often doesn't have a lot of money set aside specifically for purchasing a home. The FHA mortgage requires a low 3.5% down payment, and that money can come from a variety of sources including HUD down payment assistance grants. For first time buyers, closing costs are another issue that can be a financial drain; typical closing costs for FHA home loans are around 2% or 3% of the total mortgage. One advantage when taking out an FHA loan? FHA mortgage terms may allow you to build in closing costs into your mortgage.
 
When you begin to seriously consider purchasing a new home it is important that you follow some simple steps to make sure that the process runs smoothly. The first thing you should do is an analysis of your debt to income ratio. This important step will let you know what type of home you can afford based on your monthly income and expenses. The next important step in purchasing a new home is to get pre-approved for a home loan. The peace of mind that comes with knowing that your mortgage loan and credit report have been approved will allow you to shop for your new home with confidence. And when you find a home and are ready to make an offer the fact that you have already been pre-approved for your loan amount will give the seller confidence in you as a buyer.

FHA Streamline Loan
What is an FHA Streamline Refinance? The FHA Streamline Refinance program is a special refinance program for people who have a Federal Housing Administration (FHA) loan. It is the simplest and easiest way to refinance an FHA loan. Unlike a traditional refinance an FHA Streamline Refinance allows a borrower to refinance without having to verify their income and assets. An appraisal might not be required either depending on how much you have paid on your original loan balance. One of the most advantageous aspects of this program is that it allows for an unlimited loan-to-value ratio. Therefore, if you are severely underwater you still may be able to take advantage of record low mortgage rates by refinancing with an FHA Streamline Loan
 
Criteria for Qualifying You have to live in the house you are refinancing. You can’t have made more than two, 30-day late payments on your FHA mortgage in the past 12 months. You have not completed an FHA Streamline Refinance in the past 6 months. FHA does not have a minimum credit score required for a streamline refinance, but your lender might. Generally it’s best if you have a score of 620 or above. FHA Streamline with Appraisal The advantage of doing an FHA Streamline Refinance with an appraisal is that you are able to roll your closing costs into the loan. You are only required to have an appraisal if your new loan amount exceeds your original loan amount by 1.5 percent. FHA Streamline Without Appraisal If you do an FHA Streamline Refinance without an appraisal you are not able to roll your closing costs into the loan. Hence, you will need to be prepared to pay your closing costs out of pocket or talk to your lender about whether they can cover your closing costs in exchange for paying a higher interest rate.

FHA 203k Purchase and Rehab Loan
Getting a Mortgage Loan for a Fixer-Upper: A Primer on FHA 203k Loans The idea of buying a fixer-upper and turning it into your dream abode can seem so perfect -- every nook and cranny just to your specifications! The reality, however, can be harsh. When you realize how much it will cost to remodel, you often also realize that you can't afford it. Or you find out that a lender won't give you a loan because the home is considered “uninhabitable” as it is. That's where an FHA 203k loan comes in. An FHA 203k loan is a loan backed by the federal government and given to buyers who want to buy a damaged or older home and do repairs on it. Here's how it works: Let's say you want to buy a home that needs a brand-new bathroom and kitchen. An FHA 203k lender would then give you the money to buy (or refinance) the house plus the money to do the necessary renovations to the kitchen and bathroom. Often the loan will also include: 1) an up to 20 percent “contingency reserve” so that you will have the funds to complete the remodel in the event it ends up costing more than the estimates suggested and/or 2) a provision that gives you up to about six months of mortgage payments so you can live elsewhere while you're remodeling, but still pay the mortgage payments on the new home.
 
Which repairs qualify? There are two main types of FHA 203k mortgage loans. The first is the regular 203k, which is given for properties that need structural repairs such as a new roof or a room addition; the second is the streamlined 203k, which is given for non-structural repairs such as painting and new appliances. Among the other repairs that an FHA 203k will cover: decks, patios, bathroom and kitchen remodels, flooring, plumbing, new siding, additions to the home such as a second story, and heating and air conditioning systems. The program will not cover so-called “luxury” improvements such as adding a tennis court or pool to the property. How much money can you get? The maximum amount of money a lender will give you under an FHA 203k depends on the type of loan you get (regular vs. streamlined). With a regular FHA 203k, the maximum amount you can get is the lesser of these two amounts: 1) the as-is value of the property plus repair costs, or 2) 110 percent of the estimated value of the property once you do the repairs. With a streamlined loan, you can get a loan for the purchase price of the home plus up to $35,000. To determine the as-is value of the property or the estimated value of the property post-repair, you may need to have an appraisal done. You can read details on how these estimates are made here. You will be required to put down 3.5 percent, but the money can come from a family member, employer or charitable organization.

VA Cash Out Refinance
Qualified veteran homeowners looking to tap into their home's equity can turn to their hard-earned VA loan benefits for help. The VA Cash-Out refinance allows homeowners with and without VA loans to lock down a lower interest rate and get cash to pay off debt, make home improvements and more. Qualified borrowers may be able to refinance up to 100 percent of their home's value. Veteran and military homeowners have flocked to this refinance option during a time of lower interest rates and rising home values. The VA guaranteed more than 114,000 Cash-Out refinance loans last year, a 58 percent increase year over year. Let's take a closer look at some of the benefits and requirements for VA Cash-Out refinance loans. VA Cash-Out Features Getting a VA Cash-Out refinance looks a lot like getting a VA purchase loan. Unlike the VA Streamline refinance, a Cash-Out requires the typical credit, appraisal and underwriting evaluations. Lenders will usually have a minimum credit score benchmark. A 620 score is a common requirement. Lenders in some cases may refinance up to 100 percent of the home's appraised value. Check with individual companies about their policies regarding loan-to-value ratio and cash back. There must be a lien on the property in order to pursue a VA Cash-Out refinance. That means borrowers who own their homes free and clear need to look for other equity-tapping options.
 
Cash-Out Eligibility Veterans with FHA and conventional loans can use the Cash-Out vehicle to refinance into the VA loan program. Occupancy requirements for Cash-Out refinances look the same as those for a traditional VA purchase loan. Veterans and military homeowners must intend to occupy the home as their primary residence. This isn't a viable refinance option for rental properties or second homes. VA Funding Fee Similarities between VA purchase loans and Cash-Out refinance loans don't end with underwriting and occupancy guidelines. The VA Funding Fee structure looks the same for both loans. This fee goes directly to the government to help fund the loan guarantee program and ensure future generations of military buyers can use this benefit. Most veterans using their VA loan benefit for the first time will pay 2.15 percent of the loan amount. Homeowners who've already had a VA loan will pay 3.3 percent. But about a third of VA borrowers are exempt from paying this fee, most often because they receive compensation for a service-connected disability.

VA Purchase Loan
A “VA loan” is a mortgage guaranteed by the Veterans Administration. It was created in 1944 and signed into law by President Franklin D. Roosevelt. VA loans provide veterans and/or their surviving spouses with a federally guaranteed mortgage with zero down payment, otherwise known as 100% financing. It’s one of the few places a prospective homeowner can still buy a house with zero down, now that the FHA requires 3.5% down and most conventional mortgage lenders require 10% or more. The loan program, also referred to as the GI Bill, has been highly successful and has helped millions of American veterans and their families acquire a home.
 
Like all other mortgages, VA loans have closing costs, which is completely standard and normal. However, the VA does have strict rules when it comes to closing costs. Only certain fees are considered “allowable,” including: - Loan origination fee (typically 1% of the loan amount) – Loan discount points (optional to lower your interest rate) – Credit report – Appraisal fee – Hazard insurance and property taxes – VA funding fee – Title insurance – Recording fee If there are other fees connected to the loan, they cannot be paid by the borrower. So if it’s a purchase, the former owner could provide seller concessions, the real estate agent could provide a credit, or the bank could provide a lender credit to cover the non-allowable closing costs.

VA Streamline Loan
The VA Streamline Refinance is also known as the Interest Rate Reduction Refinance Loan (IRRRL). The IRRRL allows you to refinance your current mortgage interest rate to a lower rate than you are currently paying. The Streamline loan is extremely popular because of its ease of use: once you have already been approved for your initial VA purchase loan, it is relatively simple to lower your interest rate and experience considerable savings. In most cases, a loan officer or lender with expertise in VA loans should be able to complete the loan within a month’s time in most cases. VA loan closing costs can be rolled into the cost of the loan, allowing veterans to refinance with no out-of-pocket expenses. Sometimes it is also possible for the lender to take the brunt of the cost in exchange for a higher interest rate on your loan.
 
In order to qualify for a VA Streamline, you must meet the following requirements: Be current on your mortgage with no more than one 30-day late payment within the past year. Your new monthly payment for the IRRRL must also be lower than the previous loan’s monthly payment. (The only time this condition does not apply is if you refinance an ARM to a fixed rate mortgage.) You must not receive any cash from the IRRRL. You must certify that you previously occupied the property. You must have previously used your VA Loan eligibility on the property you intend to refinance. (You may see this referred to as a VA to VA refinance.)

Fannie Mae Conventional Purchase and Refinance
Fannie Mae, the commonly used nickname for the Federal National Mortgage Association, is a government-sponsored enterprise, or GSE, with the mission of bringing liquidity, stability and affordability to the U.S. housing market. It does this by purchasing mortgages from banks and then selling them, largely through a process called securitizing. Once the mortgages have been purchased, banks are freed up to make more loans. The basic idea behind Fannie Mae--to provide a government-supported entity to buy mortgages and thus free up funds for banks to make more mortgages--is a simple and sound concept. Together with the FHA, Fannie Mae and Freddie Mac (Federal Home Loan Mortgage Corp.) transformed the homeownership rate in this country from 44 percent in 1940 to over 66 percent in 2000. Fannie Mae buys mortgages from banks in a couple different ways. Often the bank retains the loan servicing; many borrowers never even know their loans are owned by Fannie Mae. In one method, Fannie Mae securitizes mortgages, or turns their value into securities, which are an investment product. The GSE then sells the securities, often known as a mortgaged-backed security, or MBS, to investors all over the world.
 
Fannie Mae and Freddie Mac have lending limits, see below. Mortgages at or below these limits are called “conforming” loans, because they conform to the lending limit. Mortgages larger than these limits are called non-conforming or jumbo loans. Most US counties have a maximum mortgage limit of $417,000 for a single family residence, ($533,850) for two units, ($645,300) for three units & ($801,950) for four units. These limits are applicable for purchase and refinance mortgages. Several US counties exceed the customary loan amounts. These mortgages are commonly known as as conforming jumbo loans because they conform to the Fannie Mae and Freddie Mac lending limit, although they surpass the customary limit. One-Unit is a single family home or condominium Two-Unit is two separate living units (duplex) Three-Unit three separate living units (triplex) Four-Unit four separate living units (fourplex)

Freddie Mac Conventional Purchase and Refinance
As a cornerstone of U.S. home financing, Freddie Mac purchases a variety of fixed-rate mortgages. Our 15-, 20-, and 30-year fixed-rate mortgage offerings leverage the power of a fixed interest rate for the life of the loan. Use most fixed-rate mortgages for single-family homes, including 1- to 4-unit primary residences, condominiums, second homes, manufactured homes, and investment properties. Today Freddie Mac has the advantages you need for your current fixed-rate mortgage. Combine a 15-, 20-, and 30- year fixed-rate mortgage with a range of Freddie Mac mortgage products, and cash sales or securities executions for highly competitive options that meet the needs of an increasingly diverse borrower base.
 
Fannie Mae and Freddie Mac have lending limits, see below. Mortgages at or below these limits are called “conforming” loans, because they conform to the lending limit. Mortgages larger than these limits are called non-conforming or jumbo loans. Most US counties have a maximum mortgage limit of $417,000 for a single family residence, ($533,850) for two units, ($645,300) for three units & ($801,950) for four units. These limits are applicable for purchase and refinance mortgages. Several US counties exceed the customary loan amounts. These mortgages are commonly known as as conforming jumbo loans because they conform to the Fannie Mae and Freddie Mac lending limit, although they surpass the customary limit. One-Unit is a single family home or condominium Two-Unit is two separate living units (duplex) Three-Unit three separate living units (triplex) Four-Unit four separate living units (fourplex)



Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $417,000 for the contiguous states, District of Columbia, and Puerto Rico or below $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $8,340. Jumbo Loans (whose maximum loan amount exceed $417,000 for the contiguous states, District of Columbia, and Puerto Rico or exceed $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.