Types of home loans on long island

Franklin First Financial has been providing home loans to Long Island residents for over the past 20 years. With several types of home loans whether you have good or bad credit, one of our loan originators will assist you in finding a loan that will help you secure or build the house of your dreams.

Conventional Long Island Home Loans

These loans not insured by the government can be used to purchase the perfect 1-4 family residence, townhouse or even condos and co-ops.

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My Community Mortgage from FannieMae

Another convention loan options that is increasingly popular among Long Island residents is the My Community Mortgage from Fannie Mae. This loan is one of the most flexible allowing people with very low credit scores become eligible for a mortgage or refinancing.

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The Homestyle Renovation Mortgage

The Homestyle Renovation Mortgage is a fantastic conventional loan that is popular among Long Island residents who wish to make home renovations. Even better, there are no requirements or restrictions on the type of renovation! Your dream house can be yours!

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Long Island FHA Loans

An FHA Loan as a mortgage is more flexible than our conventional loans and is the loan of choice for many people on Long Island that have issues with their credit or former bankruptcy. These loans can also be used to help purchase your dream home for your growing family or the perfect studio apartment in a condominium.

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Long Island 203k Loans

The 203 k loan is a type of FHA program that homeowners living in Nassau and Suffolk Counties have used to renovate their homes. This is a perfect choice for people who have low credit and are looking to add equity into their homes.

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Long Island Reverse Mortgage (HECM)

This is another FHA loan available for Long Island homeowners who are above the age of 62 that have equity in their homes. The proceeds from the loan can be used for anything from making home improvements or going on a dream vacation.

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VA Home Loans on Long Island

If you are active, non-active or even a retired military veteran, member of the national reserve or even if you are a surviving spouse of a military member, VA loans might help you find a home. The current limit of VA loans on Long Island is $625,000 for Nassau and Suffolk county.

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USDA Home Loans for Long Islanders

This kind of home loans are provided by the US Department of Agriculture and are for properties that are considered “rural” based on their qualifications. To see if your property on Long Island is eligible you can visit their website and put in your address.

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HARP Loans On Long Island

The Home Affordable Refinance Program (HARP) is a federal government program that many Long Island residents have used to refinance to a lower interest rate if their amount owed is more than what their home is actually worth.

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Contact Franklin First Financial Ltd.

If you have any questions about the types of home loans available on Long Island feel free to contact one of our mortgage bankers directly at 631-847-8700 or toll free at 888-933-8639. Let us help you close your loan quickly.

 

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Franklin First Financial Ltd. (NMLS# 1630)
538 Broadhollow Road, Suite 401, Melville, NY  11747
Direct:  (631) 847-8700
Toll Free:  (888) 933-8639
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FRANKLIN FIRST FINANCIAL, LTD. 538 BROADHOLLOW RD, STE. 401 MELVILLE, NY 11747 IS A LICENSED MORTGAGE BANKER-NYS DEPT OF FINANCIAL SERVICES. LICENSE #107407 NMLS #1630, HUD APPROVED TITLE II NON-SUPERVISED LENDER #17895-0000-0. FRANKLIN FIRST FINANCIAL IS NOT ACTING ON BEHALF OF OR AT THE DIRECTION OF HUD/FHA OR THE FEDERAL GOVERNMENT. ALL LOANS ARE SUBJECT TO CREDIT & APPRAISAL APPROVAL. PROGRAMS, RATES, TERMS, AND CONDITIONS ARE SUBJECT TO CHANGE WITHOUT NOTICE.OTHER RESTRICTIONS MAY APPLY. THIS IS NOT A COMMITMENT TO LEND. COPYRIGHT FRANKLIN FIRST FINANCIAL, LTD. ALL RIGHTS RESERVED.

 

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