Loan Programs Available
With our banking platform as well as relationships with over 50 of the most competitive lenders in America, we can tailor a mortgage to your specific personal situation and financial needs.
Whether you are buying a home or purchasing an investment property to add to your portfolio, Back Bay Funding and our lenders have many product specialties and competitive rates to help you close on time.
Refinancing your existing loan can bring relief to your financial outlook, whether you would like to reduce your interest rate, obtain cash/equity from your home’s current value, or changing a mortgage product (e.g. adjustable rate to a fixed rate).
If you’re looking for a mortgage that falls under Fannie Mae/Freddie Mac guidelines – Conforming loan limit is $726,200; the high balance loan limit in high cost areas $1,089,300 and can vary from county to county. These amounts adjust for 2, 3 and 4 unit homes to: 2 unit: $929,850 & $1,394,775 3 unit: $1,123,900 & $1,685,850 4 unit: $1,396,800 & $2,095,200 Back Bay Funding can help you find the lowest mortgage rate in today’s market.
For a loan over county limits ($726,200 in California), we can find the fixed rate, adjustable rate, or interest only option that will still allow you to save money.
FHA-endorsed loans allow for a reduced down payment (as low as 3.5 %!!) which can help you purchase your dream home sooner. If you already have an FHA loan, an FHA streamline product is a quick and easy process, where we may not even need an appraisal!
Fannie Mae and Freddie Mac have released the latest guidelines of their respective HARP programs. These programs allow borrowers, who were previously unable to refinance due to lower property value, the opportunity to do so at this time. If you are in this situation, a HARP loan can be the difference between keeping and selling your home.
Home Affordable Refinance Program
If you would like to build your own home or make any major improvements to your current home, a low interest construction loan may be the perfect product for you.
For our wonderful veterans, a VA loan allows you to purchase a new home with 0% down, as well as an overall lower rate (compared to conventional loans). In addition, VA mortgage refinancing is an option available to active service members and veterans. If you’re eligible, you can refinance an existing mortgage, either a conventional or another VA loan, into one of several types of VA refinance loans. If you are a veteran, these are ideal products for you.
VA (Veteran Affairs) Loans
If you are ready to buy a home but are worried about the down payment, we can help you find a solution with a down payment assistance program.
Down Payment Assistance Programs
If you prefer stability for stability, a fixed rate loan is the best choice for you. 10, 15, 20, or 30-year loans that have consistent monthly payments that will never change, regardless of market status, so you know just what to expect each month for the life of your loan.
Fixed Rate Loans
An adjustable rate mortgage (or ARM) is ideal for homeowners that are planning to sell their property in the next 5, 7, or 10 years. These types of loans are available as either interest-only or fully amortized.
Adjustable Rate Loans
If you have a strong asset portfolio but do not have a qualifying monthly income, this option allows your liquid assets to be calculated as monthly income, thereby concurring with qualification guidelines.
Asset Depletion Loans
A reverse mortgage is a mortgage secured by a residential property that enables the borrower to access the equity of their property. The loans are offered to homeowners 62 years of age and older and do not require monthly mortgage payments. Borrowers are still responsible for property taxes, routine maintenance and homeowner insurance. Reverse mortgages allow seniors to immediately access the equity they have built up in their homes through a variety of options. If you are interested, please contact us for more information.
If your situation requires a more tailored product, please do not hesitate to contact us as we have other individuals we can refer you to.
Private Banking Loans