LEARN HOW TO ACCESS OUR EXCLUSIVE PROGRAMS

SO MANY OPTIONS TO CHOOSE FROM

Loan Programs

wE DONT LIKE TO SAY NO

Iconic Mortgage is not done changing the industry. We vow to continue obtaining and creating programs so that we don't have to say no. If there is a creative way an investor would like to finance property we want to be able to originate it. Below is a few options that we currently have but this is not all of them. We often have short term agreements with investors. Similar to a test run. So please contact us so we can share with you the latest mortgage program.

VA Mortgage Loans

A VA mortgage is a home loan that is guaranteed by the U.S. Department of Veterans Affairs (VA) and is designed to help active-duty military members, veterans, and eligible surviving spouses to buy, build, or refinance a home. VA mortgages have a few key features that make them attractive to eligible borrowers.

Self-Employed Borrowers

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Conventional Fixed Rate Mortgages (FRM)

A conventional mortgage is a home loan that is not insured or guaranteed by the federal government. These loans are typically offered by private lenders, such as banks, credit unions, and mortgage companies.

To qualify for a conventional mortgage, borrowers typically need a good credit score, a stable income, and a down payment of at least 5% of the purchase price of the home. However, some lenders may require a higher down payment, depending on the borrower's creditworthiness and other factors.

Conventional mortgages come in two main types: fixed-rate and adjustable-rate. With a fixed-rate mortgage, the interest rate and monthly payment stay the same for the life of the loan, typically 15 or 30 years. With an adjustable-rate mortgage, the interest rate may fluctuate over time, based on market conditions, which can cause the monthly payment to increase or decrease.

Conventional mortgages typically require private mortgage insurance (PMI) if the borrower puts down less than 20% of the purchase price of the home. PMI protects the lender in case the borrower defaults on the loan. Once the borrower has built up enough equity in the home, typically by paying down the mortgage balance or through appreciation in the home's value, they may be able to cancel the PMI.

Adjustable Rate Mortgages (ARM)

An adjustable rate mortgage (ARM) is a type of home loan in which the interest rate can change over time based on market conditions. With an ARM, the interest rate and monthly payment are fixed for a set period of time, typically 5, 7, or 10 years, after which the rate can adjust annually based on an index, such as the prime rate or the London Interbank Offered Rate (LIBOR).

The initial interest rate on an ARM is typically lower than the rate on a fixed-rate mortgage, which can make it an attractive option for homebuyers who are looking to save money on their monthly payment in the short term. However, the interest rate can increase over time, which can cause the monthly payment to rise as well.

Adjustable rate mortgages can be a good option for homebuyers who expect their income to increase in the future or who plan to sell the home before the rate adjusts. However, they can be risky for borrowers who may not be able to afford a higher payment if the rate increases significantly. It's important to carefully consider your financial situation and your ability to manage potential payment increases before choosing an ARM.

Construction Loans

A construction loan is a short-term financing option that is used to fund the construction of a new building or the renovation of an existing one. These loans typically have higher interest rates than traditional mortgage loans and are only meant to be used during the construction phase.

Construction loans are disbursed in stages, known as "draws," as the construction project progresses. The draws are typically based on the completion of specific milestones or phases of the project, and the borrower must provide evidence that the work has been completed before the funds are released.

Once construction is complete, the borrower may be required to convert the construction loan into a permanent mortgage or pay off the loan in full. Construction loans are typically used by builders, developers, and individual homeowners who are undertaking large-scale home renovation projects.

Home Equity Loans

A home equity loan, also known as a second mortgage, is a type of loan that allows homeowners to borrow against the equity they have built up in their home. Equity is the difference between the current market value of the home and the outstanding balance of any mortgage or other loans secured by the property.

With a home equity loan, the borrower receives a lump sum of money to be used for a variety of purposes, such as home renovations, debt consolidation, or major expenses. The loan is secured by the home.

The interest on home equity loans is often tax-deductible, which can make them an attractive option for some borrowers.

Before taking out a home equity loan, it's important to carefully consider your financial situation and make sure that you can afford to make the payments.

Jumbo Loans

A jumbo loan is a type of mortgage loan that exceeds the limits set by the Federal Housing Finance Agency (FHFA) for conventional conforming loans. These limits are set annually and vary by location.

Jumbo loans are designed for borrowers who need to finance high-value properties, such as luxury homes or homes in expensive real estate markets. Because they are not backed by the government-sponsored entities Fannie Mae or Freddie Mac, jumbo loans carry more risk for lenders and typically have stricter credit and income requirements than conforming loans.

Jumbo loans can have either a fixed or adjustable interest rate, depending on the borrower's preference.

Because of their higher risk, jumbo loans may also have higher interest rates and fees than conforming loans.

Overall, jumbo loans can be a good option for homebuyers who need to finance a high-value property but have the financial means to meet the stricter requirements of the loan.

Refinance Mortgage Loans

Refinancing is the process of replacing an existing mortgage loan with a new one, typically to obtain better loan terms or interest rates, or to take cash out of the home's equity. Refinancing can be done with the same lender or with a different lender.

The most common reason for refinancing is to take advantage of lower interest rates, which can lower monthly payments and save money over the life of the loan.

Another reason for refinancing is to access the equity in the home, which is the difference between the home's value and the remaining mortgage balance. This can be done through a cash-out refinance, in which the borrower takes out a new loan for more than the current mortgage balance and receives the difference in cash.

Refinancing can come with fees, such as origination fees, appraisal fees, and title fees.

FHA Mortgage Loans

Reverse Mortgage Loans

Borrowers With Considerable Assets

Community Mortgage is a return to common-sense underwriting. This innovative product addresses the regulatory rules limiting prime borrowers’ access to lending by eliminating unnecessary documents that are not part of the credit underwriting decision.

Community Mortgage was designed to fill the void and address the issues limiting prime, credit worthy borrowers’ access to credit through common sense underwriting. This exclusive mortgage product is unique in the marketplace.

Real Estate Investors

Self-employed borrowers are individuals who work for themselves, run their own business, or freelance rather than being employed by a company. These borrowers often face unique challenges when it comes to obtaining a mortgage because their income may be less predictable or consistent than that of traditionally employed borrowers. However, it is still possible for self-employed borrowers to qualify for a mortgage loan. Iconic Mortgage is a great place for those who own there own business due to the vast amount of programs we have.

Foreign Buyers

A foreign national mortgage is a type of mortgage loan that is designed for non-US citizens who want to purchase or refinance a home in the United States. This type of mortgage allows foreign nationals to finance a property in the US without having to be a permanent resident or citizen of the country. There are a lot of restrictions on this type of mortgage that Iconic Mortgage has been able to overcome or eliminate.

Buyers With Blemished Credit Histories

If you have a low credit score, there are still mortgage options available to you.
It's important to keep in mind that low credit score mortgage options may come with higher interest rates and fees, so it's important to shop around and compare offers from multiple lenders. Working with a knowledgeable Iconic Mortgage can help you navigate the process and find the best mortgage option for your situation. We have been providing low credit score borrowers mortgages for over a decade.

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FL, GA, NC, PA, TN, CA

803-334-8411

JDarby@IconicMortgage.com

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For information purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval. Iconic Mortgage, Corp. |1 (800) 916-0449| Miami Florida NMLS# 1547953 www.nmlsconsumeraccess.org| Equal Housing Opportunity.| 1 (800) 916-0449 |NMLS# 1549543 Consumeraccess.org | Equal Housing Opportunity.