Mortgages by Jill’s expert guide to specialty house loans
Purchasing a home is a wonderful milestone. However, qualifying for loans is not always easy. Luckily, many lenders offer specialty house loans to help people turn their dream home into a reality. If you’re unsure where to start, you’ve come to the right place. At Mortgages by Jill, Jill has personally funded over $2 billion of loans over her stellar 30-year career. She dedicates herself to finding tailored solutions catered to your unique situation.
Here’s our guide to specialty house loans:
Good Neighbor Next Door loan (GNND)
GNND house loans provide affordable opportunities to individuals who work in specific public servant fields.
These loans are only applicable to property in ‘revitalization areas.’ GNND loans equate to a 50% discount on the purchase price. Unlike the 3.5% down payment with traditional loans, these loans require a minimum down payment of $100.
For eligibility, you must verify your employment status, find a HUD-owned, single-family property through the HUD Homes database, and purchase it through this program within seven days. Moreover, you must agree to live in the home for a minimum of three years.
If you think you qualify for a GNND loan, at Mortgages By Jill, we’ll find the perfect financing solution to get your dream home.
Energy Efficient Mortgage (EMM)
EMMs are specialty house loans that enable borrowers to add more sustainable features to their homes without having to make a larger down payment or pay a higher interest rate.
You can either add the cost to the mortgage used to purchase a home or roll it into your current mortgage through an energy-efficient refinance. This enables you to make improvements to your current home, and it means you only have to make one mortgage payment per month.
Green upgrades can be a costly investment, but they can save significant amounts of money in the long term. This makes sustainable features more affordable and accessible. Lowering utility bills also makes more income available for mortgage payments by lowering utility bills.
However, the improvements must be cost-effective and exceed IECC standards during a qualified home energy assessment. EEM loans can also help you qualify for a larger mortgage for a property that is already energy efficient.
If you’re interested in energy-efficient upgrades to save money in the long run, at Mortgages by Jill, we’ll find the perfect financing package for you.
Physician house loans are mortgages designed for medical professionals. Typically, these don’t require a down payment.
With many other conventional loan types, lenders often expect borrowers to pay private mortgage insurance (PMI) if their down payment does not exceed 20%. However, physician loans enable you to circumvent paying both the down payment and PMI.
More importantly, they have looser credit standards. These loans are intended for medical professionals just entering the industry. Doctors often have difficulty qualifying for typical mortgages early in their careers.
New doctors usually have a significant debt-to-income ratio (DTI) after medical school. To complicate matters further, they are also unable to provide proof of employment and income if they just graduated or started their residency.
These loans can offer up to 100% financing, and they typically have higher limits. Lastly, physician loans can only be used to buy or refinance a primary residence, meaning you have to live in the home you’re purchasing for most of the year.
Apply for a specialty house loan now!
If you’re interested in getting your dream home but are having difficulty finding the right financing option, Mortgages by Jill can help you find the perfect house loan for you. With over 30 years of experience, Jill has helped countless homeowners make their dream home a reality. Apply for a loan now! We can’t wait to make your dreams come true.