Financing the American Dream...
One Family at a time

As a first time home buyer, you may be concerned about keeping your first time mortgage payments low, especially for the first few years

Timely, Accurate Home Mortgage Rates

Making your best decision on refinancing involves many variables. We respect that. So we connect you with a qualified, experienced Colonial Mortgage Loan Advisor

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Home Reward Credit



Home Reward Credit will lower the cost to buy or refinance your home and you can be eligible to obtain up to $10,000 in credits to pay your closing cost, and the best is that you don’t have to repay these credits and your interest rate will not increase, we will not add more cost to your loan.

Colonial Mortgage does not act on behalf on any federal or state agencies and for that reason Home Reward Credit does not require income limits. Home Reward Credit is only for FHA, va and conforming loan limits based on county limits. Home Reward Credit is not limited to first time home buyers, you can purchase or refinance your primary residence, second home or investment property. Home reward credit is available for the following professions; law enforcement, medical field, postal workers, educational, active or honorable discharge military personnel, first responders and all city or county employees. At Colonial Mortgage, we believe in giving back to the ones who serve our communities.

Government Loans


Government Loans are great for the first time home buyer with little to no credit. Down payment assistance is offered to borrowers without a large down payment. Borrowers can also expect to put down less towards the purchase of the property, along with borrow at a lower interest rate.

PRO
  • Allows little to no credit and alternative credit.
  • Allows non occupant co-signers.
  • Lower interest rates compared to conventional loans.
  • Ability to streamline refinance process.
  • Low Down payment.
CONS
  • Resales are not allowed before 91 days.
  • Mortgage insurance cannot be removed.
  • Harder to approve once declined by another bank.
  • Have to pay Upfront Mortgage Insurance.
  • FEDERAL HOUSING ADMINISTRATION (FHA)
  • Part of HUD insures the loan, so your lender can offer you a better deal. Often get Low down payments, Low closing costs, and Easy credit qualifying.


FEDERAL HOUSING ADMINISTRATION (FHA)
Part of HUD insures the loan, so your lender can offer you a better deal. Often get Low down payments, Low closing costs, and Easy credit qualifying.

VETERANS BENEFITS ADMINISTRATION
VA helps Service members, Veterans, and eligible surviving spouses become homeowners. As part of our mission to serve you, we provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy.

VA Home Loans are provided by private lenders, such as banks and mortgage companies. VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms.

VA REFINANCE
Standard rate and term and cash out. VA's Cash-Out Refinance Loan is for homeowners who want to take cash out of your home equity to take care of concerns like paying off debt, funding school, or making home improvements. The Cash-Out Refinance Loan can also be used to refinance a non-VA loan into a VA loan. VA will guaranty loans up to 100% of the value of your home.

VA PURCHASE
Standard VA for veteran. With a Purchase Loan, VA can help you purchase a home at a competitive interest rate, and if you have found it difficult to find other financing.

USDA (AKA RURAL DEVELOPMENT LOAN)
Standard purchase and rate and term.

A USDA loan (also called a Rural Development Loan) is a government insured home loan that allows you purchase a home with NO Money Down. USDA Home Loans offer 100% financing to qualified buyers, and allow for all closing costs to be either paid for by the seller or financed into the loan. USDA offers some the lowest rates of any loan, and you will always have a fixed interest rate.

Non-Conventional Loans

Business owners tend to lean towards Non-Conventional Loans because they allow the borrower to prove they can pay back the loan without the typical requirements of other financial products. For example, proof of income without a W2.

PRO

  • Alternative options for Business owners.
  • Alternative for a non-Qualified Mortgage.
  • Alternative to a hard money loan.
  • Options for buyers with recent foreclosures, bankruptcy or short sale.

CONS
  • Higher closing cost. Points are charged.
  • Most loan terms are for a short period.
  • TYPES OF NON-CONVENTIONAL LOANS
  • Jumbo Loans
  • Foreign National
  • Non-Warrantable Condos

Conventional Loans

Conventional Loans are for buyers with good credit, savings and the ability to put down a larger payment. With 20% down a borrower avoids Mortgage Insurance costs associated with other loans, therefore saving money. This is good for borrowers looking to purchase an investment property.

PROS

  • Easy approval process based on automated underwriting system findings.
  • 1 year taxes allowed.
  • Ability to have a single pay or monthly on mortgage insurance, or lender paid.
  • Most condos qualify and depending on down payment allow a limited review.
  • You can remove the Mortgage Insurance after proof of equity of 20%

CONS
  • Higher Down payment.
  • Harder to qualify with low credit score.
  • Longer waiting periods after bankruptcy, loan modification, short sale and foreclosure.
  • Mortgage insurance and rate determined by Fico Score and loan-to-value.

I-TIN Products

PROS
  • Most banks are not doing it.
  • It's better than a hard money loan.
  • No Social Security Card required.
  • No traditional credit is required just non-traditional.
  • No documents necessary to prove legal status in USA.

CONS
  • Higher Down payment is required.
  • Higher than conventional rates and closing cost.
  • No investment properties allowed.
  • LOANS FOR YOUR UNDOCUMENTED BUYERS:
  • Are your buyers undocumented and living in the USA?
  • Are they missing a Social Security Card or number?
  • Do they not have a Visa, Work Permit, or Green Card?

THIS IS THE LOAN YOU HAVE BEEN LOOKING FOR! HERE IS WHAT THEY NEED TO QUALIFY:
  • U.S. Government ID Card, Matricula Consular ID, or Passport
  • 2 Years employment in the same or similar line of work (can be salaried or self-employed)
  • 2 Years Tax Returns using their I-TIN number
  • Buyers must be an owner occupant
  • Minimum 20% down payment
  • This is a 30 Year fixed rate, not a hard money loan!

Preferred Lenderlink

Preferred Lenderlink has been created to Empower strong business alliances with Real Estate Brokers and CPA Firms that are looking to create their own Mortgage Department. Preferred Lenderlink will “link” our mortgage services with our partners which in turn will eliminate overhead, system, and licensing expenses. Through Lenderlink you will have:

  • Access to Direct Loan Processing
  • Access to Direct Underwriting and Funding
  • Control your own Interest Rates and Locks
  • Access to an extended line of Investors
  • A Large variety choice of Loan Programs
  • Licensing in 24 States
  • Sufficient Warehouse Lines

Call us now at 877-551-2572
Emilio Morales
Emilio MoralesDivision Manager
26 years of Mortgage Lending Experience
Graduate of Cerritos College in Business

I aim to provide and maintain a high level of service by staying informed in all aspects of the Real Estate industry so that I can pass that on to you. I take pride in helping families and individuals build wealth through homeownership and look forward to getting you started on the process.
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