Gate Realty Mortgage Has You Covered For Home Financing!

At Gate Realty & Mortgage Services we pride ourselves on the ability to provide our clients with a multitude of loan programs to choose from; however, with so many different loan programs to choose from, at times the task can seem overwhelming. Here is a brief breakdown of just SOME of the programs we offer. When you are ready, give us a call and we will help you determine which loan best fits your needs.

(NOTE: Due to the ever-changing market, loan programs are subject to change without notice.)

CONVENTIONAL LOAN PROGRAMS

The obvious choice for our top-tier borrowers! Comprised of some of the best conventional rates and pricing in the industry.  

  • 700+ FICO, up to 80% LTV
  • Loan amounts from $125,000 up to county loan limits
  • Eligible for primary, second and investment homes
  • Appraisal Waivers honored
  • Includes conventional and high balance
  • Available on single- and multi-wide, condos and PUDs
  • Close most loans in 19 days or less by triggering the CD at initial underwrite

Elite M.I. combines the cheapest lender-paid mortgage insurance in the industry with some of the lowest borrower-paid pricing, which means we only have to go one place to deliver a lower payment for our 640+ FICO borrowers. Borrowers save 3–7 days on every loan by eliminating the second underwrite with no overlays.  

  • Among the lowest mortgage insurance rates in the industry
  • Instant M.I. saves 3-7 days on the loan process
  • No overlays
  • No adjustments for DTI or number of borrowers
  • Starts at 640 FICO
  • Close most loans in 19 days or less by triggering the CD at initial underwrite

We customize the perfect loan for our borrower’s without resetting the mortgage clock! Flex Term provides borrowers with flexible options to select their amortization term.  

  • Available on conventional, FHA and VA loan products
  • Terms available from 8–30 years

Time is of the essence with every borrower. No need for us to wait while you shop around— We can give you the most competitive rates and close your high balance loan in record time!  

  • Loan amounts from $647,200 up to county loan limit
  • LTV’s as high as 90%
  • 640+ FICO
  • Close most loans in 19 days or less by triggering the CD at initial underwrite

Elite High Balance offers some of the best conventional high balance rates and pricing for our top-tier clients. We have industry-leading turn times, direct access to underwriting and award-winning technology with every loan.  

  • 700+ FICO
  • Up to 80% LTV
  • Loan amounts from $647,200 up to county loan limits
  • Appraisal Waivers honored
  • Underwrite to AUS findings
  • Includes convention and high balance
  • Close most loans in 19 days or less by triggering the CD at initial underwrite

We give our borrowers even lower rate options with our 5-, 7- and 10-year adjustable-rate mortgages.  

  • Conventional Elite 5, 7, and 10 year
    • 700+ FICO, up to 80% LTV
    • Primary, second, and investment properties on purchase, rate/term and cash out refinance
    • $125,000 minimum loan amount
  • Conventional 5, 7, and 10 year
    • 640+ FICO, up to 95% LTV
    • Primary, second, investment, purchase, rate/term and cash out refinance
  • Conventional Elite High Balance 5, 7, and 10 year
    • 700+ FICO, up to 80% LTV
    • Primary, second, and investment properties on purchase, rate/term and cash out refinance
    • Loan amounts from $647,200 up to county loan limit
  • Conventional High Balance 5, 7, and 10 year
    • 640+ FICO, up to 95% LTV
    • Primary, second, investment properties on purchase, rate/term refinance and cash out refinance
    • Loan amounts from $647,200 up to county loan limit

This exclusive product eliminates monthly mortgage insurance on loans with a higher LTV.  

  • Conventional 30-year fixed only; Flex Term not available
  • Available for primary and second home purchases and rate/term refinances
  • LTV between 80.01 and 89.99%  
  • Up to 45% DTI
  • 680+ FICO
  • Loan amounts starting at $200,000
  • MI Buster High Balance available for loan amounts over the county loan limits

Qualify more first-time homebuyers with this 3% down payment solution.  

  • Purchases up to 97% LTV
  • No income restrictions
  • Available in all geographic locations
  • Eligible for single family homes, including townhouses and condos
  • At least one borrower must be a first time homebuyer
  • LPA only
  • Close most loans in 19 days or less by triggering the CD at initial underwrite
  • Available on single- and multi-wide, condos and PUDs for Manufactured Homes with LTV up to 95%

Conventional options for borrowers looking to purchase with a low down payment or refinance with limited equity. Use the Fannie Mae Lookup Tool to see if a subject property meets the county loan limit requirement.  

  • Purchases up to 97% including FTHB
  • Refinances serviced by FNMA eligible up to 97% LTV
  • Reduced Mortgage Insurance
  • High Balance available
  • Income up to 80% of the area median income (AMI)
  • Gift funds eligible for entire down payment
  • Available on single- and multi-wide, condos and PUDs for Manufactured Homes with LTV up to 95%
  • Close most loans in 19 days or less by triggering the CD at initial underwrite

RefiNow lets more of our borrowers take advantage of current low interest rates to refinance! We use it to help our homeowners who currently have a Fannie Mae-backed loan, have income at or below 80% of their area median income (AMI) limit, and can reduce their interest rate by a minimum of 50 basis points and save at least $50 on their monthly mortgage payments.*  

  • Loan must be conventional and owned or securitized by Fannie Mae
  • 30-year fixed loans with an LTV up to 97%
  • 640+ FICO, up to 65% DTI
  • Primary residence rate/term refinance
  • $500 credit from Fannie Mae if an appraisal was obtained
  • Available on single- and multi-wide, condos and PUDs

*Reduction must include principal, interest and the mortgage insurance payment (if applicable).

A great alternative to FHA financing for borrowers looking to purchase with a low down payment or refinance with limited equity. Use the Freddie Mac Lookup Tool to see if a subject property meets the county loan limit requirement.

  • Up to 97% LTV
  • 640+ FICO
  • First time homebuyers, move-up borrowers and retirees
  • Refinances up to 97% LTV, regardless of current mortgage program
  • High Balance available
  • Income up to 80% of the AMI
  • Available on single- and multi-wide, condos and PUDs
  • Close most loans in 19 days or less by triggering the CD at initial underwrite

Refi Possible helps our borrowers who currently have a Freddie Mac-backed loan take advantage of current low interest rates. As with Fannie Mae’s RefiNow, applicants must have income at or below 80% of their area median income (AMI) and be able to reduce their interest rate by a minimum of 50 basis points and save at least $50 on their monthly mortgage payments.*

  • Loan must be conventional and owned or securitized by Freddie Mac
  • 30-year fixed loans with an LTV up to 97%
  • 640+ FICO; up to 65% DTI
  • $500 credit from Freddie Mac if an appraisal was obtained
  • Available on single- and multi-wide, condos and PUDs
*Reduction must include principal, interest and the mortgage insurance payment (if applicable).

We make your condo approvals quick and easy with our limited review process. All files receiving a limited review response in AUS will only need a minimum evaluation by our condo department.

  • Available in all 50 states
  • No condo questionnaire required

Single Premium M.I. allows a one-time, up-front M.I. premium to eliminate the monthly M.I. payment, while ensuring the maximum credit to offset the closing fees.

  • Both financed and non-financed options available
  • Down payment as low as 3%
  • Use seller contributions to eliminate monthly M.I.
  • Accommodate a low rate and payment while providing a premium credit to negate closing costs
  • Empowers our clients to qualify for the home of their dreams

Split 50 and Split 100 is a hybrid program combining a single-premium M.I. adjustment with the balance of the M.I. premium to be paid at a reduced monthly rate. Our clients will benefit from a lower monthly M.I. payment, saving them hundreds of dollars every month while giving them a great low rate.

  • LTVs up to 95%
  • Split 50 at only 50 basis points
  • Split 100 is a less expensive option for our borrowers than FHA loans
  • Underwrite to AUS findings

FHA LOAN PRODUCTS

We take our FHA borrowers to a new level with industry-leading government rates and pricing. This is the obvious choice for our top-tier clients.

  • 640+ FICO
  • Loan amounts from $125,000 up to county loan limits
  • All fixed term mortgages
  • Single family primary residences
  • Available on single- and multi-wide, condos and PUDs

The FHA Streamline program allows you to refinance your FHA loan with no appraisal or AVM. Time is of the essence—No need for you to shop your loan around. Borrowers can take advantage of our quick closing process to fund their loan ASAP!

  • 620+ FICO
  • Up to 60 days interest allowed
  • Available on single- and multi-wide, condos and PUDs

We can close your HUD REOs in as fast as two weeks from submission while allowing holdbacks up to $10,000 for escrow repairs.


VA LOAN PRODUCTS

Our VA loans are tailored for our men and women who have bravely served in the Armed Forces. We recognize the sacrifices and challenges our soldiers face. Our goal is to provide the best possible experience when it comes to financing your home by offering some of the best VA options in the industry.

  • Loans up to $2M
  • 620+ FICO Up to 100% LTV
  • Fixed term only
  • Single family primary residence
  • Purchase & cash-out refinance
  • Available on single- and multi-wide, condos and PUDs
  • Escrow waivers up to 100% LTV

For VA borrowers with higher FICO scores, we offer industry-leading government rates and pricing.

  • Loan amounts from $125,000 up to county loan limits
  • Jumbo loan option starting from $1 over the county loan limit up to $2M
  • 620+ FICO Up to 100% LTV
  • Fixed term only
  • Single family primary residence
  • Purchase & cash-out refinance
  • Available on single- and multi-wide, condos and PUDs
  • Escrow waivers up to 100% LTV

Allow your VA borrowers to take advantage of their VA benefits by streamlining their current VA loan into a lower interest rate.

  • Unlimited LTV
  • Loans up to $2M
  • No appraisal required
  • Fast closings, often less than 18 days
  • Available on single- and multi-wide, condos and PUDs
  • Primary, second and investment properties eligible

JUMBO LOAN PRODUCTS

We have multiple Prime Jumbo products designed to beat the big banks and retail lenders. Each is tailored to/for our borrowers with different circumstances and needs — however, they all have a few similarities:

  • Loan amounts starting at $1 over the county loan limit
  • No MI required
  • Run through DU, receive an approve/ineligible response and submit to lender
  • Restricted Stock Unit (RSU) income accepted
  • Available on Texas Conversion loans
  • Loan amounts up to $3M
  • 680+ FICO and up to 45% DTI
  • Up to 89.99% LTV and no MI required
  • Our lender services these loans exclusively
  • Borrower solicitation protection
  • Eligible on primary, second and investment properties for purchases, rate/term and cash-out refinances
  • One appraisal required for purchases up to $3M and refinances up to $2M*
  • Two appraisals required for refinances over $2M*
  • Loan amounts greater than $2M require 18 months of reserves in addition to any reserves required by AUS
  • Loan amounts up to $3M
  • 680+ FICO and up to 45% DTI
  • Up to 89.99% LTV
  • Eligible on primary, second and investment properties for purchases, rate/term and cash-out refinances
  • One appraisal required for loans up to $2M*
  • Two appraisals required for loans over $2M*
  • Loan amounts greater than $2M require 18 months of reserves in addition to any reserves required by AUS
  • Loan amounts up to $3M
  • 680+ FICO and up to 45% DTI
  • Up to 80% LTV
  • Eligible on primary, second and investment properties for purchases, rate/term and cash-out refinances
  • One appraisal required for purchase up to $3M and refinances up to $2M*
  • Two appraisals required for refinances over $2M*
  • Loan amounts greater than $2M require 18 months of reserves in addition to any reserves required by AUS
  • Loan amounts up to $3M
  • 700+ FICO and up to 43% DTI
  • Up to 80% LTV
  • 10-year interest only, 20-year amortization period
  • Eligible for primary and second homes for purchases and rate/term refinances
  • One appraisal required for purchases up to $3M and refinances up to $2M*
  • Two appraisals required for refinances over $2M*
  • Loan amounts up to $1M require 12 months of reserves in addition to any reserves required by AUS
  • Loan amounts over $1M require 24 months of reserves in addition to any reserves required by AUS
  • Loan amounts up to $2.5M
  • 700+ FICO and up to 43% DTI
  • Up to 80% LTV
  • Eligible for primary and second homes for purchases and rate/term and cash-out refinances
  • One appraisal required for loans up to $2M*
  • Two appraisals required for loans over $2M*
  • For primary purchase loans up to $2M – 12 months reserves required
  • For second home loans over $2M – 18 months reserves required
  • For primary cash out loans up to $1M – 12 months reserves required (up to $300,000 cash back)
  • For primary and second home loans over $1M – 18 months reserves required (up to $300,000 cash back)
  • For primary cash out loans between $1.501-$2M – 12 months reserves required (up to $500,00 cash back)
  • For second home cash out loans between $1.501-$2M – 18 months reserves required (up to $500,00 cash back)
*Appraisal waivers are not applicable on Prime Jumbo, Prime Jumbo Released, Prime Jumbo ARMs, Prime Jumbo Interest Only and Prime Jumbo Max.

HARD MONEY LOAN PRODUCTS

>A hard money loan is a short-term, non-conforming loan that does not come from traditional lenders, but rather individuals or private companies that accept property or an asset as collateral. Borrowers may turn to hard money loans after a loan or mortgage application is denied, or to avoid the lengthy process of getting approved for a loan through traditional means. Like a traditional mortgage, a hard money loan is a secured loan, guaranteed by the property it is being used to purchase. The “hard” part of “hard money” refers to the tangible asset being used to back the value of the loan. When a person defaults on a secured loan, the lender can take over ownership of the asset to recoup its losses. Unlike traditional mortgages or other types of secured loans, hard money loans come with a fast and typically less stringent approval process, making them ideal if you need to make the purchase happen fairly quickly. With a mortgage, it often takes more than a month, from application to close, to purchase a property. With hard money loans, it’s possible to close in just a few days.

Basic guidelines

  • Credit: 640 +
  • Up to 90% LTV on the purchase price and 100% on Rehab, 70% ARV
  • Rates: 7.99% and up

Basic guidelines

  • Credit: 640 +
  • Up to 75% LTV on the purchase price
  • Rates: 4.5% and up

Basic guidelines

  • Credit: 640 +
  • Up to 75% LTV on the purchase price
  • Rates: 5.99% and up

Basic guidelines

  • Credit: Any Credit Score
  • Up to 65% LTV 1 TD or 2 TD
  • Rates: 8.99% and up
  • HARD MONEY (LM)

Basic guidelines

  • 90% Loan-To-Cost products on purchases
  • Fix & Flip up to 85% LTV and Refinances up to 75% LTV
  • Stated Income, Stated Assets – No Income Verification
  • 48 Hours to Loan Docs, Same Day Approvals
  • No Minimum Fico Score
  • Interest Only Payments, No prepayment Penalty
  • We also lend on LAND, Ground-Up Construction, COMMERCIAL, Second Trust Deed, REHAB, Bridge, Manufactured Home, Corporations, LLC’s, Partnerships, Foreign Nationals with TIN are accepted.
We can lend in California, Illinois, Texas, Pennsylvania, Florida, Washington State, Washington D.C., Colorado, Georgia, North Carolina, South Carolina, Tennessee, Virginia and Hawaii.

MANUFACTURED HOME LOAN PRODUCTS

General Eligibility Requirements

  • Manufactured home must be considered real property (permanently affixed to the foundation) as of closing
  • Manufactured home must have been built on or after June 15,1976
  • Multi-Wide and Single-Wide manufactured homes are permitted
  • Condos and PUDs are permitted
  • Property CANNOT be located in a mobile home park
  • Subordinate financing is NOT permitted
  • An appraisal is required on all loans and must be completed on form 1004C. Appraisal waivers are NOT permitted. (This requirement does not apply to VA IRRRLs or FHA Streamlines)
  • Homeowner’s insurance may be on form HO-7
  • Purchases: The manufactured home and land must be purchased simultaneously on ONE purchase agreement. This means the borrower cannot purchase a home for land they already own.
  • Refinances: The manufactured home and land must be affixed prior to or at closing and owned by the borrower. 
    • FHA/LP/DU: Must own manufactured home and land for at least 12 months prior to loan application date (case number assignment date for FHA)
    • DU ONLY: The above requirement needs to be met on cash-out refinances only
  • Conventional: ONLY primary residents and secondary home
  • Conventional: NO variances may be used
  • See LP/DU Variances List – UND for the complete list of variances
  • DU loans: MH Advantage NOT offered
  • FHA: the subject property cannot be located in a flood zone. The product will invalidate if flood zone ‘A’ or ‘V’ indicated for the subject property.
  • USDA: Only purchases of new manufactured homes allowed
    • In order to be considered new, the home cannot have a manufacture date greater than 12 months as of the purchase agreement contract

2-8 UNIT RESIDENTIAL AND MIXED USE DSCR

  • Up to 75% LTV
  • Up to $3,500,000 Loan Amount
  • Minimum 660 Credit Score
  • Up to 40-Year Term
  • Only 30 Days of Asset Verification
  • Gift Funds Allowed

REVERSE MORTGAGES

  • Q: What is an FHA Reverse Mortgage Loan?
  • A: A Reverse Mortgage loan is for seniors over the age of 62 that have enough equity in their home and want to use it. The Home Equity Conversion Mortgage, or HECM, is the only reverse mortgage that is insured by the U.S. Federal Government and is only available through an FHA approved Lender.
  • Q: I have a mortgage on my home, can I still get a Reverse Mortgage Loan?
  • A: Yes, one of the purposes of the reverse mortgages is to eliminate your current mortgage (Owner must maintain property taxes and insurance). If your home is free and clear you may also qualify for a cash lump sum the day of funding and a line of credit available for the second year.
  • Q: What can I do with the money I receive?
  • A: The money received can be used as you please. From going on a long vacation to paying off any debt you may have or can be used to give you the financial relief you have been pursuing.
  • Q: Am I required to pay income taxes on the money I receive?
  • A: No, since you are converting your home equity into cash. This can be verified with your tax preparer.
  • Q: Can I continue to receive my Social Security, Medicare or Medicaid benefits if I get a Reverse Mortgage Loan?
  • A: Yes, however, there are restrictions on how money can be received if you are on Medicaid. For further questions, contact Social Security at 800-772-1213
  • Q: Is good credit required?
  • A: Not necessarily. We will be checking for credit history, not score. Any derogatory account will need to be detailed in a letter of explanation alongside evidence of said financial hardship. 
  • Q: Is there any income requirement?
  • A: Yes. We will calculate residual income to assure that you can afford to pay property taxes and insurance of the home on your own.
  • Q: How do I find out if I qualify for a Reverse Mortgage Loan?
  • A: Call us to speak to one of our experience Reverse Mortgage Consultants.
  • Q: When and who pays off my Reverse Mortgage Loan?
  • A: You are not required to pay back the loan as long as you reside in the property as owner occupied and pay all property charges when due. If you sell your home, you will only be required to pay the balance on the reverse mortgage loan, keep the difference in equity. Did you know that you can purchase a new home using the reverse mortgage program? You may contact our office for more information.
  • Q: Who keeps the home when I pass away?
  • A: The beneficiary of the property will be given a certain amount of time to either sell or refinance the property. If the heirs do not want to acquire the property, they are not required to pay the debt and simply advise the lender that they will not be keeping the home. 

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