A reverse mortgage (HECUM) is a home loan for seniors age 62 or older. Instead of making monthly mortgage payments like a traditional home loan, Reverse Mortgage are paid back in one lump sum when the borrower either moves, sells the home, or passes away. Income, assets, monthly living expenses and credit history may be verified.

Ennkar is pleased to announce we have USDA financing. This program is for low to moderate income families and allows 100% financing with no down payment. We are underwriting these loans at Ennkar speeds.

What is a USDA Loan?

USDA stands for United States Department of Agriculture. In the past, USDA Loans were considered “farm loans”, mostly used to purchase properties in agricultural areas. That is not the case with today’s USDA Loans. In fact, properties in almost every area of the country outside major metropolitan areas can be purchased with a zero-down USDA Loan today.

USDA Guaranteed Rural Housing Loans

The government’s Home Affordable Refinance Program (HARP) has expanded to allow more homeowners to refinance if you:

1.Currently owe more on your mortgage than your home’s current market value

2.Have a Fannie Mae insured loan Have wanted to refinance but were told you didn’t qualify

3.Have private mortgage insurance

This government program offers a low-cost refinance for homeowners in areas where prices have fallen and who meet credit history requirements. This program:

1.Allows refinances of up to 95% loan-to-value

2.Includes borrowers who currently have Private Mortgage insurance

3.Gives you the opportunity to lock into the security of a fixed-rate mortgage

Ennkar proudly offers VA Loans to American Veterans. Let us serve you as you have served us.

Some basics about VA Loans:

1.No down payment

2.No prepayment penalty

3.Closing costs can be paid by the seller

4.Loans are assumable by qualified borrowers

5.Veteran may reuse entitlements

6.No private mortgage insurance to pay each month

Qualified active duty service members, veterans,national guard and reserve members

Whether a first-time home buyer, a growing family or an established homeowner looking for and investment or vacation property, Ennkar offers a wide range of financing options to meet your needs. Our experienced and knowledgeable loan officers will review your personal financial position and help you decide the best every step of the way.

Our suite of Conventional Loan Programs includes:

Fixed rate – pick any term with 10-30 year options

‘ARM’ or Adjustable Rate mortgages

Purchase programs with as little as 3% down

Second Home and Investment Purchase Loans

An FHA home mortgage loan is a loan insured against default by the Federal Housing Administration. The program came about during The Great Depression as a way to encourage home-ownership during hard financial times. The FHA loan program is still around today and borrowers of all types can still take advantage of all that FHA has to offer.

Because the FHA insures that loan, lenders are more willing to work with borrowers who may not qualify for conventional loans. The qualifying guidelines are much more flexible than other types of loans, especially in regard to credit history. Borrowers with a less than perfect credit history may still qualify under FHA guidelines.

FHA loans are ideal for first-time home buyers because of the lower down payment options and more flexible qualifying guidelines. FHA also offers a refinance program for current homeowners. With an FHA home mortgage loan, you can refinance up to 97.5% of your home’s value or an FHA cash-out refinance of up to 85%.