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Loan Programs
Through NEXA Mortgage, Betty offers exclusive loan programs with highly competitive rates that are hard to match anywhere else.
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Conventional
A conventional mortgage loan is a home loan not backed by a government agency, such as the FHA or VA. It typically requires a higher credit score, a stable financial history, and a down payment (often 3% or more). Conventional loans are available in fixed or adjustable-rate terms and are ideal for borrowers with strong credit profiles. They often have lower overall costs compared to government-backed loans but require private mortgage insurance (PMI) if the down payment is less than 20%.
VA (Veterans)
A VA loan is a government-backed mortgage for eligible veterans, active-duty service members, and certain military spouses. Guaranteed by the U.S. Department of Veterans Affairs, it offers benefits like no down payment, competitive interest rates, and no private mortgage insurance (PMI). VA loans are flexible with credit requirements. Borrowers must meet service eligibility criteria and pay a one-time funding fee, which can often be rolled into the loan.
USDA
A USDA mortgage loan is a government-backed loan designed to promote homeownership in rural and suburban areas. Offered through the U.S. Department of Agriculture, it requires no down payment, features competitive interest rates, and provides flexible credit requirements. USDA loans are ideal for low- to moderate-income buyers seeking affordable homeownership opportunities . Mortgage insurance premiums apply, but costs are typically low.
203K Loans
A 203(k) loan is an FHA-backed mortgage that combines a home purchase or refinance with financing for renovations or repairs. It’s ideal for buyers looking to purchase fixer-upper properties or homeowners wanting to update their current home. The loan includes funds for both the property and the improvements, requiring only one application and closing. Borrowers must meet FHA eligibility requirements, and the renovations must align with specific guidelines set by the lender and the FHA.
One Time Close Construction Loans
A One-Time Close Construction Loan is a mortgage that finances both the construction of a new home and its permanent mortgage in a single loan, requiring just one application and closing. This simplifies the process, saving time and money by avoiding multiple loans and closings. These loans are available in FHA, VA, USDA, and conventional options, often requiring a down payment and builder approval. Once construction is complete, the loan automatically converts to a standard mortgage.
FHA
An FHA loan is a government-backed mortgage designed to help low- to moderate-income borrowers buy a home. Insured by the Federal Housing Administration, it offers lower down payments (as low as 3.5%) and more flexible credit requirements than conventional loans. FHA loans are ideal for first-time buyers or those with less-than-perfect credit. Borrowers must meet specific guidelines and pay mortgage insurance premiums, but these loans make homeownership more accessible.
Home Equity Line of Credit (HELOC)
A Home Equity Line of Credit (HELOC) is a revolving credit line that allows homeowners to borrow against their home’s equity as needed. Similar to a credit card, a HELOC provides flexible access to funds up to a set limit, with interest paid only on the amount borrowed. The loan typically has a draw period followed by a repayment period. HELOCs are ideal for home improvements, debt consolidation, or unexpected expenses but use the home as collateral. Click HERE to get started.
Reverse Mortgages
A reverse mortgage is a loan available to homeowners aged 62 or older that allows them to convert a portion of their home equity into cash. Unlike traditional mortgages, no monthly payments are required; instead, the loan is repaid when the homeowner sells the home, moves out permanently, or passes away. Reverse mortgages are commonly used to supplement retirement income, but they reduce home equity over time and come with fees and interest that accrue on the balance.
Mobile Home Loans
A mobile home loan is a financing option designed specifically for manufactured or mobile homes. These loans can be either chattel loans, which finance the home without land, or mortgage loans, which include both the home and the land it sits on. FHA, VA, and USDA loan programs offer options for mobile home financing, often with lower down payments and flexible terms. Borrowers must meet lender and property requirements, and interest rates may be slightly higher than traditional home loans.