Loan Programs
Learn About the Various
Loan Programs at
Gershman Mortgage
Licensed in 12 states, Gershman Mortgage has a wide variety of loan products and experienced professionals to get you on the path to home ownership.
Featured Loan Programs
Loan Programs Offered
Conventional Loans
One of the most common loan programs that offers competitive interest rates and requires down payments ranging from 3% to 20%. Down payments less than 20% require mortgage insurance. Standard documentation and fair-to-good credit score are necessary to qualify.
VA Loans
Offering Veterans, US Military service members and eligible surviving spouses benefits through a VA loan program. Loans guaranteed by the Department of Veterans’ Affairs, no down payment or mortgage insurance required. The VA guaranty gives lenders greater degree of safety and flexibility which result in more competitive interest rates than non-VA loans.
FHA Loans
Insured by the Federal Housing Administration. Offers down payment as low as 3.5% in addition to a less stringent qualification process which is an attractive option to first time homebuyers. To protect lenders from a loss if the borrower should default, mortgage insurance is required on all FHA loans.
Rural Housing Loans (USDA)
Government backed loans, lending up to 100% of the home’s appraised value. Qualifying properties must be located in USDA defined rural areas and communities to be eligible for USDA loan programs.
Jumbo Loans
Gershman Mortgage offers loan programs for loan amounts greater than the high balance loan limits. Lower debt-to-income ratios, higher credit and larger down payments are required on this type of loan.
ARMS
Adjustable rate mortgages offer lower initial interest rate in comparison to fixed-rate mortgages. Cap limits moderate how much the interest rate can change from one year to the next.
Reverse Mortgage
Gershman Mortgage offers HUD insured, Reverse Mortgages also knows as Home Equity Conversion Mortgage (HECM) for customers age 62 and older. This type of mortgage allows homeowners with substantial home equity, to tap that equity as a source of funds to pay off their existing mortgage, cover bills or health care expenses, or to provide additional retirement income. Unlike conventional mortgages, borrowers are not required to make monthly payments. The loan must be repaid only when the borrower moves or dies.
R E F I N A N C I N G
Mortgage refinancing with Gershman Mortgage can provide a number of financial benefits for homeowners. Refinancing a mortgage means that you pay off the original loan and replace it with a new home loan. Mortgage refinancing can provide a lower interest rate, shorten the term of your mortgage, consolidate debt, and more.
First Time Home Buyer
As part of our commitment to provide the best residential home loans for our customers, we offer loans that feature a number of great benefits for first time home buyers. These benefits include: low or no down payment, tax credit advantages, and down payment assistance options.
Other Loan Programs
We’re certain we have the right loan program to fit your needs. If you don’t see the loan program you were looking for, contact a Gershman Mortgage professional and we’d be happy to help you find the right loan for you.
FHA 203h
For victims of a major disaster who have lost their homes and are in the process of purchasing a Single Family Property. There is no down payment required, and the borrower is eligible for 100% financing. Closing costs and prepaids must be paid by the borrower in cash or paid through premium pricing or by the seller (up to 6%).
Homestyle Renovation
Provides a convenient and flexible way for borrowers considering home improvements to make repairs and renovations with a first mortgage, rather than a second mortgage, home equity line of credit or other more costly methods of financing. The borrower can use this loan to purchase appliances, or non-structural improvements that substantially upgrade the rooms in which appliances and improvements are placed. Renovation amount can be 75% of estimated ‘as completed’ value.
80/10/10
Also known as a piggyback loan, 80/10/10 requires a 10% down payment, allowing borrowers to avoid costly private mortgage insurance.
LPMI
LPMI is lender-paid mortgage insurance and is normally available only on Conventional loans. The ideas of having lender-paid mortgage insurance is relatively simple: pay a fee upfront when you get your loan or accept a higher interest rate and the lender will pay for your mortgage insurance.
Medical Programs
Used for primary residences. At least one borrower must hold the following valid license types: Medical Resident (educational license), Medical Doctor (MD), Doctor of Dental Surgery (DDS), Doctor of Dental Medicine (DMD), Doctor of Optometry (OD), Doctor of Ophthalmology (MD), Doctor of Podiatric Medicine (DPM), or Doctor of Osteopathy (DO).