Mortgage Types

Elite Mortgage Capital pays particular attention to ensure that each qualified customer is provided the most practical and responsible loan program that best fits your short and long term financial strategy.

We maintain multiple investor relationships in order to secure the best financing options available, to our qualified customers. The menu of loan programs offered by these investors include: Fannie Mae (FNMA) and Freddie Mac (FHLMC) conforming loans, Federal Housing Administration (FHA), Veteran’s Adminstration (VA), and Non-conforming Jumbo.

The products we offer:

  • Fixed Rate Mortgage: We provide 30-year, 20-year and 15-year amortization schedules, to offer the most comfortable payment option for you.
  • Adjustable Rate Mortgage schedules: Allows for a set, initial fixed rate term with yearly adjustments at the end of the initial term: 10/1, 7/1, 5/1, 3/1 and 1/1 products are available. For example, the 10/1 mortgage product allows for a 10-year initial fixed rate term, with yearly adjustments thereafter.
  • First Time Homebuyer Programs: These purchase loans typically allow for lower down payments (3.5%) to make home ownership more obtainable.
  • Agency Conforming Conventional Loan Programs to $417,000: These loans are sold by the lender to Fannie Mae or Freddie Mac, which are government-sponsored enterprises.
  • Agency Jumbo Loan Programs from $417,001 to $729,150 are available in most of our geographic areas. FHA High Balance Loan Programs to $625,500 in most of our geographic areas
  • Non-Agency Loans to $3,000,000: Also known as Jumbo or non-conforming loans, these loans are sold to lending institutions other than Fannie Mae or Freddie Mac.
  • Fannie Mae DU Refi Plus Program: This program allows current homeowners the ability to refinance their existing Fannie Mae loan, into a more attractive mortgage product up to a loan to value of 105%.
  • Fannie Mae Home Path Program: This program allows for as little as 3% down for a foreclosed property currently being offered for sale by Fannie Mae.
  • Freddie Mac Home Possible Community Program: This program allows teachers, firefighters, law enforcement officers, healthcare workers, and military personnel to purchase a home with as little as 3% down.
  • Programs which allow a 60% debt ratio: To calculate debt ratio, add up the monthly payment for ALL your debt obligations, and divide that number by your documented monthly GROSS income.

To get started, contact an Elite Mortgage Capital Loan Consultant by calling (301) 587-1479. If you are considering purchasing a home, you can complete the Quick Application form.

Each applicant will speak directly to the originator so that there is complete agreement and understanding of the loan program, associated interest rate and point scenarios, and an accurate processing time line. Loan applications will be committed immediately to the investor so processing is efficient. At the borrower’s discretion, the interest rate may be treated in a float status in order to participate in market fluctuations, locked at time of application, or at the time of approval. Investors’ loan cycle times will be managed closely, so as to deliver on initial time line estimates, and are critical to the overall customer experience.