Services
Close on Time, Every Time.
Home Purchase Loans
Whether you are buying a primary home, second home or investment property, we can help arrange the loans that works best for you. Closing on time always matters. We know this better than anyone else as we take your loan personally. We care and the compassion shows!
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These are your ordinary loans up to $726,200. There are two different types of Conventional loans; Conforming and Non-Conforming loans. Conforming loans have to meet the guidelines set by Fannie Mae and Freddie Mac. Any loan which does not meet guidelines is a non-conforming loan. We do both!
Highlights:
Only 3-5% down payment required
No MI with 20%+ Down payment
Great rates
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Jumbo loans are loan amounts over $726,200. Underwriting can be more stringent but our service level remains second to none! Since traditional loans do not go over $726,200, these loans allow the borrower to purchase in pricier areas or larger homes.
Highlights:
Loan Amounts up to $5,000,000
Competitive rates
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FHA loans are a great option in todays world. FHA loans are for those who can’t afford a large down payment and are looking for flexible credit qualifying standards. FHA loans have a bad rap with some, but they are great loans backed by the Federal Government. We love our FHA clients!
Highlights:
Lower interest rates
Down payment is less
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A VA loan is a mortgage loan guaranteed by the Veterans Administration. A VA loan provides veterans and/or their surviving spouses who have not remarried, with a federally guaranteed home with zero down payment. The program, also referred to as the GI Bill, has been highly successful and has helped millions of American veterans and their families acquire a home. Working with veterans always feel great as they deserve the best!
Highlights:
$0 down payment
VA does not require MI (Mortgage Insurance)
Limits on the amount of origination fees and closing costs
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Low down payment Low out of pocket costs Seller can contribute to buyer’s closing costs 100% financing available to qualified borrowers in qualified areas. These are outside of the average metro areas.
Highlights:
No down payment requirement
Property must be located in an eligible rural area
Closing costs can be added to the loan amount (if the property appraises high enough to include it at up to 100% of the appraised value)
Income eligible applicants who do not qualify for conventional financing may qualify
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Designed for borrowers who don’t expect to be in a home for a long period of time. These adjustable-rate mortgages are fixed for a period of time and can adjust thereafter. Normally a fixed loan for a short period of time and then can adjust based on current rates. The adjustment period will be explained to all borrowers for their scenario.
Your home is usually your biggest asset that should be reviewed from time to time to ensure the finances are being managed. This is where we shine. If there is an opportunity to lower your rate, we will contact you. We will not urge you to refinance unless it makes perfect financial sense. We provide the information, it is 100% in your hands to make the decision. No pressure, ever!
Refinancing
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Cash-out refinancing allows you trade home equity for cash. This money is yours to spend. Most home owners have lots of equity as we have seen home value sky-rocketed the past few years. Cashing out is normally used to pay off debt, go on a vacation… the list is endless. Let us help you decide if cashing out makes sense for you. Again, there will be no pressure, ever.
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There are many ways to use equity to save money each month and we will figure out the most affordable way to take advantage of the equity you earned. We will compare current market rates to your existing mortgage rate to determine if we can reduce your monthly payments. If there is enough equity, we may be able to drop Mortgage Insurance too! There may also be a way refinance with you paying no closing costs. We are happy to explain how this works. Call us!
Benefits to Refinancing your Home
Custom Lending
Ocean Blue Lending can arrange a variety of custom loan types for all different situations. From unique loan types to unique circumstances we will assist in positioning you with the right loan with the best rates on the market with seamless communication throughout the process.
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A loan type to support business activity. Office building, Warehouse, strip malls etc. Reach out for more information!
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Looking to build the home of your dreams? Contact us! We have many outlets to help you achieve your dream!
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There are many loans out there that do not follow traditional lending guidelines. Call us to advise you on your options!
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We can also help arrange a loan on land. Reach out with questions!
Examples of Custom Loans
About The Loan Process
There are many steps in the mortgage process but we handle most of them for you. Below are the basic steps. You may not know what they mean now and the process may intimidate you, but you will learn them throughout the process and feel confident at the closing table about putting your pen to paper.
Get Pre-Qualified for a Loan: This is where your Loan Officer will take your loan application, gather some initial documents like tax returns and pay stubs in order to figure out how much you are pre-qualified for. We can also guide you on how much you can afford each month and back into a purchase price. From here we can advise you on home prices, loan types, payments for your new home and issue you a pre-approval letter!
Find a Home and Make an Offer: After you are pre-qualified, you will want to work with a Realtor as they are there to protect you during the purchase process. Things can go wrong when buying a home and it’s the realtor’s duty to ensure you are taken care of and they always put your best interests 1st! If you need a trusted realtor feel free to ask for some names. We work with many in Florida and Georgia and are happy to refer a few. The realtor will guide you on putting an offer in and for how much. Ocean Blue Lending will tailor the pre-qualification letter to your offer to be as competitive as possible. If the offer is accepted, you are under contract!
Complete the Full Loan Application: Once under contract, we will send you a list and gather remaining documents in order to get a fast, clean approval from underwriting. Once we receive the initial documents from you, we may need to ask for more as each document can open new doors that require more docs. This part of the process is definitely the most demanding, but we do it well and this is the key to a smooth home purchase!
Processing and Underwriting: The Processing team will take all documents we gathered, order many different verifications and submit to underwriting for full loan approval. This can take 24-48 hours once the loan is submitted. If we have done our job well upfront, which we always do, you will be conditionally approved!
Clearing Conditions: All approvals are conditional approvals. Your mortgage team will work with you in order to clear the conditions. It can be a variety of items such as a new bank statement, a letter of explanation (LOX), a new pay stub or many others. We clear these quick so there is no stress in wondering if you are going to close or not.
Closing Day! Once the underwriter agrees we cleared all conditions, we become Clear To Close (CTC). You are done! From here, we will work to finalize all of the numbers so we know exactly how much money to wire to the title company or closing attorney. Wiring instructions are sent by the closing company and you must verify via phone to ensure the account numbers are right. There are many people out there taking advantage of people, but we will remind you throughout the process.
You are a Home Owner, Congrats!
