HECM Reverse Mortgages: Home Equity Conversion Mortgage (HECM) is FHA's reverse mortgage program which enables the seniors to withdraw some of the equity in their home. The program allows the seniors to choose how they want to withdraw their funds, whether in a fixed monthly amount or a line of credit or a combination of both. HECM may also be used to purchase a primary residence.
Borrowers must be at least 62 years old and occupy as their principal residence a home that has little or no mortgage debt remaining. The maximum loan amount depends on the age of the borrower, the expected interest rate and the appraised value of the property.

Federal Housing Administration (FHA): FHA mortgage programs are Government insured home loans available to all buyers. These programs are designed to help creditworthy low-income and moderate-income families who do not meet requirements for conventional loans. FHA loan programs are particularly beneficial to those buyers with less available cash and require only 3.5% down payment.
In addition to standard FHA programs, SWMC also offers financing for FHA Jumbo programs, manufactured homes, HUD REOs, and properties eligible for rehab under FHA 203(k) program.

Veterans Administration (VA): VA loan programs are Government guaranteed home loans available to eligible veterans for the purchase of a home. VA loans are particularly beneficial to those veterans that do not have much cash available. VA programs require NO down payment or monthly mortgage insurance premiums and provide an ability to finance the funding fee into the loan.

United States Department of Agriculture (USDA): USDA loan programs are Government guaranteed home loans designed to meet the needs of those living in small communities and rural areas as well as many outlying metropolitan areas. It allows for 100% purchase financing, and has NO monthly mortgage insurance.

Conventional Conforming Mortgages: Conventional conforming loans have terms and conditions that follow the guidelines set forth by Fannie Mae and Freddie Mac. Fannie Mae and Freddie Mac guidelines establish the maximum loan amount, borrower credit and income requirements, down payment, and suitable properties. Fannie Mae and Freddie Mac announce new loan limits every year. The 2010 conforming loan limits for first mortgages are:
One-family: $417,000
Two-family: $533,850
Three-family: $645,300
Four-family: $801,950
SWMC also offers Conforming Jumbo programs up to $1,403,400 available on subject properties located in counties designated as high cost. Click hereto verify the maximum loan limit set by FNMA for year 2010.

Jumbo Non-Conforming Mortgages: Loan programs above the maximum loan amount established by Fannie Mae and Freddie Mac are known as 'jumbo' non-conforming loans. These loans often have a little higher interest rate than conforming loans.
SWMC offers Jumbo Non-Conforming Mortgages for owner-occupied properties up to a loan amount of $2 Million.