Impac Mortgage, our consumer direct division, offers a full line of competitively priced loan programs and specializes in:

• Reverse Mortgages (*specific regions)
• Home Affordable Refinance Program (HARP)
• HomePath
• Jumbo loans up to $3 million
• 203(k) Home Renovation Program (*specific regions only)
• Purchase, Rate and Term Refinance, and Cash-out Refinance Programs
• Fannie Mae Conventional, High-balance and Adjustable-Rate Mortgages (ARMs)
• DU Refi Plus
• FHA / VA / USDA

Reverse Mortgages
Reverse mortgages are becoming popular in America. HUD's Federal Housing Administration (FHA) created one of the first, the Home Equity Conversion Mortgage (HECM). A HECM (also known as a reverse mortgage) is a federally insured loan that enables you to withdraw some of the equity in your home or use the loan proceeds to buy a new primary residence that you will occupy. The HECM is a safe alternative resource that can provide older Americans with greater financial security and independence. Many seniors use it to supplement social security, meet unexpected medical expenses, make home improvements and more.

Eligibility requirements:

• 62 years of age or older
• Property used as collateral must be the primary residence
• No delinquencies on any federal debt, suspensions, debarments, or excluded participation from FHA programs
• Completion of HECM counseling

Reverse Mortgage Brochure click to download (PDF)

For information on Impac’s Reverse Mortgage program or to inquire about joining the Impac Reverse Mortgage Team, contact Frank Curry at: Frank.Curry@impacmail.com

HARP
The Home Affordable Refinance Program (HARP), will provide many homeowners who were previously not eligible to refinance their mortgage due to declining property values, the opportunity to refinance at a lower interest rate or get into a more stable product. NO appraisal means regardless of whether the property values in your area are down, HARP may still be able to lower your rate and save you money. This program has been extend until 2015!

HomePath 
Impac now offers HomePath financing directly through Fannie Mae and is only available for Fannie Mae-owned properties. Which means you can get a loan for a foreclosed property with the benefits of a low down payment, no mortgage insurance and no appraisal. This is an excellent option for home ownership or investment purchase as a primary residence or a second home.

Jumbo
The Home Affordable Refinance Program (HARP), will provide many homeowners who were previously not eligible to refinance their mortgage due to declining property values, the opportunity to refinance at a lower interest rate or get into a more stable product. NO appraisal means regardless of whether the property values in your area are down, HARP may still be able to lower your rate and save you money. This program has been extend until 2015!

203(k) Home Renovation
With Impac’s Home Renovation 203(k) loan program, common homebuyer objections can be overcome with this product solution. The FHA 203(k) loan allows buyers and owners to borrow enough to finance a home and make improvements. (*specific geographic regions only)

Home Renovation Brochure Click to download (PDF)

Home Renovation 12 page Guide Click to download (PDF)

Thirty-Year Fixed Rate Mortgage
The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.

Fifteen-Year Fixed Rate Mortgage
This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you'll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn't that great.

Hybrid ARM (5/1 ARM, 7/1 ARM)
These increasingly popular ARMS—also called 3/1 (FHA), 5/1 or 7/1—can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans. For example, a "5/1 loan" has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining 25 years. It's a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.

Adjustable Rate Mortgages (ARM)
When it comes to ARMs there's a basic rule to remember...the longer you ask the lender to charge you a specific rate, the more expensive the loan.