Find the perfect loan for your lifestyle.

We offer a number of different loan options for you because we know mortgages are not one-size-fits-all. Whether for a first-time home buyer, a growing family or an established homeowner looking for an investment or vacation property,  Universal Mortgage & Finance, Inc. offers a wide range of financing options to meet home buyer needs. Our experienced and knowledgeable loan officers will review each home buyer’s personal financial position and help them decide the best solutions.

Program descriptions are general summaries, not offers of credit. Eligibility, down payment, credit score, loan amount and other terms depend on your credit, income, property and the program guidelines in effect when you apply. Not all programs are available in all states. Talk to a licensed loan officer for current rates and terms.

FHA Loan VA Loan Conventional Loan USDA Jumbo Loan 15 Year Mortgage Refinance Loans Renovation Loan Fix & Flip Loans for Property Investors Debt Service Coverage Ratio Adjustable Rate Mortgage Reverse Mortgage HELOC Asset Qualifier Investment Property Financing Non-Warrantable Condo Down Payment Assistance Foreign National Loans Construction To Perm

FHA Loan

The most popular loan option for first time homebuyers. Purchase your home with as little as 3.5% down with a Federal Housing Administration loan.

  • Down payments as low as 3.5% for eligible borrowers
  • Credit scores as low as 580 may be eligible. Other requirements apply.
  • Fewer restrictions make it easier to qualify
  • Insured by the Federal Housing Administration
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VA Loan

A mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs (VA). The loan may be issued by qualified lenders (like us). It’s designed specifically to help you purchase a home with fewer restrictions and with little to no down payment. The Veterans Affairs (or VA) loan is governed by the United States Department of Veterans’ Affairs and may offer competitive rates for eligible borrowers.

  • Up to 100% financing for eligible borrowers and properties
  • No monthly mortgage insurance
  • Competitive interest rates
  • Fewer credit restrictions
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Conventional Loan

Stick to your budget with a loan that’s simple and straightforward. A 30-year fixed rate mortgage is the most popular home loan option available. It is ideal for home buyers because of its straightforward structure and its predictable and steady monthly payment. With a 30 year fixed-rate mortgage, it is easy to set your budget because your total payment of principal and interest remain unchanged for the entire term of the loan.

  • Fixed monthly payment offering security and peace of mind
  • Purchase your home with a down payment as low as 3%
  • Interest remains unchanged for entire term of the loan
  • Ideal if you plan to stay in your home for years to come
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USDA Loan

The U.S. Department of Agriculture (USDA) guarantees loans to home buyers with low to moderate income moving to designated rural areas.

  • Up to 100% financing for eligible borrowers and properties
  • Down payment not required
  • Competitive interest rates
  • Seller paid closing costs up to 6%
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Jumbo Loan

Are you purchasing a high-value property? Consider a jumbo loan! A jumbo loan is used to finance a property that’s too costly for a Conventional conforming loan.

  • Loan amounts up to $5 million for eligible borrowers and properties
  • Purchase your dream home – with all the bells and whistles!
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15 Year Mortgages

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. 

  • Save thousands in interest over the life of your loan
  • Typically a lower interest rate than a 30-year loan
  • Pay off your mortgage faster
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Refinance Loans

A refinance replaces your current mortgage with a new one on different terms. Homeowners refinance to lower their rate or payment, shorten their term, change loan types or take cash out. Rates and terms depend on your credit, your home’s value and market conditions.

  • Take advantage of a better interest rate
  • Consolidate debt into one loan
  • Switch from a variable-rate to a fixed-rate loan
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Cash Out Refinance 

Take advantage of your home’s equity and get cash at closing to use where you need it most with a cash-out refinance. This is money that’s sitting in your home! This may be the perfect opportunity to knock out some home improvements, pay college tuition, or pay off high interest credit card debt.

  • Mortgage debt can be repaid over a longer period of time (up to 30 years) compared to other debts like medical expenses, credit cards, and student loans.
  • If your home has gained value, your equity may let you take out more cash than you expected.
  • Interest on a cash-out refinance is generally deductible only when the money is used to buy, build or substantially improve your home. Ask your tax advisor.
Apply Now

Renovation Loan

FHA 203(K)

  • Low down payment
  • Finance the cost of renovation with the purchase or refinance price in a single mortgage
  • Loan is calculated on the after completed value
  • No limit on repairs
  • Allows for mortgage payments to be financed (up to 12 months)
  • Up to $75,000 in total rehabilitation costs
  • 1/2 of repair funds can be released at closing

Fannie Mae Homestyle

  • Low down payment
  • Fixed rate
  • Flexible funding

VA Rehabilitation 

  • Great for fixer-uppers
  • Increase the value in your home
  • No mortgage insurance
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Fix & Flip Home Financing Program

Our new Fix & Flip program is designed for investors who are in the business of buying distressed homes, repairing them and then either selling them or holding them for rental income.

  • Decisions and term sheets issued in hours, not days
  • Any level of investor experience
  • Credit scores as low as 660
  • Call for current rates. For business-purpose loans on investment property only.
  • Non-owner occupied Single Family, Multi Family up to 4 units
  • Purchase loan amount- up to 85% of purchase price
  • Construction loan amount- up to 100% of construction cost
  • Total loan amount is up to 85% of total cost
  • 12-month loan term with interest only payments
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Investment Property Financing Up To 80%

Simplified financing helps investors grow their portfolio.

  • Min DSCR Ratio: 75% of PITIA
  • Qualify off market rent
  • Up to 85% LTV
  • Max loan amount $3M
  • Minimum credit score 640
  • Interest-only options*
  • 1-4 units, warrantable and non warrantable condos
  • Purchase, rate & term, cash-out refi
  • Foreign Borrowers permitted
  • No tax returns, no income required
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Adjustable Rate Mortgage (ARM)

A loan option with a low introductory rate and an interest rate that adjusts over time. Hybrid ARMs —also called 3/1, 5/1, 7/1 or 10/1 are available. 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.

  • Lower interest rates
  • Fixed payment for a longer period of time
  • Pay off your mortgage with no penalties
  • Beneficial for those who expect to move (or refinance) before or shortly after the adjustment occurs.
Apply Now

Reverse Mortgage (HECM)

The Home Equity Conversion Mortgage (HECM) is FHA’s reverse mortgage program, which enables senior home owners, age 62+, to access a portion of the equity in their home. This program was also designed to allow seniors to purchase a new principal residence and obtain a reverse for purchase mortgage within a single transaction. The HECM program enables senior home buyers to relocate to other areas to be closer to family, or to “right-size” their new homes to better accommodate their individual needs.

  • Retain the title to your home
  • Available line of credit – that grows!
  • Pay off existing mortgage
  • No monthly principal and interest payments are required. You must keep paying property taxes, homeowners insurance and any HOA dues, keep the home in good repair, and live in it as your primary residence. The loan comes due when the last borrower dies, sells or moves out, or does not meet these obligations.
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Home Equity Line of Credit

Instead of paying for mortgage insurance when your “Loan-to-Value” (LTV) is greater than 80%, we can offer either:

  • A fixed rate, fixed term concurrent 2nd mortgage
  • A HELOC

Both can be done up to 95% LTV – meaning still only putting a 5% Down payment without mortgage insurance! Ask your tax advisor whether the interest on these loans is deductible in your situation.

  • Interest only payments required for the 1st 10 years (then amortized payments for the rest of the 20 years of the term)
  • You are able to draw down the balance and then charge it back up to the limit during the 1st 10 years.

*Tax rules change and depend on your situation. Ask your tax advisor.

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Asset Qualifier Loan Program

No income? Use assets to qualify for a mortgage!

Borrowers with great credit, but no steady monthly income, may be able to use their assets to qualify for a mortgage. Compared to other asset depletion programs, our Asset Qualifier program essentially doubles the qualifying monthly income, since the draw period is only 5 years (qualifying assets / 60 months).

  • Loan amount is up to 75% of qualifying assets
  • Borrower must have no mortgage delinquency in the last 3 years
Primary Residence:
  • Up to 80% LTV for Purchase and R/T Refinances
  • Up to 70% LTV for Cash-Out Refinances
Investment Properties and Second Homes:
  • Up to 70% LTV for Purchase and R/T Refinances
  • Up to 65% LTV for Cash-Out Refinances
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Innovative Financing Solutions for Property Investors

We understand the unique needs and challenges of property investors – that’s why we offer innovative solutions and common-sense underwriting designed to provide more options, great rates, and a smooth funding experience.

  • Unique rental income calculation resulting in lower DTIs and better rates
  • Loan amounts up to $1,000,000
  • Full Doc, Bank Statement, DSCR (Investor Cash Flow) Loan options
  • Industry-leading funding times
  • Up to 10 loans for any one investor
  • DTIs up to 50%
  • Non-owner, non-warrantable condos permitted
  • Rate buy-down feature available
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Non-Warrantable Condo Loans

Comprehensive financing options for Non-Warrantable Condos:

  • Primary residence, vacation home or investment property occupancies
  • Loan amounts as high as $2,000,000
  • LTV as high as 80%
  • Purchase, Rate & Term Refi and Cash-Out Refinance available
  • Up to 50% commercial space permitted
  • New construction buildings permitted
  • Industry-leading Bank Statement Program
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Down Payment Assistance 

A variety of down payment assistance programs are available nationwide. Some are grants and others are second loans that must be repaid. Eligibility and terms vary by program and location. Connect with one of our Loan Officers to find out your eligibility!

Apply Now

Foreign National Loans

Foreign National Loans are mortgages offered to a non-resident of the United States. Financing real estate is generally done by US mortgage companies and banks to United States citizens. Lenders also offer loans to non citizens. They may be resident aliens, temporary residents or other classifications of either temporary or permanent status.

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Construction Loan

Construction only loans strictly finance the building of a house. Once the home is complete, borrowers must refinance into a permanent loan.

  • One time closing
  • Locked rate until the home is built
Apply Now

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Annapolis, MD 21401

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