Our clients love us – and so will you.
Collaborating with Behzad was truly delightful. His level of professionalism is top-notch, and his responsiveness is truly impressive. What sets him apart is his commitment to ensuring that I obtain the best possible loan option. Behzad's expertise and dedication made this process stress-free, and we were happy with the results. I highly recommend him for anyone looking for a loan officer who goes the extra mile to deliver an outstanding service.Read more
Giovanni Valdez with InstaMortgage was super friendly and helpful. He made the whole buying process super easy. Explained everything well and was super patient when it came to answering questions. As a new home owner, I was super nervous and had tons of questions and Giovanni walked me through everything. Definitely would refer him to anyone. It was a pleasure doing business with him. He’s awesome. Best of the best and tons of experience. Thank you Gio for all the great help!Read more
I had the pleasure of working with Behzad as my loan officer to close on my house in Maryland, and I was truly impressed with his level of expertise, experience, and service . He demonstrated a high level of professionalism, expertise, responsiveness, and dedication. He was able to explain financial matters in a way that was easy for me to understand. He took the time to guide me through each step of the loan application process, ensuring I felt informed and confident in my decisions. What I appreciated the most about Behzad was his commitment to finding the best loan options and only running a soft inquiry in the initial stage in a way that it wouldn’t impact my credit score. He went above and beyond to secure a competitive interest rate and loan terms that were highly favorable. Throughout the process, Behzad was exceptionally approachable. He answered my questions and kept me updated at every step of the process. Needless to say, I will highly recommend him.Read more
Shashank and Bianca are an excellent team to work with. This is my second closing with them and every time they have ensured competitive rates, clear communications/expectations and on-time closure. No last minute surprises and no drama/rush around closing time. Bianca does a lot of due diligence and is on top of everything. Working with them closely, I get a lot of confidence that they have the best interest of the customers in the forefront of everything else. Looking forward to more mutually rewarding engagements with them.Read more
I had a fantastic experience working with Behzad Hamidi with InstaMortgage. He went above and beyond to help me secure a loan pre-approval without the need for a hard credit score inquiry. He patiently answered all my questions and provided invaluable guidance in finding the best loan option for my needs. His dedication and expertise made the entire process smooth and stress-free. I highly recommend his services to anyone seeking financial assistance.Read more
I have worked with Mr. Behzad Hamidi to get a loan for our recent investment property. The level of care, support, and response he provided was phenomenal. He made the entire process extremely smooth by making himself available pretty much anytime to answer questions and making sure I will get the product i need. It was amazing to see how fast he made things ready for the next steps. Communication with Behzad was also great and he kept me informed at every stage of the process with a clear timeline. I would definitely recommend to work with him if you need a loan and certainly look forward to working with him again in the next opportunity.Read more
Select The Type of Mortgage That Fits Your Needs
Buying a house is a significant financial decision, and getting a mortgage is integral to the process. In 2023, different loan programs are available, each with its own benefits and requirements. Here's an overview of the different types of mortgage loans and programs available.
Conforming Loans: These loans conform to the guidelines set by Freddie Mac and Fannie Mae, which are government-sponsored entities. In 2023, the maximum loan limit for conforming loans is $726,200 (base loan limit) for a single-family home. Some high-cost counties allow loan limits as high as $1,089,300 (high balance loan limit) for 1-unit properties. The minimum down payment requirement for a base loan limit is only 3% for first-time home buyers, and for high-balance loans, you can get a loan for as low as 5%.
FHA Loans: These loans are insured by the Federal Housing Administration and are designed for borrowers who may have a lower credit score or a smaller down payment. In 2023, the maximum loan limit for FHA loans is $472,030 (base loan limit) for a 1-unit property. Some high-cost counties allow loan limits as high as $1,089,300 for 1-unit properties. The minimum down payment requirement for an FHA loan is only 3.5% A recent reduction in FHA’s mortgage insurance premium has made this loan program cheaper for 2023 homebuyers.
VA Loans: These loans are guaranteed by the Department of Veterans Affairs and are available to eligible veterans and active-duty service members. VA loans often offer more favorable terms than conventional loans, including no down payment requirement and no private mortgage insurance (PMI) requirement. There is a funding fee (unless you are exempt) which can be added to the loan amount. These loans do not have any maximum loan limits as long as you can qualify. InstaMortgage recently closed a $3M VA loan with a 0% down payment. VA also reduced its funding fee for borrowers buying homes in 2023 putting more than a 5% down payment.
Jumbo Loans: These loans exceed the conforming loan limits set by Freddie Mac and Fannie Mae. Jumbo loans often require a higher down payment and stricter credit requirements than conforming loans. They also require significant reserves, the amount of assets you should have in your bank (or brokerage) account even after paying for the down payment and closing costs.
Now let's talk about different types of mortgage loans available for homebuyers in 2023.
30-Year Fixed-Rate Mortgage: This is the most common type of mortgage loan. The interest rate and monthly payments remain the same over the 30-year loan term, which can provide stability and predictability for homeowners. However, the interest rate for a 30-year fixed-rate mortgage is usually higher than for shorter-term loans.
15-Year Fixed-Rate Mortgage: This type of mortgage loan has a shorter loan term of 15 years, which means the borrower will pay off the loan faster and pay less interest over the life of the loan. The interest rate for a 15-year fixed-rate mortgage is usually lower than for a 30-year fixed-rate mortgage, but the monthly payments will be higher.
Adjustable-Rate Mortgage (ARM): This type of mortgage loan has an interest rate that can change over time, usually after an initial fixed-rate period. The interest rate can go up or down based on market conditions. ARMs can be a good choice for borrowers who expect to move or refinance before the interest rate adjusts.
Getting a Mortgage with a Work Visa or EAD in 2023: Most loan programs mentioned above are also available to borrowers with work visas like H1B, L1A, L1B, O, or TN visas. Borrowers with several different categories of Employment Authorization Document (EAD) are also eligible. However, you need to work with loan officers and lenders who are well-versed in such visa types to help you choose the right program that you will qualify for. At InstaMortgage, we have helped hundreds of non-permanent residents qualify for mortgage loans, some even with less than 2 years of US work and credit history.
In conclusion, many different mortgage loan programs and types are available in 2023, each with its own benefits and requirements. It's important to do your research and compare different loan options to find the one that best fits your financial situation and goals. At Instamortgage, with our competitive rates, digital-first approach, and legendary service, we can help you navigate the process and find the right loan for you.