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Types of Loans

New York Mortgage Products

Mortgage Products

With so many mortgage products on the market, do you know which one best suits your individual needs? CHL Mortgage is in the business of helping people just like you find the mortgage product that best matches their individual needs.

Not every mortgage product we carry is created equal - each one caters to different audiences. For example we carry mortgage products that suit first time home buyers, veterans, low to middle income families, those who plan to rehabilitate the house they are purchasing, and much more.

Here is a complete list of the mortgage products we offer here at CHL Mortgage Click a link below to learn more about each mortgage type.

No matter what your need is, we have a product that can fit it. Let one of our trained mortgage specialists make a personal recommendation for you.


203K Mortgage Loans

203k Home Enhancement

Section 203(k) insurance enables homebuyers and homeowners to finance either (or both) the purchase and/or refinancing of their home including the cost of its repair and upgrades through an individual mortgage. It allows them to finance the repairs or upgrades of their existing homes.

This kind of mortgage (203k) fills a specific and crucial need for homebuyers. When purchasing a home that needs some repair or modification, homebuyers typically have to follow a complex and often prohibitively costly process. Loans required for this kind of homebuyer usually have high interest rates, balloon payments, and short payment terms. 203(k) offers a solution that helps the buyer by providing a single, long term (fixed or adjustable) rate loan that helps to cover the purchase and the repair and upgrading of the property.

Here are some things you should know about the 203(k) mortgage:

  • Section 203(k) covers the purchase or rehab of a home that is at least one year in age
  • The loan proceeds are used to pay the seller of the home while the remainder is placed in escrow and released as the rehab process is completed
  • The cost of the repairs or rehabilitation of the home must be at least $5,000.00
  • There is no specific maximum repair amount and will depend upon the scope of the work.

The section 203(k) mortgage fits a unique need and has many benefits and uses for homebuyers. Our qualified mortgage professionals are standing by to help guide you through this task that may be very confusing if going through it for the first time. 

Conventional Loans

Conventional Loans

A conventional loan is a mortgage that is not guaranteed or insured by any government agency. The loans are often insured by private mortgage insurance (PMI) if the down payment is less than 20 percent of the value of the mortgaged property. Conventional loans can be fixed rate or adjustable rate mortgages.


New York FHA Loans

FHA Loans

The cornerstone of the FHA’s mortgage insurance program is the Section 203(b) - this program is the successor to the program that spared homeowners from default back in the 1930's. In turn this program helped returning veterans acquire homes in the 1940's and 50's. This also helped to shape the modern mortgage finance system we use in the United States today.

Today, the FHA single to four family mortgage insurance program is still a crucial tool by which the Federal Government enables first time home buyers to purchase a home. Without this program, in many cases, these first time home buyers would not be able to qualify for an affordable mortgage with conventional terms.

Here are some things you should know about the program:

- Lower down payment requirements - conventional mortgages often require a down payment of 5% of more. With a single family mortgage insured by the FHA under section 203(b) down-payments as low as 3.5% are a possibility.

- Limited fees - FHA puts a limit on some fees lenders may charge a home buyer. For example: the origination fee charged by the lender may not be greater than 1% of the total amount of the mortgage.

- HUD puts limits in place that puts a cap on the maximum amount that may be insured.

- Flexible credit requirements.

If you are a first time home buyer then the 203(b) may be the best option for you. There is, of course, a lot of other information you will need to make a truly educated decision as to which loan type is right for you. Our qualified mortgage professionals are standing by to help guide you through this task that may be very confusing if going through it for the first time. 

First Time buyer Home loans

First Time Buyer

You will receive a financing analysis for the property you are interested in purchasing. This details your down payment requirements, mortgage payment, interest rate, real estate taxes and common charges.

We offer prompt mortgage pre- approvals and bank commitments and encourage one-on-one consultations to discuss loan programs and different financing structures that best suit your individual needs.

All our loan programs are eligible for First Time Home Buyers. However, one may be more appropriate for your current financial situation. Contact one of our licensed loan specialists to decide which loan is best for your specific needs.


Reverse Mortgage

Reverse Mortgage

A reverse mortgage is an easy way for homeowners, 62 years of age or older to access the equity in their home (primary residence only). There are no income, credit or asset requirements, nor are there any regular monthly payments. You always retain the deed and all rights of homeownership and are free to refinance, payoff or sell the home at any time. You live in the home for as long as you choose to live there; the bank never "owns" the home. Eligible homes include 1,2,3,4 family properties and HUD approved condominiums.

Proceeds can be taken in a lump sum, a line of credit, monthly income or any combination that best suits your personal needs. There are no restrictions on how you can use the money and it is tax free. Use the money for bills, medical expense current and future, vacations, renovations, repairs, a new car, a vacation home, a college education or gifts to anyone of your choosing. The choice is yours.

Downsizing to a new home? A reverse mortgage can be used to purchase a home too. Assets would need to be verified, but with as little as 40% down, you can purchase a new home and never have a monthly payment for the remaining amount owed. Cash from the sale of your first home can then be set aside, increasing your monthly cash flow for a better life.

Our CHL Reverse Mortgage Specialists can help you decide what reverse decision works best for you and your family. 



SONYMA Mortgage Loan

SONYMAThe State of New York Mortgage Agency

SONYMA is a program dedicated to providing low to medium income families in the State of New York the opportunity to purchase a home. There are several programs offered by SONYMA, each of which can assist you with the purchase of a home in the State of New York. Each of these programs features competitive rates, low down payments, down payment help, and no prepayment penalties.

CHL Mortgage participates in the following SONYMA Programs:

  • The Low Interest Rate Mortgage Program
    This program is provided ONLY to first time home buyers (except in some target areas) who fall into the low to medium income range. This program offers attractive interest rate mortgages.
  • The Achieving The Dreams Program
    This program provides first time home buyers in the low income range an opportunity to own their first home.
  • The Construction Incentive Program
    This program allows qualified homebuyers who wish to purchase a new construction or rehabilitated (1 or 2 family) home the financing they require.
  • The Homes for Veterans Program
    This program allows qualified veterans to apply for any of our SONYMA programs with better terms
  • The Down Payment Assistance Loans SONYMA Program
    Those who qualify may receive assistance with their down payment do $3000.00 or 3% of the homes sale price (cannot exceed $10,000) whichever is greater.

As you can see there are many SONYMA programs. Determining which one is right for you requires the assistance of a qualified professional. Our qualified mortgage professionals are standing by to help guide you through this often confusing and intimidating task. 

VA Loans

Veteran's Administration

A VA (or Veterans Affairs) Loan is guaranteed by the United States Dept. of Veterans Affairs. This loan was designed to offer long-term financing to qualified Veterans or their surviving spouses. The elementary purpose of the VA loan program is to provide home financing options to eligible individuals in places where private loans are not generally a viable option and to assist veterans with purchasing properties with no down payment needed.

So you might ask - who is eligible?

  • Veterans of war
  • Active duty personnel
  • Specific members of the reserve and National Guard
  • Surviving spouses of those who die on active duty or die as a result of service associated injuries or disabilities
  • Spouses of active duty personnel who are a) Captured during their service b) Detained by a foreign power c) MIA (Missing in action)

Here are some of the benefits of the VA (Veterans Affairs) program:

  • Homes can be purchased without the need for a down payment - as long as the sales price is not greater than the appraised value.
  • There will be no need for private mortgage insurance
  • VA rules limit closing costs charges
  • Closing costs can be paid by the seller of the home
  • There is no penalty fee for paying off the loan early
  • There may be some assistance available to you if you have trouble making the payments

Here are some more things you should know about VA loans

  • You are not required to be a first time home buyer
  • You can reuse the benefit on multiple occasions
  • VA-type loans are assumable - providing that the person assuming the VA loan meets the qualifications

If you are fit the qualifications above then the VA loan may indeed be your best option for a loan. There is, of course, a lot of other information you will need to make a truly educated decision as to which loan type is right for you. Our qualified mortgage professionals are standing by to help guide you through this often confusing and intimidating task.  

Contact Information
Billy Gionis
Sr. Loan Officer
Office: (516) 833-8833
Fax: (516) 717-3201
Email: Send Email
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Billy Gionis, Sr. Loan Officer NMLS #156108
CHL Mortgage
175 Pinelawn Road, Suite 400, Melville, NY  11747
Office:  (516) 833-8833
Fax:  (516) 717-3201
Copyright © 2018 | Freedom Mortgage Corporation d/b/a CHL Mortgage | 175 Pinelawn Road, Suite 400, Melville NY 11747 | (631)549-8188 | Licensed Mortgage Banker NYS Department of Financial Services B500368, Licensed by NJ Department of Banking and Insurance# 9100861 | Lender NMLS# 2767
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