Programs
|
CONVENTIONAL - Traditional loan programs that usually
require 5% down and offer competitive interest rates. Documentation
and fair to good credit are necessary. back
to top
|
|
VA MORTGAGE – Backed by the Veterans Administration and
the federal government it is similar to FHA except that you have
to be a qualified Veteran or military person. back
to top
|
|
NO INCOME VERIFICATION - Loans where your income is not
requested or verified with as little as 10% down are stated income
loans. There are several varieties of the "no-doc" loan
today. Basically the type of loan that is best suited for a particular
borrower depends on that borrower's situation. Some borrowers choose
not to disclose employment, income or asset information, while
others may be willing to disclose employment and asset information
but not income. Still others might be willing to disclose even
income but select a program that doesn't calculate debt-to-income
ratios allowing those borrowers to exceed the traditional guidelines
in order to qualify for a larger mortgage amount. With all the
different variations of the no-doc loan, there is definitely a
mortgage program for today's non-conventional borrowers. back
to top
|
|
NO DOWN PAYMENT – 0% Down payment required
and closing costs paid by the borrower (seller can
contribute up to 6% towards closing costs). back
to top
|
|
CREDIT PROBLEMS - Troubled credit? Bankrupcy? Been turned
down somewhere else? We offer loan programs for customers with
credit problems. back
to top
|
|
103% PURCHASE – 0% Down payment
required and closing costs can be financed up to 103% of the
purchase price. Only single-family homes that will be owner occupied
are eligible. First time homebuyer status not required and there
are no income limits. back to top
|
|
80/15/5 - This is a loan which carries a
second mortgage for up to 15% of the purchase price of the property.
It is usually used when wishing to avoid PMI insurance or to
keep your first mortgage under the FNMA/FHLMC limit to avoid
Jumbo rates. The borrower puts down a 5% down payment and then
finances a first mortgage up to the FNMA/FHLMC limit and a second
mortgage of up to 15% of the purchase price. Other variations
are 80/10/10 or 75/15/5. back to top
|
|
FHA MORTGAGE – Backed by the Department
of Housing and Urban Development this mortgage offers the borrower
the ability to put as little a 3% down payment and they can even
finance “allowable” closing costs. Seller can contribute up to
6% of the purchase price to the buyer towards closing costs. back
to top
|
|
203K FHA MORTGAGE – Same as FHA above but
with the ability to finance home improvements that are needed.
One mortgage is given based on the value plus improvements up
to 115% of the future value. These improvements must be over
$5000 and can be for a new kitchen, new bathroom, to add a garage
or to structurally improve the property. They cannot be to add
a swimming pool etc… back to top
|
|
JUMBO LOANS - Offers 30 and 15 year fixed
rate mortgage and competitive ARM products with full document,
alternate documentation and limited documentation.
Cash out and No cash out refinance are allowable. Single
family detached, Condo's, PUD's and single-family second homes
can be financed with no prepayment penalty. back
to top
|
|
FLEX 97% - Similar to FHA but without maximum
mortgage amount limitations. Must be a single family, owner occupied
home and borrower must have a credit score of over 680. back
to top
|
|
A- THRU D LOANS – These mortgages are
for the credit challenged. They can vary from slightly damaged
credit to severely damaged. Whatever the situation we have a
mortgage that will get you back on track. back
to top
|
|
2ND MORTGAGE LOANS – Subordinate
to the first mortgage these loans offer the borrower the ability
to get money for home improvement, debt consolidation or many
other reasons without disturbing their first mortgage. Convenient
when you have a low interest first mortgage. back
to top
|
|
125% 2nd MORTGAGE – Same as above
but the 2nd mortgage we will lend up to 125% of the
value of the home. back to top
|
|
HIGH DEBT RATIO LOANS - Borrowers having
the ratio of their monthly bills to their monthly income higher
than 50% is considered a high debt ratio. Loan programs
are available for these borrowers, allowing them to finance the
purchase of a home or property. back to top
|
|
CONSTRUCTION LOANS - Building a new home
can be an exciting prospect - unless you get caught up in a construction
loan approval process that's overly complicated and time consuming.
With this loan we will finance up to 90% of the cost of land
plus the costs of construction. We offer a one time fixed rate
closing or the traditional ARM products. back
to top
|
|
INVESTOR LOANS – Used to finance 1-4 family
properties that will be for investment with as little as a 10%
down payment. Aggressively priced these programs have many variations
such as NO DOC, LIMITED DOC and FULL DOC. PROGRAM NOT AVAILABLE
IN NEW YORK. back to top
|
|
