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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
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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…
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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
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107%
DOWN PROGRAMS – 0% Down payment required and closing costs can be
financed up to 107% 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
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ZERO
DOWN PROGRAMS – Same as above only the borrower pays for closing costs
or can have the seller contribute up to 6% towards closing costs.
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NO DOC/STATED
INCOME - 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.
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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.
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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.
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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
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125%
2nd MORTGAGE – Same as above but the 2nd mortgage
the lender will lend up to 125% of the value of the home.
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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
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LAND
LOANS - This loan will finance land that will someday be used to build
your dream home. Usually a 15-year term.
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COMMERCIAL
LOANS - For apartments, medical buildings, strip plazas and office
buildings, please contact your loan officer. back
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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 50%-70%
of the cost of land plus the costs of construction. We offer a one
time fixed rate closing or the traditional ARM products.
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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.
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