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80/15/5 - This is a loan that 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
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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
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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
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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 to top
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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. back to top
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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. back to top
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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. back
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A- THRU D LOANS – These mortgages are for
the credit challenged. They can vary from slightly damaged
to severely damaged credit. Whatever the situation,
we have a mortgage that
will get you back on track. back to top
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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 expenses
without disturbing their first mortgage. They are convenient
when you have
a low interest first mortgage. back to top
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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 to top
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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 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
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INVESTOR LOANS – Used to finance single or multi family properties up to
four units 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.
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