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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.
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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.
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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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HIGH DEBT RATIO LOANS - A ratio of monthly bills
to monthly income higher than 50% is considered a high debt
ratio. Loan programs are available for borrowers in
this situation, allowing them to finance the purchase of
a home or property.
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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.
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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 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. Program may not
be available in some states.
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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 as 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.
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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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VA MORTGAGES –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.
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