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CONVENTIONAL
- Traditional loan programs that usually require 5% down and offer
competitive interest rates. Documentation and fair-to-good credit are
necessary.
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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. 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 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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NO DOWN
PAYMENT - 0% Down payment required and closing costs paid by
the borrower (seller can contribute up to 6% towards closing costs).
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CREDIT PROBLEMS
- Troubled credit? Bankruptcy? Been turned down somewhere else? We
offer loan programs for customers with credit problems.
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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.
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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
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