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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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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.
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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… 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.
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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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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.
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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.
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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. 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 reasons without
disturbing their first mortgage. Convenient when you have a low
interest first mortgage. back to top
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125% 2nd
MORTGAGE – Same as above but the 2nd mortgage we
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 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 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.
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