 |
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
|
|
CONVENTIONAL MORTGAGE – This is the standard
FNMA/FHLMC mortgage program. With as little as 5% down offers the lowest interest
rate and allows 3% to 6% of purchase price as a seller assist.back to top
|
|
DEBT CONSOLIDATION/CASH OUT – Designed to payoff loans with higher interest rates or to
consolidate any number of loans into one lower payment.back to top
|
|
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 to top
|
|
MULTI-UNIT PROGRAMS – This program is for 2 to 4 unit properties for primary residence
or investor with 5% down on 2 unit owner occupied or 10% investor owned and 3
to 4 unit owner occupied with 20% down or 25% down investor owned . Many
other programs have smaller down payments.back
to top
|
|
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
|
|
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
|
|
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 580. back to top
|
|
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
|
|
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
|
|
125% 2nd MORTGAGE – Same as above but the
2nd mortgage we will lend up to 125% of the value of the home.
back to top
|
|
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
|
|
COMMERCIAL LOANS - Commercial loans are residential loans with 5 or more units and any property with commercial use. We have many programs to fit your needs in different scenarios, this includes SBA loans as well as conventional commercial loans for all types of commercial properties. back to top
|
|
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. back to top
|
