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Licensed in:
MD, DC, VA, WV, DE,
PA, NC, SC & FL |
Affiliations:
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The following is a partial list of programs offered
by Mortgage Link with a brief description of the
key elements. For a complete list of the programs that we offer, contact
us at 301-728-5505
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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 person.
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