| |
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.
|
| |
|
| |
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.
|
|
| |
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.
|
| |
|
| |
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.
|
| |
|
| |
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.
|
|
| |
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.
|
| |
|
| |
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.
|
| |
|
| |
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.
|
| |
|
| |
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.
|
| |
|
| |
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.
|
| |
|
| |
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. |
