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Brief descriptions of the key elements:
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 does not 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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Challenged Credit Loans
These mortgages are for borrowers with
less-than-perfect credit. They can vary from
slightly damaged credit to severely damaged.
Regardless of your 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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Second 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 is
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, including: 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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