Some of the loan programs available each with a brief description.
103% PURCHASE
2ND MORTGAGE LOANS
ADJUSTABLE RATE MORTGAGE (ARM)
A THRU D LOANS
CONSTRUCTION LOANS
CONVENTIONAL
CREDIT PROBLEMS
FHA MORTGAGES
FIXED RATE MORTGAGE
FLEX 97% LOANS
FORECLOSURE
HIGH DEBT RATIO LOANS
HOME EQUITY LINE OF CREDIT (HELOC)
INVESTOR LOANS
JUMBO LOANS
NO INCOME VERIFICATION
NO DOWN PAYMENT
REFINANCE
RURAL HOUSING
VA MORTGAGES
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.
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.
ADJUSTABLE RATE MORTGAGE (ARM)
Compared to fixed rate mortgages, Adjustable Rate Mortgages (ARMs) offer a lower interest rate to start, so your monthly payments are generally lower. But, the interest rate moves up and down with the market based on an “index”. Some of the more common indices include U. S. Treasury Bills, Cost of Funds Index (COFI) and the London Interbank Offered Rate (LIBOR). Most ARMs have an initial fixed rate period where the interest rate doesn’t change followed by the rest of the loan’s lifetime period where the rate is adjusted at predetermined intervals. Many ARMs have caps that limit how much your interest rate can change per period as well as for the life of the loan.
Also be aware that there are some very low rates ARMs that start out with “discounted” rates. These discounted rates are below the market rate and will definitely go up at the first adjustment period.
Adjustable rate mortgages might be right for you if:
- You are planning on selling or refinancing within seven years of buying your home.
- You want more property than you can qualify for now with a fixed rate.
- You are confident your income will increase or rates will not go up much.
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.
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.
Traditional loan programs that usually require 5% down and offer competitive interest rates. Documentation and fair-to-good credit are necessary.
Troubled credit? Bankruptcy? Been turned down somewhere else? There are loan programs for customers with credit problems.
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.
With a fixed rate mortgage, you know exactly what your principal and interest payment will be each month for the life of your loan. It won’t change because your interest rate doesn’t change. Your taxes and insurance component of your payment towards escrow can change (and probably will) if your taxes and insurance change. Unfortunately, there’s no way to lock those in. If interest rates go up, you’re protected with a fixed rate mortgage. But, you won’t benefit if rates go down. You can always take advantage of falling rates by refinancing.
Fixed rate mortgages might be right for you if:
- You think that interest rates will go up.
- You want the security of a fixed principal and interest payment.
You are on a fixed or limited budget.
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.
If you are on the verge of losing your home to foreclosure there are some options you can take if you act now. It may seem rather gloomy if you are facing the possibility of having the bank foreclose on your home, but it may not be too late. A foreclosure loan could be the perfect answer in a difficult time.Banks and lending institutions throughout the country have special foreclosure loan programs specifically designed to help people from losing their homes and/or property. A foreclosure loan program is instituted through additional funds from certain companies that are willing to work with certain people.
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.
HOME EQUITY LINE OF CREDIT (HELOC)
Need cash for home improvements, debt consolidation, anything? et cash from your home’s equity for any financial need. This is perfect for tapping into your home equity with flexible options. This line of credit will let you write checks when you need to, with a preset limit. This helps you finance your projects on your schedule.
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.
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.
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.
0% Down payment required and closing costs paid by the borrower (seller can contribute up to 6% towards closing costs).
Refinancing may be for you if you have an ARM and want to lock in a good fixed rate. Tap into your home equity with a cash out option to finance that home improvement project or any financial need that you have. Keep your payments stable with a fixed-rate loan, get cash out from your home’s equity, lower your interest rate, consolidate debt. Refinancing at today’s low rates is just the solution.
USDA mortgage loans allow for purchase and no cash out refinances of primary residences. USDA rural housing loan programs offer flexible, common sense underwriting guidelines, relaxed credit requirements, no PMI (private mortgage insurance) options, the ability to finance closing costs into the loan amount, lenient seller concessions, and rates that are comparable to, if not better than, conventional fixed rate mortgage programs. Some benefits of USDA are: 100% financing, No monthly mortgage insurance, No asset or automatic reserve requirements, Gifts allowed for closing costs, Required property improvements can be financed into the loan up to 102% of the “improved” value. (USDA will allow repairs to be completed after closing!), Eligible USDA property types include single family homes, condominiums and manufactured housing*. USDA does have some income and property eligibility requirements.
Backed by the Veterans Administration and the federal government. VA guaranteed loans are made by private lenders, such as banks, savings & loans, or mortgage companies to eligible veterans for the purchase of a home, which must be for their own personal occupancy. The guaranty means the lender is protected against loss if you or a later owner fails to repay the loan. The guaranty replaces the protection the lender normally receives by requiring a down payment allowing you to obtain favorable financing terms.
