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Getting out of debt isn't easy, especially if you carry high balances, as many of us do. One strategy is to consolidate your debts into a single, lower- interest interest loan. Finding that loan can be a challenge, though, if you already have a fair amount of debt. So you may find that you have to get creative.

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.

FHA MORTGAGE
Backed by the Department of Housing and Urban Development this mortgage offers the borrower the ability to put as little a 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.

Nehemiah FHA MORTGAGE
Same as above but with a down payment assistance granted to the borrower from the Nehemiah Corporation. The seller agrees to give the Nehemiah Corporation up to 4% of the purchase price and Nehemiah will grant back to the borrower up to 3% to be used as a down payment or towards closing costs.

203K FHA MORTGAGE
Same as FHA above but with the ability to finance home improvements that are needed. One mortgage is given based on the value plus improvements up to 115% of the future value. These improvements must be over and can be for a new kitchen, new bathroom, to add a garage or to structurally improve the property. They cannot be to add a swimming pool etc…

VA MORTGAGE
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.

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.

107% DOWN PROGRAMS
0% Down payment required and closing costs can be financed up to 107% 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.

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.

REVERSE MORTGAGE                                                                                                                       A reverse mortgage (known as lifetime mortgage in the United Kingdom) is a loan available to seniors (62 and over in the United States), and is used to release the home equity in the property as one lump sum or multiple payments. The homeowner's obligation to repay the loan is deferred until the owner dies, the home is sold, or the owner leaves (i.e. into aged care).                                                                                                     

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.

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.

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.

2^ND 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.

125% 2^nd MORTGAGE
Same as above but the 2^nd mortgage we will lend up to 125% of the value of the home.

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.

LAND LOANS
This loan will finance land that will someday be used to build your dream home. Usually a 15-year term.

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 the 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 NOT AVAILABLE IN NEW YORK.

The closing is the final step in which the home is transferred to you. Once your loan is approved, a closing date is set.  The purpose of the closing is to make sure the property is ready to be transferred to you from the seller.  This article reviews the closing process and prepares you to take the final step in purchasing your new home.

Once all the required documentation has been gathered, your application is submitted to underwriting. Underwriting is the process of reviewing all of the information and making a decision as to whether a borrower qualifies for a loan. Underwriters evaluate your ability to repay the loan (income), your willingness to repay the loan (credit) and the value of the property that you've identified (collateral).

When applying for a loan, be prepared.  Gather your information together to allow for a smooth application process.   This article lists the information you may need when applying for a loan.

Credit involves the borrowing of funds with the intent to repay the lender at a later date, such as credit cards, car loans and student loans.  Lenders review your credit report to help determine if you are capable of repaying the ammount applied for.

There are several factors involved in the approval process of your mortgage application.

• Income. When you're qualifying for a loan, lenders usually use your gross income (all the money you earn before taxes) to determine the monthly mortgage payment you can afford. Gross income may also include the average of overtime pay and commissions, and child support or alimony, if you wish to have them considered.

A mortgage loan is a loan used to buy a home. The home is the collateral for the loan and acts as a guarantee that the loan will be repaid.

There are many mortgage choices available to you. Selecting the right one that fits your needs is important.

There are two major types of mortgage loans -- those with fixed interest rates and monthly payments and those with changing rates and payments. However, there are many variations of these plans on the market, and you should shop carefully for the mortgage that best suits your needs.

Prepare yourself by using our Morgage Calculators below.  Select the type of calculator you wish to use and click the Submit button.

Please complete the form below and make sure to complete all required information.  A representative will contact you once your application is reviewed.

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A general rule is that you usually can qualify for a mortgage loan of two to two and one-half times your household's income. For example, if your family has an income of $30,000 a year, you can usually qualify for a mortgage of $60,000 to $75,000.

GayMortgageLoans.com is dedicated to providing members of our LGBT Community with assistance in obtaining a mortgage loan for a new home purchase and or refinance.

Single Family, Condominium, Townhome, Loft, new construction or resale plus Income Property, Land and Vacation Homes!

Whether buying a single family home, condominium, loft, vacation home or income property, GayMortgageLoans.com is able to connect you with Top Mortgage Professionals all across the United States, Canada, and Mexico.  Learn about different loan products available and know how to proceed with loan application and pre-qualification individually, or with your partner.

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Competition among lenders has given consumers a broad array of choices, but it hasn't made comparison-shopping easy. Mortgages now come in nearly every conceivable combination of interest rate, duration, and fee structure.

Which loan makes the most sense depends on how long you plan to remain in the home and the monthly payment you can afford. If you live in a city where co-operative apartments are common, you will probably have fewer options.

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