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.
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
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…
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.
Offers 30 and 15 year fixed rate mortgage and competitive ARM
products with full document, alternate documentation and limited
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.
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.
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.
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.
125% 2nd MORTGAGE
Same as above but the 2nd 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.
This loan will finance land that will someday be used to build your dream home. Usually a 15-year term.
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.
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.