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Conventional
Traditional loan programs that usually require at least 5% down and offer competitive interest rates. Documentation and good credit are necessary.
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No Income Verification
Loans where your income is not requested or verified. 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
Zero down payment required and closing costs paid by the borrower (seller can contribute up to a maximum 6% towards closing costs in certain situations).
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Credit Problems
Troubled credit? Bankruptcy? Been turned down somewhere else? We offer loan programs for credit challenged customers.
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103% Purchase
Zero 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 makes a 5% down payment and then finances a first mortgage of 80% and a second mortgage of 15% of the purchase price. Other variations are 80/10/10 or 75/15/5.
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Jumbo Loans
This is a loan for an amount greater than the FNMA/FHLMC government mandated maximum and is considered a specialized loan product. Jumbo loan terms are 30 and 15 year fixed rate and competitive ARM terms of 3,5,7,10 year products with full document, alternate documentation and limited documentation. Cash out and No cash out refinance are allowable.
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Challenged Credit Loans
These mortgages are for borrowers with less-than-perfect credit. We have been able to help borrowers that have "credit nicks and bruises" to those with past bankruptcies. Regardless of your situation, give us a call. We still have loan programs that can help you.
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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 paying that college tuition without disturbing their first mortgage. In many cases, we can structure a second mortgage to "piggy back" on a first mortgage to purchase a home and allow more purchase power and less down payment.
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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. 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 make 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 in certain situations.
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Flex 97%
Similar to FHA, but without maximum mortgage amount limitations. Must be a single family, owner occupied home among other requirements.
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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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