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Loan Programs and Loan Options In today's lending market there are many options to choose from. Sometimes the differences in these programs can be subtle but signi ficant. We offer a variety of loan programs to fit your needs. This page provides an overview of many of the different programs on t he market. Contact us to find out what programs are currently available, or for any other related questions.
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 75/15/10. August 2008, These loans a very limited in availability. FHA MORTGAGE ~V 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 ~Sallowable~T closing costs. Seller can contribute up to 6% of the purchase price to the buyer towards closing costs. Changes coming beginning October 1, 2008. 203K FHA MORTGAGE ~V 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 $5000 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~E VA MORTGAGE ~V 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~Rs, PUD~Rs and single-family second homes can be financed with no prepayment penalty. INTEREST ONLY - Shorter term adjustable rate mortgage where borrower is not required to make payment on the principal. 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 ~V These mortgages are for the credit challenged. They can vary from slightly damaged credit to severely damaged. Whatever the situation in today's market, we may have a mortgage that will get you back on track. 2ND MORTGAGE LOANS ~V 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. 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. INVESTOR LOANS ~V Used to finance 1-4 family properties that will be for investment with as little as a 10% down payment. Click here to contact us for more information on any of these programs.
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