Loans

Probably the most popular financing option in the market. 100% loans allow the consumer to buy a home with no down payment. This type of financing can be either one loan or a combination loan.

The 80/20 combination loan is the most popular and is best described as an 80% first lien note with a 20% second lien at a higher rate of interest. This program is available to many different ranges of applicants.

Most applicants take advantage of the combination loan because it allows for the elimination of "Private Mortgage Insurance", which can be a tremendous savings to the consumer.

Some of these programs may have specific credit score and underwriting requirements.

There are several adjustable rate mortgages (ARM'S)available. The interest rates for ARM'S are generally lower than a fixed rate product. They are excellent products for anyone that expects to be in a short-term mortgage situation. They are also good alternatives to someone with "less than perfect credit" who may need a little time to get their credit scores back on track. ARM'S carry a fixed product for the particular term selected. They are offered for 1,2,3,5,7 and 10 year terms. Typically, the shorter the term, the better the interest rate.

A loan that conforms to the guidelines established by Fannie Mae or Freddie Mac. These guidelines establish the maximum loan amount, down payment, borrower credit & income requirements, and suitable properties. Lenders that make loans established to these guidelines may sell those loans to Fannie Mae or Freddie Mac. These lenders may retain the servicing on these loans - so that the borrower will continue to make payments to the original lender. Conforming loans make up the majority of loans in the U.S.

Any mortgage loan other than a VA or an FHA loan. A conventional loan may be conforming or non-conforming.

We offer several different fixed rate programs designed to meet specific financial needs. Fixed terms are amortized for 30,20,15 and 10 year terms.

A loan that does not conform to the guidelines established by Fannie Mae or Freddie Mac is called a non-conforming loan. A loan that is larger than the conforming loan limit is called a Jumbo loan. Loans that do not meet the credit quality of conforming loans are called sub-prime loans.

For borrowers purchasing or refinancing more expensive homes, we have several options. A loan is called “Jumbo” when it is in excess of $227,150* and “Super Jumbo” when it is in excess of $650,000*. Each one of these categories has different underwriting requirements. However, No Income Verification, No Asset Verification and 100% loans are available as well as traditional loan to value ratios up to 90% on Jumbos and 80% on Super Jumbos.

Documenting a borrower’s income on a conventional loan is simple for an employee paid with a W-2. For a self-employed borrower, the usual way to document income is through federal income tax returns. The lender will look at the net income figures from the profit & loss statement on the tax return.

We offer several different types of financing specifically designed to make the mortgage loan experience a little easier for the self-employed borrower. This is called a No Income Verification loan (NIV). NIV loans come in a vast array of down payment and loan term options. An NIV loan simply states the income on the application without using tax returns to support it. Normal underwriting applies with the exception of income ducumentation.

We have many loan programs that do not require these forms. NIV programs start with as little as 10% down. Please keep in mind, however, the more you put down, the more favorable the loan terms will be.

We also have available NIV programs that do not require verification of assets. These types of programs are perfect for individuals who may not wish to disclose the source of down payment funds.If you have had difficulties in the past obtaining mortgage financing because of insufficient income, a No Income Verification loan may be your answer.

These products have been excluded in the market by most lenders. The qualifications for specialty these specialty products are very stringent but are available.

The market is always changing in regards to loan programs. Lenders are very aware of the changing needs of the consumer. To be confident that you are receiving the absolute up to date information, we suggest that you call our offices to ask for specific loan to values for your particular financing interest.