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 significant. We offer a variety of loan programs to fit your needs. This page provides an overview of many of the different programs on the 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.
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.
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 $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…
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.
EMERGING MARKETS PROGRAM – 0% Down payment required
and closing costs can be financed up to 105% of the purchase price. Only
single-family homes that will be owner occupied are eligible. First time
home buyer 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
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
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 – 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
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.
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.
to contact us for more information on any of these programs.