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CONVENTIONAL
- Traditional loan programs that usually require 5% down and offer
competitive interest rates. Documentation and fair-to-good credit
are necessary.
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NO INCOME VERIFICATION
- 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. 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 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.
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NO DOWN PAYMENT
- 0% Down payment required and closing costs paid by the
borrower (seller can contribute up to 6% towards closing costs).
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CREDIT PROBLEMS
- Troubled credit? Bankruptcy? Been turned down somewhere else?
We offer loan programs for customers with credit problems.
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103% PURCHASE
– 0% 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 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.
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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.
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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.
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HIGH DEBT RATIO LOANS
- A ratio of monthly bills to monthly income higher than 50% is
considered a high debt ratio. Loan programs are available for
borrowers in this situation, allowing them to finance the purchase
of a home or property.
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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.
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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'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 traditional ARM products.
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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 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 put 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.
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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.
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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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Email Scott
E-mail Scott Pessin