Below are some of the financing options we can provide our clients. We'd be happy to answer your questions about them and help you determine which might be right for you.
| 100% Financing Loans | Conforming Loans |
| 80/10 Investmetn Property Loan | ALT_A Loans |
| No Income Verification Loans | Interest Only |
| Construction-Permanent One Time Closing | FHA |
| Reverse Mortgage | VA |
Conforming Loans
Conforming long-term, fixed-rate and adjustable loans that meet Fannie Mae and Freddie Mac loan limits and property and borrower guidelines. These loans when entered in an automated underwriting system may have fewer borrower requirements depending on the unique borrowers situation. Underwriting is affected by credit scores, debt to income ratios, assets and loan to values.
100% Financing Loans
Ideal for first-time buyers, these no down-payment mortgages can help reduce or eliminate nearly every cost associated with obtaining a home loan.
80/10 Investment Property Loan
An 80/10 loan, or an 80% first mortgage, and a 10% second mortgage, would allow you to avoid mortgage insurance, which is higher on investment properties than it is on primary residence purchases. For example on a $200,000 home, mortgage insurance would be .9% (divided by 12 months) which is an extra $150/month.
ALT_A Loans
Borrowers, who do not qualify under the FNMA and FHLMC guidelines, may obtain a mortgage through these programs. Borrowers who are unable to verify income, have questionable credit or unique situations may use this loan as an alternative to traditional mortgages. These loans usually have a higher interest rate because of the added risk to the investor.
Interest Only
One of the biggest advantages to interest only loans is payment flexibility. With this loan your monthly payment will be lower. This allows you greater purchasing power and/or the possibility of paying the principal at your discretion. For example, on a $200,000 home you could save $200 a month by having an interest only loan. This is a great product if you are commissioned, or if you receive a large portion of income in bonuses. It is also ideal if you expect significant pay increase in the near future. We also recommend this loan for borrowers who do not plan to be in the home for more than a few years. Interest only loans are also available for investment property.
No Income Verification Loans
A stated income loan, or a loan that does not require verification of income, is an ideal product for those that are self-employed or gain income from non-traditional ways. This option can accommodate most borrowers with excellent, to average credit scores. And more importantly, depending on your credit score, the rates do not necessarily rise with the stated products. Another new feature is that stated products can go up to 95% loan to value.
FHA
Government insured mortgages with fixed 30 year and 15 year terms. Adjustable rates are also available. Many borrowers who do not qualify for a FNMA or FHLMC loan will qualify for an FHA loan. The credit guidelines and debt to income requirements in some instances are not as strict and will allow a borrower more leeway.
VA
Government guaranteed long-term, fixed-rate and adjustable loans for United States Veterans. Most veterans will take advantage of this loan if they are seeking 100% financing.
Construction-Permanent One Time Closing
This loan is designed for borrowers who finance the construction of a primary residence, second home, or investment property by a reputable builder. The loan is made directly to the home owner, not the builder. In addition, this loan offers financing to borrowers for property renovation and tear-downs. One closing will finance you from construction phase through to the permanent loan.
Reverse Mortgage
Allows borrowers to retain ownership of their property and receive a monthly check representing a portion of the equity in the property. No money is due until the property is sold, the owner dies, or an agreed upon date is reached.