Other Loan Programs

Adjustable rate mortgages are loans where the interest rate is recalculated on a yearly basis depending on market values. As interest rates are adjusted so is the borrower’s monthly payment. While interest rates on ARM loans are generally lower than fixed rate loans they can eventually become higher. Various types of ARM loans include Hybrid ARMs such as 10/1 year, 7/1 year, 5/1 year and 3/1 year programs. Contact us for more information on adjustable rate mortgage loans.

Construction loans are used to finance the construction of a new structure. Whether you’re interested in building a brand new home for you and your family or you’re looking to construct a commercial property we can help craft a terrific lending solution. Each loan is as unique as the property you’re looking to construct.

We look forward to your questions about construction loans. Please call us to find out more.

A popular loan type, conventional fixed rate loans feature a constant interest rate for the life of the life. Generally speaking, monthly payments remain constant. Traditionally borrowers are expected to provide a 20 percent down payment though this is not necessarily required. Contact us for details on down payment requirements. Available terms generally range from 10 years, 15 years, 30 years and 40 years.

FHA loans are private loans insured by the federal government. These loans are popular with borrowers who don’t have enough funds to pay a traditional 20 percent down payment because they only require 3 percent down to qualify. Those who choose these loans are required to pay mortgage insurance which slightly increases their monthly payments. Lenders who wish to offer these loans must be approved by the Department of Housing and Urban Development. Please contact us today to find out if a FHA loan is right for you.

Home equity loans call for the borrower to acquire a new loan on an already mortgaged property using the equity you’ve built as collateral. Home equity loans are typically reserved for those looking to pay down medical or consumer debt, start a business or pay tuition. Please contact us directly if you’re interested in a home equity loan. Most states restrict the amount of money one can borrow against their home. Interest rates on home equity loans are generally higher than conventional loans.

A jumbo loan, or non-conforming loan, usually means any home loan for amounts higher than $417,000. Jumbo loans feature similar loan programs to fixed rate and adjustable rate programs. There are even FHA jumbo loans. The main difference between jumbo loans and conforming loans is the interest rate. Because jumbo loans are riskier for lenders they usually have higher rates. Learn more about jumbo loans by contacting us today.

Many homebuyers do not have the standard or consistent forms of income that are typically required by mortgage lenders. Yet, while they may not be able to qualify for conventional loans for various reasons, these buyers may still have enough income or assets to afford homeownership. In these situations, a non-qualified mortgage (non-QM) may be the solution.

Income calculated using:

• 12-24 months business bank statement or,
• 12-24 months personal statements with 2 months business bank statements or,
• 2 months bank statements and Porfit & Loss Statement prepared by CPA/Tax Preparer or,
• 2 years Profit & Loss Statement prepared by CPA/Tax preparer or,
• Based on just liquid assets.

Self-employed 2yrs minimum

30 Year Fixed,

Purchase, rate and term up to 90% LTV

Single Family / condo / 2-4 units

No Mortgage Insurane

No 4506T required

680 Minimum FICO Score

Homeowners looking to decrease their interest rate may consider refinancing. A refinance calls for the homeowner to obtain another mortgage loan. Those funds are then used to pay off the original mortgage loan and the homeowner is then bound by the terms of the new mortgage. Depending on your situation a refinance loan could be a great option. Along with decreasing your interest rate, refinance loans can also help you switch from an ARM to a FRM, and in some cases reduce your loan term.

Reverse mortgage loans, also known as reverse equity loans, are only available to homeowners 65 or older. Like its name indicates, this program pays the homeowner either a one-time large payout or monthly installment. Once the loan term expires the house either becomes the property of the lender or the house can be sold to repay the debt. Reverse mortgage loans are great options for seniors looking to increase their monthly incomes. Contact us for more details.

NO INCOME REQUIRED

NO EMPLOYMENT REQUIRED

NO RATIO

OWNER OCCUPIED

NO INCOME VERIFICATION

No Statement or Verification of Income Required

NO EMPLOYMENT REQUIRED

No Employment Required

Good for Unemployed, Retired, Self Employed, Wage Earner

No DTI Calculated

No Tax Returns or W2s required. Not a Bank Statement Program

ASSET VERIFICATION

1 Month Bank Statement (covering at least 30 days)

100% Gifts Allowed for Down Payment, Closing Costs, Reserves*

Cash-out Proceeds May Be Used Towards Reserves

OTHER PROGRAM HIGHLIGHTS

Purchase & Rate/Term Refinance up to 75% LTV

Cash-out Refinance up to 65% LTV, Unlimited cash-out Funds

1-4 Units, Condos, Coops, PUDs

Second Homes Allowed

Minimum 680 FICO

Loan Amounts up to $3,000,000

Interest Only Option Available on All Loan Terms Except 15 Years Fixed

First-Time Homebuyers Eligible (Max 70% LTV)

Eligibility requirements, exclusions & other terms & conditions apply

Like a FHA loan, VA loans are private loans insured by the federal government. VA loans are only available to qualified military veterans and their families. These loans are only available to these individuals for their own primary residences and cannot exceed a $417,000 loan limit. For information on qualifying for this loan program please give us a call today.