|
Fixed Rate Mortgage
(FRM) |
Loan that
have a fixed interest rate for the entire life of the
loan. Tailor made to your specifications. Conforming
and Jumbo loan sizes available.
|
|
Adjustable Rate
Mortgage (ARM) (3/1, 5/1, 7/1, 10/1) |
I offer a
full range of adjustable-rate mortgage products to fit
a borrowers' needs. Adjustable-rate mortgages have an
interest rate that can change during the life of a
loan, with the possibility of both increases and
decreases to the interest rate and mortgage payment.
Standard fixed-period ARMs are tied to either the
one-year Treasury securities index or the 1-year LIBOR
and offer a stable, fixed rate for the first three,
five, seven, or ten years. At the end of the fixed
period, the interest rate will adjust annually.
Initial rate caps vary with product type, but
subsequent annual adjustments are capped at 2 percent.
Most product types encompass a convertible and a
nonconvertible plan; convertible plans offer the
option to convert to a fixed-rate mortgage (FRM) after
the initial fixed period.
|
|
Interest Only Mortgage
(I/O) |
Interest
Only Loans allow borrowers to make lower payments for
the first years of a fixed-rate or adjustable-rate
mortgage by offering an interest-only period during
the early years of the loan, followed by a fully
amortizing period. Borrowers may direct more of their
cash flow in the first years of their mortgage for
other investments or expenses.
The 30-year fixed-rate mortgage begins with a 15-year
interest-only period. Beginning in the 16th year, the
monthly payment changes to include both the principal
and interest due. A fixed-rate loan with a 10-year
interest-only period is also available.
Interest Only Loans are also available for 3/1, 5/1,
7/1, and 10/1 ARMs. For the first 3, 5, 7, or 10 years
of the ARM, the borrower makes interest-only payments.
When the loan rate begins to adjust annually, the
borrower makes fully amortizing payments.
There is also the option for a 10-year interest-only
period on all I/O ARMs, which helps reduce the risk of
potential payment shock by allowing the borrower to
continue to make interest-only payments after the
initial rate adjustment.
On any I/O mortgage, borrowers can make a principal
curtailment with no penalty and, during the
interest-only period, curtailments reduce subsequent
monthly interest-only payments.
|
|
Pay Option Adjustable
Rate Mortgage |
Variable
rate loans that offer payment options, for an initial
period, that allow the borrower to control their flow
of monthly income. Minimum payment, interest only and
principal & interest payment options available. These
loans are beneficial for those with sporadic monthly
income (ie. commissioned salesperson). These loan
usually have low "teaser" rates of 1-2% for a short
period of time, then adjust according to the
appropriate index.
|
|
Guaranteed Rural
Housing Loan (GRH) |
This loan
program is administered by the USDA and has income and
geographical requirements. These loans are good for
high loan to values and do not require private
mortgage insurance. If the home appraises for more
than the sales price, a borrower can borrower up to
100% of the appraised value. The excess funds can be
used to pay for closing costs, repairs and
reimbursement of appraisal fees and homeowner's
insurance premiums. Note: do not confuse these loan
with rural development loans where there is a
deferment and recapture of interest. There is no
deferment or recapture of interest on GRH loans.
|
|
Veteran's
Administration Loan Programs |
An
excellent loan for military veterans that offer up to
100% financing. There is a funding fee applicable
which can be included in the loan amount (Funding may
be waived if the borrower is receiving VA disability
income). There are minimum credit and income
requirements. Maximum loan size of $359,650. Seller
paid closing costs are allowable and recommended.
Streamlined Interest Rate Reduction Refinance Loans
(IRRLs) are also available for existing VA Loan
borrowers.
|
|
Stated Income or No
Ratio Programs (Self Employed or W2 employee) |
Stated
income loans are for the convenience of a self
employed or W2 employee that does not have the ability
or desire to prove their income. The borrower simply
states his/her income to the loan officer without
having to provide verification of it. (Note - Stated
Income files may be audited by the lender and income
tax documentation may be acquired from the IRS to
confirm income at a later date) No Ratio programs
simply do not require income amounts to be disclosed.
No disclosure and no verification is required at any
time. These loans are available in ARM and/or FRM.
|
|
My Community 100% First
Mortgage Loans |
Loans are
low down payment, high LTV mortgages with flexible
credit guidelines and relatively low interest rates.
Requirements include a minimum contribution of $500
from the borrower's own funds, no monthly reserves,
and credit and income source flexibilities. Loan
purposes can be for purchases or limited cash out
refinances. 30 years or less fixed-rate, and 7/1 and
10/1 CMT-based ARMs available. Income limits and
geographical requirements apply. Mortgage Insurance is
required.
|
|
Fannie Mae Flex
Mortgage Programs |
With Flex
100 and Flex 97 loans, borrowers have more options for
low down payment mortgages and more flexibility in
their sources of funds for down payment and closing
costs. Borrowers must make a minimum contribution of
at least $500 of their own funds (Flexible 100), or 3
percent from flexible sources of funds (Flexible 100
or 97), toward down payment and/or closing costs. The
remainder of the amount needed for closing costs can
come from flexible sources of funds, interested party
contributions, and/or other sources after the required
borrower contribution is met.
In addition to the borrower's own funds, allowable
flexible sources include gifts, grants, or unsecured
loans from relatives or nonprofits; employer-assisted
housing; or secured borrowed funds. Subordinate
financing (2nd mortgage) is permitted with Flex
mortgages; if the combined loan to value exceeds 95%
of the sales price, the loan will be considered a Flex
mortgage.
ARMs also are available for the following terms: 5/1,
7/1, and 10/1.
|
|
Non Conforming 100% &
80/20 Mortgage Programs |
These
loans offer greater flexibility when it comes to
credit issues. They generally do not require private
mortgage insurance. They are available in ARMs and
FRMs (although the FRM have substantially higher
interest rates). These are excellent loans for
borrowers with blemished credit or lack of down
payment funds. These loans offer up to 103% loan to
values.
|
|
100% No Private
Mortgage Insurance (PMI) Mortgage Programs |
Up to 100%
financing with no PMI, less strenuous income
limitations, and very reasonable interest rates.
Minimum loan amounts of $80,000 apply. No rural or
acreage properties. Stated Income/No documentation
features available for minor loan to value decreases.
Client preferred program.
|
|
Flexsaver Line of
Credit (1st Mortgages) |
A line of
credit that is in the 1st mortgage position. Rates are
variable similar to credit cards, but at about 1/3rd
the rate. Customer is given a credit card or checkbook
to borrow on the account. The loan has a set amount of
time for continued borrowing and then converts to a
fully amortized loan.
|
|
Fixed Rate Second
Mortgages & Home Equity Lines of Credit (HELOC) |
| Home
equity loans, fixed rate second mortgages and lines of
credit secured by a 2nd lien on a borrowers home.
HELOC loans remain open for continued borrowing for a
set amount of time and may be renewable by lender.
|
|
And Literally Hundreds
of Programs More!!!
|
