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 signi ficant. We offer a variety of loan programs to fit your needs. This page provides an overview of many of the different programs on t he market. Contact us to find out what programs are currently available, or for any other related questions.
FHA MORTGAGE ~V 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 ~Sallowable~T closing costs. Seller can contribute up to 6% of the purchase price to the buyer towards closing costs.
203K FHA MORTGAGE ~V 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~E
VA MORTGAGE ~V 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~Rs, PUD~Rs and single-family second homes can be financed with no prepayment penalty.
EMERGING MARKETS PROGRAM ~V 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.
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.
2ND MORTGAGE LOANS ~V 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.
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 ~V 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.
Click here to contact us for more information on any of these programs.
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Jay Kolaya