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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. back to top
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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. back
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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. back
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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. back
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REVERSE MORTGAGES - For borrowers 62 and older. A reverse mortgage is a loan that enables you to convert a portion of your home's equity into tax free income. The income can be taken as a lump sum, a line of credit, a monthly payout or a combination of any of these ways. The borrower makes no monthly payments, and the loan doesn't come due until the all the last borrower permanently move out of the house, or dies, or the house is sold.
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HIGH DEBT RATIO LOANS - Borrowers having
the ratio of their monthly bills to their monthly income higher
than 50% is considered a high debt ratio. Loan programs
are available for these borrowers, allowing them to finance the
purchase of a home or property. back to top
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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 the traditional ARM products. back
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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 NOT AVAILABLE
IN NEW YORK. back to top
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