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Bad
or Damaged Credit: Many people, because of
unfortunate circumstances, have experienced credit
problems in the past. Let us use our experience to
overcome this and help you to obtain the financial
assistance you deserve. Don't hesitate to call us.
A qualified Mortgage Professional will be happy to
assist you in every way. |
Conventional
Mortgages: These are loans
underwritten by FNMA or FHLMC guidelines -
(see Glossary). Typically offering the lowest fixed
rate in the market with the exception of subsidized
loan programs. A wide variety of this type of
program is available including 1st time home buyer
programs to programs offering special interest rates
to lower income households. |
Adjustable
Rate Mortgages - ARMS: Loans that
have adjusting or variable interest rates.Rate
adjustments are typically adjusted between 6
months to 10 years, depending on the program.
Interest rate adjustments are based upon an Index -
(typically T-Bills or Libor) and a Margin - ( the %
the interest rate may change above the Index). |
Sub-Prime
Mortgages: These loans are available
for the borrower who does not qualify for the
standard mortgage products. A wide variety of
programs are available under this category. These
programs are typically designed for credit
problems, high debt ratios or many of the other
types of problems that may occur with standard
underwriting guide-lines. |
Home
Improvement: Loans available specifically for
home improvement.There are programs in this
category that offer increased equity limits, or use
the property's value upon the completion of the
improvements when determining the loan amount
available. An example of this is the FHA 203k loan. |
Home
Equity Line of Credit (HELOC) : Loans
available in the form of a revolving credit line
secured by the borrower's home. This type of loan
is typically an adjustable rate (ARM) with an Index
based upon the Prime rate. |
Manufactured
or Mobile Home: Loans available for
the modular or mobile home. Typical requirements
are that the home is permanently attached either by
piers or foundation,and that the borrowers own the
land. |
FHA
Mortgages: Loans underwritten by HUD
guidelines. These can be either a fixed rate or
adjustable rate. The FHA mortgage typically offers
more flexible guidelines regarding income, assets,
and credit. |
Jumbo
Mortgages: Loan amounts in excess of the
maximum amounts offered by FNMA or FHLMC.
Jumbo loans are available in Fixed Rates and
ARMs. |
Second
Mortgages: Loans for borrowers who want
a mortgage that will not require that their existing
mortgage be paid off. |
No
Income No Asset (NINA): Loans where neither
the income nor the assets of the borrower is
verified. |
Stated
Income Loan: Loans for borrowers who do
not wish to provide evidence of their income. |
Vacant
Land: Loans for building lots less than 5
acres. |
Commercial
Mortgages: Loans for properties
other than one to four unit residential dwellings. |
