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offer a variety of loan programs to meet your needs.
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Conforming Loans
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No Points, No Closing
� Adjustable
Mortgages
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Limited Doc Program
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First Time Home Buyer Program
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Jumbo Loans
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80/15/5
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107% Down Programs
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Zero Down Programs
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No Doc / Stated Income
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Flex 97 Loans
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Less Than Perfect Credit
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2nd Mortgage Loans
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High Debt Ratio Loans
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Construction / Rehab Loans
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Investors Loans
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| Conforming
Loans - These are
loans that go up to $322,700. They are Fannie Mae and Freddie
Mac. Allowable loan terms are 30, 25, 20, 15, and 10 years. |
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| No
Points, No Closing - Have
no up-front charges except for escrows and prepays. |
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| Adjustable
Mortgages - These loans all
have margins, indices, and caps, which are disclosed with
every adjustable mortgage. They can be conforming or jumbo
loans. |
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| Limited
Doc Program - This is a fast
track program with limited documentation needed. |
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| First
Time Home Buyer Program -
These programs are customized for the first-time home buyer. |
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| Jumbo
Loans - These loan start at
a loan amount of $322,701 and offer 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. |
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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. |
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107% Down Programs � 0% Down
payment required and closing costs can be financed up to 107%
of the purchase price. Only single-family homes that will
be owner occupied are eligible. First time homebuyer status
not required and there are no income limits. |
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| Zero
Down Programs � Same as above only the borrower pays for
closing costs or can have the seller contribute up to 6% towards
closing costs. |
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| No
Doc / Stated Income - Loans
where your income is not requested or verified with as little
as 10% down are stated income loans. There are several varieties
of the "no-doc" loan today. Basically the type of loan that
is best suited for a particular borrower depends on that borrower's
situation. Some borrowers choose not to disclose employment,
income or asset information, while others may be willing to
disclose employment and asset information but not income.
Still others might be willing to disclose even income but
select a program that doesn't calculate debt-to-income ratios
allowing those borrowers to exceed the traditional guidelines
in order to qualify for a larger mortgage amount. With all
the different variations of the no-doc loan, there is definitely
a mortgage program for today's non-conventional borrowers. |
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| Flex
97 Loans - 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. |
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| Less
Than Perfect Credit � 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. |
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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. |
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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. |
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| Construction
/ Rehab Loans - Building a new home or rebuilding a home
can be an exciting prospect - unless you get caught up in
a construction/rehab loan approval process that's overly complicated
and time consuming. We offer a one time fixed rate closing
or the traditional ARM products. |
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| Investors
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. |
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