Mortgage Loan Programs

We are approved with many lenders offering nearly every loan program available on the market. These include all of the standard conforming programs for conforming loan amounts under $359,750 and jumbo loans over this amount. Terms may be for 40, 30, 25, 20, or 15 or 10 years. The 15 and 10 year fixed rates offer better pricing with all lenders for both conforming and jumbo. All these A-paper loans normally require a minimum of a 620 mid score of the primary borrower as well as minimum tradeline requirements to pass through automated underwriting. We have seen a few get through with compensating factors in a strong application. Index

On the other hand, adjustable rate loans can be advantageous for short periods, and we recommend them if you are planning to stay in your property for a few short years. Often, because of the initial low interest rate, it is easier for some borrowers to qualify for financing when buying a home. For others, this is the only type of loan they can qualify for due to their debt to income ratios.

Although the initial rates can be quite low, because of the periodic increases to the interest rate, the rate can exceed the rate of a 30 year fixed rate in a short years, after which time, it is likely that you would want to refinance. In the case where you have some derogatory credit items and don't qualify for that 30 year fixed rate, the ARM is usually what most borrowers will opt for, to help them get back on track. After enough seasoning of on time payments, the loan can be refinanced into the 30 year fixed at a later date. There are currently ARMS starting as low as 1% (MTA) with an APR in the low 5%'s.Index

Hybred adjustable rate mortgages include the 2/28, 3/27, 5/1, 7/1, or 10/1 ARMs, in which the interest rate will stay fixed for 2,3,5,7 or 10 years, after which time the rate will become variable and adjust periodically. The periodic change up or down is tied to an index which is usually the 1 year Treasury-Bill, or LIBOR. You get a margin which is fixed for the life of your loan. This is added to the index to determine your current rate. (There are annual and life caps). The main advantage with these loans is the better interest rate that you get over the straight 30 year fixed conforming or jumbo rate. Interest only is an option with most of these products.

These loans are more accomodating for those who aren't sure how long they plan to keep their property, but do plan on selling at some time in the future. Some homeowners feel that it doesn't really matter if they're not chipping away at any principal while their home is appreciating in value since they won't be there that much longer. If your goal is lowering your monthly payment, then the interest only option will certainly do this for you. This is available with the 2/28, 3/27, 5/1 and 7/1 ARM's and goes for 60 months interest only.

No-income qualifier loans or EZ Qualifier loans are available for borrowers with A-D credit and can be made when a borrower is unable to qualify for the loan with his or her current income. This is available for both salaried and self-employed borrowers who have been in the same line of work for 1-2 years.

There are no income documentation, or stated programs for borrowers among subprime lenders,(for those borrowers who have blemished credit) and in exchange for no income documentation, you will be paying a higher rate. This can be either at a portfolio lender, or a regular subprime lender offering the traditional 2 or 3 year fixed rates with a 3-5 year prepayment penalty. Index

Zero downpayment financing is available for both borrowers with good credit and those with imperfect credit. The rates are 1% to 1 1/2% higher for borrowers with low FICO scores, however, it is available and can be done even shortly after a bankruptcy has been discharged, and good credit reestablished with a minimum amount of seasoning required. There is normally a minimum FICO score (middle credit score of the primary borrower) of 580. Interest rates for borrowers with A credit on 100% programs are only slightly higher than regular conforming rates. 100% financing may be accomplished via a combination of an 80% 1st mortgage and a piggyback 2nd mortgage of 20%, (with no mortgage insurance) or just one large 1st mortgage at 100% LTV. Blended rates on 100% financing are available as low as 7.65 % APR! Apply today!

It is necessary to re-establish credit after the bankruptcy with any combination of financing to rebuild your credit scores. This can include auto loans, secured VISA cards, and department store or gas cards. Each trade line you establish and maintain on time payments with helps over time to increase your credit scores at the 3 credit bureaus.

If you are seeking to buy an investment property with no money down, we have this program available. There are some requirements. You must have a minimum of a 620 middle score and at least one account (can be a credit card) for 24 months. This account has to be open and active when we pull the credit report. In some cases, we can use alternative credit for qualifying purposes but the credit score needs to be higher. Alternative trade lines could inlude a utility or cellphone bill.

We also do home improvement loans and second mortgages for both A-paper and subprime borrowers. It is possible to refinance a 1st mortgage alone to 80% of your market value (some lenders go to 85% of your market value) to take cash out for any purpose. A home improvement loan is just what it sounds like, and these are normally second mortgages, however, there are some 3rd mortgage lenders available for this purpose. They are normally one lump sum for home improvements and/or cash as well. We have the 125% LTV loans and even 150% LTV loans. These are all full income documentation only and require your tax returns for the past two years. You must have a 640 or higher credit to qualify.Index

Additionally, home equity loans or lines of credit are available with a variable interest rate. This is basically a credit line which comes with a checkbook and you write out a check when you want to access your credit line just like a normal checking account. These often have a draw period of several years before any payments need to be made (5 years) and is followed by a 10 or 15 year repayment period. These loans have an interest only option for 60 months.Index

We also offer loans for manufactured homes. This may include modular housing in which the home is built in a factory to your specifications and then hauled out onto the lot which you have chosen. The home is permanently fixed to the foundation, and normally the passer by cannot detect the difference from this type of housing unit from a site built home.

Our mobile home loans are for double wide homes only and they must be permanently fixed to the foundation. We offer both purchase and refinance loans. Index