Section 7 _Sampling
of Miscellaneous Mortgage Programs:
ZERO
DOWN PROGRAMS - No down payment mortgages. The borrower
pays for closing costs or can have the seller pay for 3% to 6%
of the closing costs, depending on the program guidelines.
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 home buyer status is not required and there are no income
limits.
JUMBO
& Super JUMBOS - 30 and 15 year fixed rate mortgages
and competitive ARM products with full document, alternate documentation
and limited documentation are available.
Additionally,
see
Dynamic
Lowest Payment INTEREST-ONLY Program!
Cash-out and No cash-out refinances are allowable. Single family
detached, Condominiums, PUD's (Planned Urban Developments) and
single family second homes can be financed with no prepayment
penalty.
NO DOCUMENTATION/STATED
INCOME PROGRAMS - Mortgages in which 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.
Some borrowers choose to not 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 income, but select a program that
does not calculate Debt-To-Income ratios, which allows them to
exceed traditional underwriting guidelines and qualify for a larger
mortgage amount. With all the variations of No-Doc mortgages,
there is definitely a mortgage program for today's non-conventional
borrowers.
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. Mortgage programs are available for these borrowers,
allowing them to finance the purchase of a home or property.
INVESTOR
LOANS - Used to finance 1-4 family properties that will
be for investment (income-producing) with as little as a 10% down
payment. Aggressively priced, these programs have many variations
such as No-Doc, Limited-Doc, and Full-Doc.
FLEX 97%
- Similar to FHA but without maximum mortgage amount limitations.
Must be a single family, owner-occupied home and the primary borrower
must have a credit score of over 680.
LAND LOANS
- Financing of land that will someday be used to build your dream
home; usually a 15-year term.
2ND MORTGAGE
LOANS - Subordinate to a first mortgage, these mortgages
offer the borrower the ability to secure money for home improvement,
debt consolidation or many other purposes without disturbing their
first mortgage.
125% 2nd
MORTGAGE - Same as above but the 2nd mortgage we will
lend up to 125% of the value of the home in specific instances.
