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Conforming
Fixed Rate Mortgages-(FRMs)
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Loans
that conform to FNMA/FHMLC guidelines. There are limits on the
amount of a loan that a person may borrow on a particular type
of property the limits are as follows:
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| Single
Family properties/ Condos/Townhouses: |
$417,000.00 |
| Two
Unit Properties: |
$533,850.00 |
| Three
Unit Properties: |
$645,300.00 |
| Four
Unit Properties: |
$801,950.00 |
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| The
interest rate remains constant for the entire term of the loan.
[Top] |
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Adjustable
Rate Mortgages-(ARMs)
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| Adjustable
or variable rate mortgages are loans in which the interest rate
will adjust periodically. Adjustments are based on pre-determined
formulas. The adjusted rate is based on the current index plus
your margin. The frequency of changes can range from monthly to
yearly. There are several different ARM loans in the market place
today. Some of the more common ones are the 1-year, 3-year and
5-year. Recently monthly ARM products have become very popular;
the three most common types are the MTA, COFI and the COSI. These
loans are much more complicated than the traditional 1/1 or 5/1
ARM. [Top]
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Jumbo
Mortgages
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| These
loans are designed for people who exceed the loan limits for FNMA/FHLMC
products. [Top]
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Government
Mortgages
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| Mortgages
that are guaranteed or insured by HUD, a Federal Government agency.
FHA loans are designed to allow buyers to purchase a 1-4 unit
owner occupied property with minimal down payments, usually 3%.
FHA loans are also more lenient on their guidelines. VA is designed
for veterans and available with no down payment. The maximum loan
limits for these particular loans are different from the FNMA/FHLMC
limits; they are based on the county in which the property is
located. [Top] |
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Non-Conforming
Mortgages
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| This
particular type of loan covers a variety of products. Basically
any loan that does not conform to the FNMA/FHLMC or Government
guidelines would fall into this category. 100% financing, No Income
Verification, Stated Income, No Income No Asset, Investor loans
and Foreign National loans are some of the products under this
umbrella. [Top]
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Construction/Rehab
Mortgages
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| Designed
for the borrower, who needs to rehab, update or build their home.
We offer a variety of programs from the 203K to a one-time close
construction loan to a rehab second mortgage. [Top]
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Second
Mortgages
|
A
fixed second mortgage is also available. We offer the fixed second
mortgage on primary, investment properties, and 3-4 unit properties.
[Top] |
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| Interest
rate, program terms and conditions are subject to change without
notice.
Not all products are available in all states and for all
loan amounts.
Other restrictions and limitations may apply. |
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