| First Time Home Buyer Loan
Program |
| Whether you're a first time home buyer or simply starting
over, a First Time Home
Buyer loan can help. It's a fast, streamlined way to help new home buyers with
the necessary cash at closing for their down payment and closing costs that
they do not have to repay. Fixed and adjustable rate mortgage
products up to 100% LTV/CLTV. |
| Conventional Home Mortgage Loan Program |
| Conventional conforming home loan, including fixed and
adjustable rate mortgage products, fixed period ARMs, and balloon
loans to meet a lot of borrowers' needs. For larger home mortgage
loan amounts, there are jumbo home loans to $650,000, super
jumbo loans to $1,000,000, and mega mortgage jumbo loan products
to $2,000,000. |
| Fast & Easy Home Loan Program
- Great Price for Great Borrowers! |
| The Fast & Easy home loan program offers borrowers with excellent
credit a home loan up to 90% LTV/CLTV without verification of
assets or income. This home loan program offers a great price
for borrowers with high quality credit. Just like its name,
it's fast, very easy and there's an 80/10/10
with a Super Streamline HELOC under this home loan program to
avoid Mortgage Insurance. Borrowers can be self employed or
salaried, and there are no reserve requirements with a low down
payment loan. |
| Expanded Criteria Home Mortgage Loan
Program |
| Getting turned down or spending hours finding a loan just because your
finances don't fall within the "cookie cutter" criteria for
a traditional loan program. Expanded Criteria program is the
answer. These "A" paper loans are offered for fixed rates, ARMs
and Conforming Fixed 3/1, 5/1, 7/1 & 10/1 ARMs. There are
also many no income loan programs such as Reduced Doc, No Ratio
and No Income/No Asset loan programs. Zero
Down Payment Assistance mortgage products:
- Down
Payment Assistance Program.
- Zero
Down Payment 103% Plan up to $375,000, a loan that allows
borrower's to finance up to 100% LTV. They can even include
up to 3% closing costs and prepaid fees in the home loan
amount, for a total loan LTV of 103%!*
- Zero
Down Payment, 80/20 with a combined mortgage loan amount
up to $500,000.The second mortgage loan can be a HELOC or
Fixed Rate and there are no home Mortgage Insurance loan
requirements.
*Not available in all areas
|
| FHA and VA Home Mortgage Loan Program |
Common government home mortgage loans, including:
- 203(b) Fixed Mortgage Rate Loan (First Time Home Buyer)
- 251
ARM home loan
- 234(c)
Condo Financing home loan
- FHA
Streamline Refinance home loan
- VA
IRRRLs (interest rate reduction refinance home loan)
- Teacher
Next Door home loan
Many government loans allow minimum down payment and/or down payment assistance
home loan for a true zero no down payment home buyer loan. |
| FHLMC Affordable Gold 97
- Low Income Home Loan Financing |
| This program is the "simple" answer for low to moderate income financing.
As long as a borrower's income doesn't exceed 100% of the MSA
median income, he or she may qualify for as little as 3% down.
Plus, the down payment can be a grant, "affordable second" or
unsecured mortgage loan (from a non-profit
organization, government
agency or the borrower's employer), or can come from the borrower's
own funds or a gift from a family member. Only one month of
reserves is required. Premium pricing is allowed for closing
costs/prepaids, and home buyer education is not required!
|
| Flex 97 - Ideal First Time
Home Buyer Loan Program |
| This
program is ideal for the First Time Home Buyer and move-up borrowers who lack the funds for a down payment and closing
costs but have good credit. Borrowers may qualify for a Flex
loan with as little as 3% down payment plus, the down payment
can be a grant,
gift, an
"affordable second" or "unsecured loan". Also, there are no
median income restrictions and no first time home buyer education
requirements. |
| Rural Housing Grant Home Loan Program |
The
Rural Housing Service (RHS) loan is an affordable home lending
product designed to get residents in designated rural areas
into a home that they would not otherwise qualify for. Some
of the most attractive features for this home loan include:
- 100%
LTV based on the appraised value of the home
- No
down payment (zero down payment)
- No
cash reserves required (great for a first time home buyer)
- No
MI requirement (a guarantee fee is required)
- Manufactured
home housing permitted
|
| HOME EQUITY MORTGAGE LOAN PROGRAMS
|
Within Every Home Lies a Wealth of Opportunity!
|
Home
equity credit is one of the most popular forms of consumer credit
among home owners. There are lines of credit and second liens
on a home loan available to 125%. These home equity loan products
offer minimal paperwork, low start rates, and three different
risk grades to help qualify home borrowers to get a great home
equity loan.
|
| Tandem Home Loan Program - One Call,
Two Loans, So Many Benefits! |
When
borrowers "tandem" a Home Equity Line of Credit (HELOC) or Fixed
Rate Second loan with their first mortgage, they may qualify
for a larger total home loan amount, eliminate MI, or avoid
jumbo loan pricing. Tandem Home Loan Programs let you close
two loans at the same time without extra documentation! For
example, you have an 80/20 Tandem package under the Expanded
Criteria family, requiring no down payment, and STILL no MI!
There's also have an 80/10/10 with a Fast & Easy home loan
program for borrowers with excellent credit, which allows a
great home loan at a great price, up to 90% CLTV with no mortgage
insurance and no reserves.
|
| Streamline Home Equity Line of Credit!
|
Streamline Home Equity Line of Credit is a pre-approved home
equity loan for borrowers who are funded with an eligible servicer
first mortgage up to six months ago. There's no documentation
requirements and the Super Streamline HELOC loan can close concurrently
with a Fast & Easy home loan for salaried or self-employed
borrowers with excellent credit, a great home loan package at
a great price, up to 90% CLTV, with no reserves and no home
mortgage insurance. Fixed rate seconds and home equity loan
seconds are not available in all states. Contact your lender
for restrictions on home equity products in your state. Recording
or stamp fees may apply in some states on Tandem mortgage home
loans.
|
| HOME MORTGAGE INSURANCE ALTERNATIVES |
| Tandem Home Mortgage Loan Program |
Borrowers can avoid mortgage insurance with a Tandem alternative. By
doing a first and a second mortgage home loan, borrower can
avoid mortgage insurance, increase their tax deductions, or
avoid Jumbo pricing and Jumbo payments. There's little to no
extra paperwork and you can save money in most cases. There
are several different Tandem Home Mortgage Loan opportunities,
including:
- 100%
CLTV loan
80/20
- 95%
CLTV loan
75/20/05
80/15/05
- 90%
CLTV loan
75/15/10
80/10/10
Any
time your down payment is less than 20%, a Tandem first and
a second home mortgage loan is a great way to avoid mortgage
insurance and/or Jumbo pricing, as well as save money on your
total home monthly payment!
Mortgage Insurance Alternatives
There are smart alternatives to regular mortgage
insurance. By folding the cost of mortgage insurance into
the loan, borrowers may realize a tax deduction,** plus a
lower net monthly home payment that can help make first time
home ownership more affordable. Home mortgage insurance alternatives
are available in several versions, depending on a home borrower's
financial circumstances:
Monthly
Tax Advantage MI features an add-on to the home loan's
interest rate to cover the cost of MI, resulting in a potentially
greater tax deduction than with the traditional mortgage insurance
you would pay on your home loan.
One-Time
Tax Advantage MI features a 3-point increase in the home
loan amount, which is financed over the life of the home loan
and typically results in a lower home monthly payment than
with traditional mortgage insurance.
**Borrowers should consult their tax advisor regarding
the deductibility of mortgage interest. Please contact your
local branch for any restrictions on home Mortgage Insurance
and eligible home loan types in your state. |
| SUBPRIME HOME MORTGAGE LOAN PRODUCTS |
Flexible guidelines, aggressive pricing and exceptional service
is available to home borrowers with a wide range of financing
solutions. When you use an automated underwriting system, you
can get an underwriting outcome for your subprime loan in minutes.
Home mortgage loan products usually include 15 and 30 year fixed
and adjustable rate mortgage products, fixed period ARMs, reduced
pricing options, even a rate-reduction loan for home owners
who pay their mortgage loan on time every month. A through D
credit grades fit even the most demanding home borrowers.
|
| EXPANDED HOME MORTGAGE LOAN
APPROVAL |
| This
is a series of niche products intended for borrowers with just
slightly impaired credit. These are borrowers who fall just
below A-paper criteria, but who don't really belong in a traditional
subprime home mortgage loan product. With Expanded Loan Approval
(ELA) loans, borrowers can get better terms and pricing than
they would get with subprime home loans, with LTVs as high as
95%. ELA loans are available for purchase money, rate-and-term
refi's, even cashout refi's. Allowed property types include
second homes, owner-occupied one and two-unit residences, manufactured
home, and approved condos. There's even a mortgage loan program
that allows borrowers to lower their interest rate after two
years based on timely payments. |
