Fixed Rate Loans
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30-, 25-, 20-, 15- and 10-year terms are all available with fixed rate.
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Buy a home with as little as 5% down (primary home).
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Refinance up to 95% of your primary home's value.
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Monthly payments remain the same for the entire loan term.
Adjustable Rate Loans
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3/1, 5/1, and 7/1 ARM's. Monthly payments based on a 30 year repayment schedule.
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The rate stays fixed for the first 3, 5, or 7 years (depending on chosen term), and then adjusting annually thereafter.
FHA Loans
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3.50% minimum down payment required on purchase.
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Minimum credit score usually 620.
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Post-bankruptcy qualifying - 2 years after.
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Post-foreclosure qualifying - 3 years after.
No-Doc Loans
30% Down 640-679 FICO
Down Payment and Closing Costs can be gifted.
Reserves must be borrowers.
All Assets Seasoned For Only 30 Days.
VA Loans
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Competitive interest rates that are routinely lower than conventional rates.
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Sellers can pay up to 6 percent of closing costs and concessions.
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Higher allowable debt-to-income ratios than for many other loans.
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Down payment as low as 0%.
Conventional 1% Down
Qualifying income for the loan must adhere to 80% or less of the area median income.
2% Lender Funded Down payment will be capped at the lesser of 2% or $4,000 based on the lesser of purchase price or appraised value.
Borrower paid or Lender paid mortgage insurance options are available.
No Requirement to be a first time homeowner. However if all occupying borrowers are first time homebuyers (defined as no interest in any property in the last 3 years, First Time Home Buyer Counseling is required from lender approved sources.
Escrow account required.