Residential Mortgage Programs

» Rate-Term refinance -

To payoff existing mortgage or mortgages only.

Closing cost can be included in new loan.

Loan to value up to 95%.

» Cash-out refinance -

To payoff mortgage{s) & obtain cash for other purposes such as consolidation of debt.

Closing cost can be included in new loan amount.

Loan to value up to 90%.

» Conventional Purchase Mortgage-

To purchase a residential property.

Loan to value up to 100%.

The seller may pay closing costs.

Available in 10, 15,20 and 30 year amortizations.

» No Income verification loan-

To self employed borrowers or retirees that do not want to have income verified, or do

not have sufficient reportable income to qualify.

This can be used for both purchase and refinance.

Loan to value up to 80%.

» Investment Property loan-

To refinance or purchase investment property.

Loan to value up to 90%, for purchases or rate-term refinance.

Loan to value up to 85% for cash out refinance.

» 2nd Home loan-

To refinance or purchase 2nd home.

Loan to value up to 95%.

2nd home must be at least 1 00 miles from current residence or in a resort area.

» VA loan-

To veterans who qualify for either purchasing or refinancing.

loan to value up to 1 00%.

» Trailing Spouse Program -

This can be used when a couple has recently moved into the area and the spouse has

not obtained a job yet.

75% of the spouse's former job income can be used to qualify, if the spouse has been, on the former job for 2 years.

10% down payment required

» 3% Borrowed Down payment Funds Program -

3% down payment required may be borrowed or gifted.

» 100% Rural Home Program-

For first time buyers with limited cash.

Property must be located in a federally designated RURAL AREA

There are county.by.county maximum allowable income levels for this program.

» Sub-prime or Non-conforming loan-

To borrowers with less than perfect credit or have excessively high debt ratios, Loan to values can be as much as 100% in some cases. Rates and loan to values are determined by credit. These loans can be made for both purchases & refinances.