CONVENTIONAL LOANS
Several choices with flexible terms and rates including fully amortized, 40 years terms.
JUMBO LOANS
5% down payment with no mortgage insurance
2-1 & 1-0 TEMPORARY BUYDOWN
We have been seeing an increase in Seller Concessions on purchase transactions, which supports the shift to a Buyer’s Market in many areas.
2-1 BuyDown
LOW DOCUMENT LOANS FOR SELF EMPLOYED
For self employed individuals
Bank statements or Profit and Loss Statements are used instead of tax returns
FHA LOANS
An FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). The FHA does not loan money to borrowers, rather, it provides lenders protection through mortgage insurance (MIP) in case the borrower defaults on his or her loan obligations. Available to all buyers, FHA loan programs are designed to help creditworthy low-income and moderate-income families who do not meet requirements for conventional loans.
FHA loan programs are particularly beneficial to those buyers with less available cash. The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans.
Several choices with flexible terms and rates including fully amortized, 40 years terms.
JUMBO LOANS
5% down payment with no mortgage insurance
2-1 & 1-0 TEMPORARY BUYDOWN
We have been seeing an increase in Seller Concessions on purchase transactions, which supports the shift to a Buyer’s Market in many areas.
2-1 BuyDown
- Normal rate is 5.75% (as an example)
- Year THREE – The rate would be 5.75% (payment based on this rate for the remainder of the term)
- Year TWO – The rate would be 4.75% (payment based on this rate for months 13-24)
- Year ONE - The rate would be 3.75% (payment based on this rate for the first 12 months)
- Same as the 2-1, but the rate would be 1% lower for year one.
- The cost of the Buy Down will be put in an escrow account and we will use this to make the full payment based on 5.75%, during the Buy Down period.
- Seller by Seller Concessions
- Real Estate Agent by Reducing their Commission
- Builder can pay for this IF they are also the Seller and they are offering a Seller Concession
LOW DOCUMENT LOANS FOR SELF EMPLOYED
For self employed individuals
Bank statements or Profit and Loss Statements are used instead of tax returns
FHA LOANS
An FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). The FHA does not loan money to borrowers, rather, it provides lenders protection through mortgage insurance (MIP) in case the borrower defaults on his or her loan obligations. Available to all buyers, FHA loan programs are designed to help creditworthy low-income and moderate-income families who do not meet requirements for conventional loans.
FHA loan programs are particularly beneficial to those buyers with less available cash. The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans.