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Loan Programs:

Below is a brief description of some of the many different loan programs available in the marketplace. If you do not see a program that appears to fit your needs, please call for more information.

Financing Basics:

Before looking at the different loan programs, lets start with a brief explanation of the two different main categories that a mortgage can fall under.

CONVENTIONAL FINANCING:

The most common type of mortgage financing. This is a basic mortgage for someone who has average or better than average credit, meets the debt to income ratio requirements, meets the minimum LTV/downpayment requirements and can document their income. What is often referred to as "A" paper. There are also limits on the amount financed. A conventional loan can be either conforming (under the jumbo limit) or non-conforming (jumbo loan).

NON-CONVENTIONAL FINANCING:

For loans that do not fit within the standard "box." That can be for many reasons, including but not limited to damaged credit. Other examples of loans that fall under the non-conventional category include, 97% & 100% financing, reduced documentation, no documentation loans, investor owned properties, and high loan amounts.

FIXED RATE & ADJUSTABLE CONVENTIONAL	The most common type of financing. Can be either conforming or a jumbo loan. Designed for borrowers who have average or better than average credit and meet the required guidelines for, LTV, debt to income ratios, and can provide full documentation of income & assets.
97% FINANCING	Several different programs that allow for 97% financing on purchases. Some of which will allow for a partial gift of the 3% down.
100% / 103% FINANCING	No money down purchase financing, even with less than perfect credit. 103% financing that allows you to finance the purchase price of the property and closing costs. Stated Income & Stated Asset 100% financing available, even with damaged credit.
LIMITED DOCUMENTATION / NO DOCUMENTATION LOANS	Great option for self employed borrowers, and investors. Different programs available that can allow you to "state" but not verify your income and assets. No Documentation loans that do not require any reference to, or verification of your income or assets. Approval is based entirely on credit history and LTV. Programs available even with less than perfect credit.
COMBINATION LOAN	Used to avoid PMI when you have less than 20% down. You take out an 80% first mortgage and a second mortgage of 10% or 15% depending on the amount you can put down. This can also be used as a way to get below the "Jumbo" limit and reduce your interest rate. Can also be used for refinancing.
DAMAGED CREDIT	We have access to several lenders that specialize in dealing with borrowers who have damaged credit and can work with you to find a loan program that can fit your individual needs
MULTI-FAMILY FINANCING	High LTV financing available for 2-4 unit properties both on owner occupied and investor owned.
VACATION HOMES	Up to 90% financing at conventional rates. Higher LTV programs available.
CASH OUT REFINANCING	"Cash Out" refinancing up to 70% at conventional rates. Higher LTV "Cash Out" programs available.
INVESTOR FINANCING	High LTV and Limited Documentation programs available.