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80/10/10, 80/15/5, and Other Multiples These are combination loans where the buyer gets a first mortgage for eighty percent of the loan amount and a second mortgage at the same time for the balance. The buyer can then avoid paying private mortgage insurance (PMI). In most cases, the buyer may also avoid impounding escrows for taxes, insurance, etc. No Income Loan (Suspended) This is an alternative loan solution for many buyers who have income from sources that are difficult to verify. Usually these loans are used by self-employed borrowers who have difficulty verifying all of their income or by borrowers with very complex income structures. Lenders will not use the income component in their evaluation, but the borrower will have to pay a higher interest rate in order to offset the additional risk to the lender. The emphasis is more with the assets and credit components. With a higher cash down payment, along with good credit, these loans allow borrowers to buy into purchase prices a lender wouldn’t ordinarily qualify them for. Since no-income-documentation loans carry a higher interest rate, they should only be used when necessary, not simply to avoid the paperwork requirements of a full documentation loan. A Stated Income Loan is similar to a no-income loan. The borrower’s income is stated but no supporting documentation is required. Lenders do in fact rely on verifying that the borrower has assets that logically match the stated income along with excellent credit. Call me for further details and various down payment options. No Income, No Asset Loan (Suspended) This loan has the same criteria as a No Income loan but has the added feature of not having to document asets as well. Keep in mind that the less documentation you give the higher the rate goes due to the additional risk to the lender. Call me for futher details and various down payment options. Zero Down (100% Financing) (Suspended) There are various programs for making zero down payments. Some are tied to first time homebuyers, certain income limits, and excellent credit ratings. The interest rates are slightly higher but the benefits are unheard of. These programs are always getting better and better. There are many variations. Please call me for more details. Relocation Loans I can save you time and money when your employer relocates you. Qualified borrowers get discounted rates, rebates, expanded qualifying criteria, and fast efficient service. Please call me for the details. Investment Properties These loans are for borrowers who will not be occupying the property. Typically these loans are for rental purposes. Single family homes, condominiums, Townhomes, and up to a four-plex are acceptable. The minimum down payment is 20%. No Cost Equity Loan Tap into the equity that you have built up in your home to make improvements, pay off higher interest rate credit cards, finance a car, or any other purpose. You can borrow up to 80% of your home’s equity and the interest is typically tax deductible. Less Than Perfect Credit Loans (Suspended) Had credit problems? Been delinquent on a couple of mortgage payments or filed for bankruptcy? Do not worry--I can help you find a product tailored to your specific situation. Please call me for more details. True Bi-Weekly Programs This program is designed to take years off the mortgage and lower the effective rates substantially. It initially does this by the client making two extra payments per year. The next and most important step is that the payment if withdrawn directly from the client’s checking account. This results in a vast amount of interest saved, because the lender does not have to wait on and process the payment. It takes an average seven years off a 30-year mortgage. It substantially lowers the effective rate on the loan. It can be done on a 30-year fixed rate or a 15-year fixed rate. There is no charge to set up the program. Construction to Permanent Loan This type of loan is designed for the person who needs construction financing and then permanent financing once the home is completed. There are one-time close programs and two-time close programs. Please call me for more details.
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