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| CONVENTIONAL LOANS |
| FHA OR VA LOANS |
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CONVENTIONAL LOANS
BASIC 30/25/20/15/10-Year Fixed Rate Loans
For those who want the stability of a fixed principal/interest payment over the life of their loan with down payments as low as 3%.
SPLIT LOANS
For the borrower wanting to combine a 1st mortgage and 2nd mortgage to use as equivalent for 20% down payment to avoid monthly mortgage insurance.(i.e., 80/15/5) and who have demonstrated a good credit history with minimal debt.
ADJUSTABLE RATE LOANS
For the borrower who wants to take advantage of a shorter-term fixed rate and is prepared and understands the fluctuation of an adjustable rate following their fixed-rate period payments through the life of the loan. You will be counseled by our mortgage consultants on the advantages and disadvantages of an ARM (adjustable rate mortgage) at the time you apply for this loan.
Maximum Amount: $417,000
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FHA OR VA LOANS
Government-backed loan programs requiring little or or no down payment. FHA (Federal Housing Administration) and VA (Veteran's Administration) loans are programs which offer much fewer restrictions on problem credit than Conventional loans.
- For first-time homebuyers and active or veteran military personnel, an FHA or VA loan can be a great mortgage solution with benefits that include:
- Low down payments (FHA offers as low as 3.50% of the purchase price)
- Options for the seller to participate by paying some or all of your closing costs
- Cash gift allowed for down payment
- Availability of 15 or 30-year term
BOTH FHA AND VA PRODUCTS REQUIRE OWNER-OCCUPANCY OF THE HOME.
All parties will be required to sign an "Owner-Occupancy Certificate" and "Penalty for Fraud" notice.
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Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $417,000 for the contiguous states, District of Columbia, and Puerto Rico or below $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $8,340. Jumbo Loans (whose maximum loan amount exceed $417,000 for the contiguous states, District of Columbia, and Puerto Rico or exceed $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.
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