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| 100% Financing/0% Down |
| 1st Time Homebuyer |
| 80/15/5 and 80/10/10 (1st and 2nd Mortgage Loans) |
| ARM (Adjustable Rate Mortgage) |
| Balloon Mortgages |
| Commercial Real Estate |
| Fixed Rate |
| Home Equity Loans/Lines of Credit |
| Investment |
| Jumbo Loans |
| No Income Verification |
| Prequalification |
| Sub-Prime |
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100% Financing/0% Down
It does not require a downpayment. However, borrowers must pay closing costs.
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1st Time Homebuyer
Flexible qualifying guidelines, low- and no-down payment programs, and more.
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80/15/5 and 80/10/10 (1st and 2nd Mortgage Loans)
Provide an alternative to mortgage insurance. These loans are also called “piggyback” loans. The 80/10/10 program, for example, is based on a first mortgage for 80% of the home’s value, a 10% downpayment, and a second trust deed for 10% of the home’s value.
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ARM (Adjustable Rate Mortgage)
A mortgage with an interest rate and payment that change periodically over the life of the loan after initial fixed rate period such as 3, 5, 7 or 10 years.
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Balloon Mortgages
For home buyers who plan to stay in their homes less than seven years, balloons may provide a lower cost fixed-rate financing alternative to 15- and 30-year FRMs.
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Commercial Real Estate
Commercial properties include: Multiple-Unit Properties, Mixed-use Properties, and commercial properties.
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Fixed Rate
A mortgage loan in which the interest rate does not change during the entire term of the loan.
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Home Equity Loans/Lines of Credit
Home Improvement Loans, Second Mortgage, Equity Loans, Home Equity Lines of Credit.
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Investment
Loan to purchase non-owner occupied property.
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Jumbo Loans
Loans above the maximum loan amount established by Fannie Mae and Freddie Mac are known as 'jumbo' loans. Because jumbo loans are bought and sold on a much smaller scale, they often have a little higher interest rate than conforming, but the spread between the two varies with the economy.
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No Income Verification
The "no Income Verification" feature is designed specifically for self-employed, non-salaried or commissioned borrowers as well as salaried borrowers. This feature eliminates the need to verify earned income.
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Prequalification
The process of determining how much a prospective home buyer might be eligible to borrow before he/she has applied for a loan; not a guarantee of approval.
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Sub-Prime
Loans for persons with blemished or limited credit histories. The loans may carry a higher rate of interest.
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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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