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| 80/15/5
- This is a loan which carries a second mortgage for up to
15% of the purchase price of the property. It is usually used when
wishing to avoid PMI insurance or to keep your first mortgage under
the FNMA/FHLMC limit to avoid Jumbo rates. The borrower puts down
a 5% down payment and then finances a first mortgage up to the FNMA/FHLMC
limit and a second mortgage of up to 15% of the purchase price. Other
variations are 80/10/10 or 75/15/5. back to top JUMBO LOANS - Offer 30 and 15 year fixed rate mortgages and competitive ARM products with full documentation, alternate documentation and limited documentation. Cash out and No cash out refinancing are also allowable. Single family detached, Condo’s, PUD’s and single-family second homes can be financed with no prepayment penalty. back to top |
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| NO DOC/STATED INCOME - Loans where your income is not requested or verified with as little as 10% down are stated income loans. There are several varieties of the "no-doc" loan today. Basically the type of loan that is best suited for a particular borrower depends on that borrower's situation. Some borrowers choose not to disclose employment, income or asset information, while others may be willing to disclose employment and asset information but not income. Still others might be willing to disclose even income but select a program that doesn't calculate debt-to-income ratios allowing those borrowers to exceed the traditional guidelines in order to qualify for a larger mortgage amount. With all the different variations of the no-doc loan, there is definitely a mortgage program for today's non-conventional borrowers. back to top | ||
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| FLEX
97% - Similar to FHA but without maximum mortgage amount
limitations. Must be a single family, owner occupied home and borrower
must have a credit score of over 680. back to top
A-
THRU D LOANS – These mortgages are for the credit
challenged. They can vary from slightly damaged credit to severely
damaged. Whatever the situation we have a mortgage that will get
you back on track.
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HIGH
DEBT RATIO LOANS - Borrowers having the ratio of their monthly
bills to their monthly income higher than 50% is considered a high
debt ratio. Loan programs are available for these borrowers, allowing
them to finance the purchase of a home or property. back
to top HOME EQUITY - Subordinate to the first mortgage Home Equity loan offers the borrower the ability to get money for home improvement, debt consolidation or many other reasons without disturbing their first mortgage. Convenient when you have a low interest first mortgage.back to top CONSTRUCTION LOANS - Building a new home can be an exciting prospect - unless you get caught up in a construction loan approval process that's overly complicated and time consuming. With this loan we will finance up to 90% of the cost of land plus the costs of construction. We offer a one time fixed rate closing or the traditional ARM products. back to top INVESTOR LOANS – Used to finance 1-4 family properties that will be for investment with as little as a 10% down payment. Aggressively priced these programs have many variations such as NO DOC, LIMITED DOC and FULL DOC. PROGRAM NOT AVAILABLE IN NEW YORK. back to top Key financial Sources, mortgage consultants, mortgage consultant Chicago, consultant, financial consultant, mortgage company, mortgage rates, best mortgage rates, financial advisor, find a low interest rates, interest rates, mortgage calculator, real estate finance, real estate advisor, mortgage loan , home financing, property ,mortgages, loans, ARM, indexes, LIBOR, credit, refinance, sub prime, construction, BCD, condos, apartments, commercial, financing, interest, equity, best, LIBOR, consumer, home equity, home equity loans, home equity lines, fixed, second, survey, loan, Chicago based mortgage consultant, Illinois based mortgage consultant, Home equity, commercial loans, find a best mortgage rate, Home owners guide, mortgage refinancing , low interest rates, low mortgage rates, residential mortgage financing, Debt consolidation loans, damaged credit loans, financial planner, Niles, Skokie, Morton Grove, Harlem, North, Polish speaking, |
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