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Fixed Rate Loans
30 / 25 / 20 / 15 / 10
Year Fixed Rate Loan
Requires a minimum of 5% Down Payment
Principal and Interest Payments for the Life of the Loan
Owner-occupied primary residence, second home and investment property
Conforming Loan Amounts to $333,700
Non-Conforming Loan Amounts to $2 Million
Fixed Period Arms
3/1, 5/1, 7/1, 10/1
Year Terms
The Interest Rate and Payment stays the same until the end of the fixed period.
Annual Adjustments after the Fixed Period
Periodic Adjustments Caps Vary
Usually assumable during the adjustment period with credit qualification required
Maximum Life Caps 5-6%
Adjustable Rate Mortgages
As Little as 5%Down Payment
Adjustment Periods vary from 6 months or 1 year
Periodic Adjustment Caps Vary from 1-2%
Maximum Life Caps of 5-6%
Choice of Treasury, Libor, and Cofi Indexes Depending Upon the Program
Some Conversion Options May Apply
Owner-occupied, second home and 1-4 Units
Loan amounts to 2 million
No Down Payment Loans
80 / 20
(80% First Mortgage Plus a 20% Second Mortgage)
No Down Payment Required
No PMI – Private Mortgage Insurance
Available on 5/1, 30and 15 year fixed rate programs
Loan Amounts to $500,000 or more
Credit Requirements Apply
103% Loan to Value
Finance up to 100% of the Purchase Price
No Down Payment Required
Closing Costs are Financed Up to an Additional 3%
Credit Requirements Apply
Low Down Payment Loans
5% Down Payment Programs
No Income Restrictions
Flexible Underwriting Guidelines
3% Down Payment Programs
Source of Down Payment can come from Gifts, Grants or Unsecured Loans
Flexible Underwriting Guidelines including ratios for Income and Debt
Loan Amounts up to $333,700
Community Assistance Allowed on some programs
Low Documentation Loans
As Little as 5% Down Payment Required for Loan Amounts up to $333,700
Excellent Credit Required
Stated Assets for some programs, Not Verified
Stated Income only - no income, employment or asset verification required
Income must be deemed reasonable
Owner Occupied Homes Only, Primary Residence
Show up with the money
Minimum Paperwork
Speedy Processing
Loan Amounts to 1 Million
Available on Fixed Rate Programs, Fixed Period Arms, Fixed Period Arms With Interest Only (Non-Conforming Balances)
Fast and Easy
Fast and Easy is one of the best low documentation loans.
Borrowers with excellent credit can streamline the loan process.
Documentation is stated in order to close this loan due to your outstanding credit. Income is stated and not verified as long as the income is deemed reasonable.
With this program, there are:
No add-ons for stated income. Assets are not verified.
Employment is verified with a phone call only, not
pertaining to income.
A minimum of 2 years employment history is required.
Available for the salaried and self employed.
Owner occupied only.
Just show up with your drivers’ license and the
money.
Outstanding program!
Home Equity Lines of Credit can be added to these loans up to 95% for conforming loan amounts, and to 90% up to 1 million.
Conforming Programs - $333,700 and below
3/1, 5/1, 7/1, 10/1, 15, 20 and 30 Year Programs
Non-Conforming Programs – Above $333,700 to 1 Million
3/1, 5/1, 7/1, 10/1, 15, 20, 30 Year Programs*
*Several of these Loan Programs are Available in Interest Only
Pick Your Payment Loan
Allows the borrower each month to choose the payment amount that best suits the borrower’s financial needs. This is an outstanding program for the self employed commissioned buyer who makes different amounts of money each month.
Choose one of four payment options each month.
Minimum Payment Due
Interest Only Payment
30 Year Full Principal and Interest Payment
15 Year Full Principal and Interest Payment
Advantages:
Flexibility
Low Start Rate
Stated Income and Stated Asset Options
Investment Properties, Condominiums and 2-4 Units
Loan Amounts to $2,500,000
Interest Only Products
In the last few years, Interest Only Products have become very popular. With the recent boom in real estate, borrowers are buying the bigger house in the better neighborhood and qualifying on the interest only payment. Does it matter to the elderly homebuyer if they still owe the same amount of the loan as when they started the loan? Of course it doesn’t. Their quality of life is better because they can use the additional money not being paid to the lender on the basics that they need. Qualified buyers pay interest only payments with the option to make higher payments to pay down the principal. What a Concept!
Zero Down Programs
Zero Down Programs are typically for those buyers with good credit but have limited down payments. Some of these programs allow the buyers to obtain financing with Stated Income and/or Stated Assets or Verified Assets. Zero Down Programs usually consist of two loans, an 80% first trust deed and a 20% second trust deed. (HELOC)
Home Equity Lines of Credit (HELOC)
Stand Alone Second Trust Deed or Combined With a First Trust Deed
Usually used in conjunction with a First Trust Deed to Eliminate the cost of Private Mortgage Insurance
(PMI)
Frequently used to avoid Jumbo (Non-Conforming) Home Loan Pricing
Can Provide Additional Tax Advantages – Consult Your Tax Advisor
Available on Most Programs
Usually Tied to Prime Plus a Margin
Helocs can be Variable Rate Loans or Fixed Rate Seconds
Most Commonly Used Scenarios Are Listed Below:
Down 1st Mortgage
2nd Mortgage
0% 80% 20%
5% 80% 15%
75% 20%
10% 80% 10%
75% 15%
Home Equity Loans
Use the home equity in your home to buy a new car…
Consolidate and pay off bills…or go on that dream vacation!
Open a line of credit similar to a checking account. Pay interest on the amount of money you have actually borrowed. This loan is ideal for borrowers who are looking to get a revolving line of credit with flexible payment options. Many home equity loans offer qualified borrowers interest only minimum payments during the draw period.
Benefits are:
Low Introductory Rates
Interest Only Payments during the Draw Period
Reduced Doc Options are available
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Office:
714 389-HELP
(4357) Cell:
949 246-7876 E-mail