Loan Programs

 

Conventional

Traditional loan programs that usually require 5% down and offer competitive interest rates. Documentation and fair-to-good credit are necessary.

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Credit Problems

Troubled credit? Bankruptcy? Been turned down somewhere else? We offer loan programs for customers with credit problems.

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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.

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Flex Term

Refinance your loan without resetting the mortgage clock!
Flex Term Benefits include:
Customize your perfect mortgage.
Select your own amortization term!
Available on all loans: Conventional, Pay Advantage, and more.

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100% Gift Program

Use a full gift for the entire down payment!
Clients can now use gift funds from a family member to purchase the home of their dreams and not have to worry about using their own money. Most banks need two months of the monthly payment called a reserve and a contribution of your own money as a down payment when we do not. One True Loan gives our clients the opportunity to hold on to their cash.
Benefits and restrictions include:
Up to 95% financing available.
No reserve requirements needed.
No required down payment contribution from the client.
Single unit primary residence only.

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Jumbo Loans

Offers 30 and 15 year fixed rate mortgage and competitive ARM products with full document, alternate documentation and limited documentation.

Cash out and No cash out refinance are allowable. Single family detached, Condo’s, PUD’s and single-family second homes can be financed with no prepayment penalty.

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Challenged Credit Loans

These mortgages are for borrowers with less-than-perfect credit. They can vary from slightly damaged credit to severely damaged. Regardless of your situation, we have a mortgage that will get you back on track.

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High Debt Ratio Loans

A ratio of monthly bills to monthly income higher than 50% is considered a high debt ratio. Loan programs are available for borrowers in this situation, allowing them to finance the purchase of a home or property.

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Second Mortgage Loans

Subordinate to the first mortgage, these loans offer 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.

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Construction Loans

Building a new home can be an exciting prospect – unless you get caught up in a construction loan approval process that is 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 traditional ARM products.

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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, including: No Doc, Limited Doc, and Full Doc. Program may not be available in some states.

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Pay Advantage

No more PMI! (private mortgage insurance)

The Pay Advantage loan was created to give the borrower the lowest payment with the least amount of money down to purchase a home. We can go up to 95% loan to value with no mortgage insurance. This means there is no additional monthly payment like conventional loans over 80% loan to value that have private mortgage insurance. In addition, some people with lower credit scores may not qualify for a loan with private mortgage insurance or (PMI). The Pay Advantage may work for you.

Up to 95% financing.
No monthly private mortgage insurance ever.
No denial due to not meeting private mortgage insurance qualifications.
Qualify for a higher loan amount when purchasing a home.
Available for refinances too.

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FHA Mortgage

Backed by the Department of Housing and Urban Development, this mortgage offers the borrower the ability to put as little as 3% down payment – and they can even finance “allowable” closing costs. Seller can contribute up to 6% of the purchase price to the buyer towards closing costs.

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VA Mortgages

Backed by the Veterans Administration and the federal government, it is similar to FHA except that you have to be a qualified Veteran or military person. 0% down payment required.

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Available Investment Properties

More Info is Coming Soon.

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