Conventional Loan Programs

• First time home buyer
• FHA – Down to 580 Score
  • 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.
• VA
  • 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.
• 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.
• 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 Private Mortgage Property Insurance (PMI) or to keep your first mortgage under the FNMA/FHLMC limit to avoid jumbo rates. The borrower puts 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.
• Conventional up to 97% Loan to Value (LTV)
  • Traditional loan programs that usually require 5% down and offer competitive interest rates. Documentation and fair to good credit are necessary.
• USDA
• 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 allowable. Single family detached, Condo’s, PUD’s and single-family second homes can be financed with no prepayment penalty.
• NO MI/NO Escrow
• NO MI Loans up to 95%
• Pay Advantage
  • The Pay Advantage loan was created to give the lowest payment with the least amount of money down to purchase a home. We can go up to 95% loan-to-value (LTV) with no additional monthly payment like conventional loans over 80% LTV that have private mortgage insurance. In addition, some people with lower credit scores may not qualify for a loan with private mortgage insurance (PMI).
• New Construction
• 1% Down Payment
  • Buyer puts down 1%, lender contributes 2%*, giving them 3% equity at closing
  • Conventional 30-year fixed program
  • Great low rates
  • Close in 30 days or less
  • Available with no monthly mortgage insurance

*2% lender contribution may only be applied to down payment