That's right! Zero down payment! You may be able to purchase a home with NO money down! You could finance the entire purchase price allowing you to buy a home today and not have to save for a home tomorrow. You can qualify for this program if you have good credit history. The loan can be structured as a first and second combination loan to help avoid paying Private Mortgage Insurance(PMI). This alone could save you as much as $100.00 per month!
Purchase
3% Down Payment
Only 3% down! You may be able to purchase a home with as little as $6,000 down on a $200,000 home! You can qualify for this program if you have good credit history and verifiable income. Depending upon the exact mortgage program, the down payment money can even be a gift of funds from family or friends.
Purchase
5% or 10% Down Payment
With 5% to 10% of your own money for a down payment, you may qualify for some of the best rates available in the market if you have excellent credit history and verifiable income. We also have No Income Verification programs with 5% or 10% down.
Purchase
20% Down Payment
With 20% of your own money for a down payment, you will have the entire loan program options available to you! The best part about putting 20% down is that you are not required to pay Private Mortgage Insurance (PMI)! Use the equity in your current home to roll over to the purchase of a new home.
Refinancing
You may want to refinance your home for the following reasons:
Reduce your effective interest rate and payment
Take cash out for home improvements
Take cash out for consolidation of bills or investment purposes.
Depending on your goals for the new loan, you may want to consider some different loan terms. Here are some different loan terms available to you...
FIXED RATE: A fixed rate loan will give
a fixed, not variable, interest rate for the entire term of
the loan. The term of the loan is typically 10, 15, 20 or
30-years in length. This loan is better to achieve a long
term goal.
ADJUSTABLE RATE (ARM): These loans usually
start at a lower interest rate and adjust after a fixed period,
usually in 2, 3, 5 or 7 years, according to the market. There
are maximum adjustment interest rate caps on these types of
loans. This loan is better to achieve a short term goal, and
could save you thousands of dollars over a fixed rate.
FIXED BALLOONS: These loans usually start
with a fixed rate for a chosen period, typically 15 years.
The loan is amortized over 30 years, but matures after 15
years, at which time the remaining balance must be paid in
full or refinanced into another loan. 3/1, 5/1, 7/1 (ARM):
These loans have a fixed rate for a chosen period of time,
in 3, 5, or 7 years. Once the fixed period of time has elapsed,
the interest rate will move into a variable rate and will
adjust once per year. 2/28, 3/27 (ARM): These loans have a
fixed rate for a chosen period of time, in 2 or 3 years. At
the end of the fixed rate period, the interest becomes variable
adjusting every 6 months with a maximum adjustment.
Please consult with one of our mortgage professionals about which options is best for your loan situation.
2nd Mortgage
Second mortgages allow you to avoid Mortgage Insurance (MI) when you purchase a home, or access the equity in your home when you refinance. There are two types of second mortgages available to choose from:
Home Equity Line of Credit:
This type of loan is unique in that the loan has a designated draw period in which funds can be accessed. The draw period is a time frame (typically 5 to 10 years) in which you can use the line of credit openly. During this time frame, funds are available for you to draw upon just as you would a regular checking account (check book provided). The monthly loan payment is usually calculated as an interest only payment and is based upon the amount of outstanding balance. If the outstanding loan balance is paid down, those funds are then available for you to draw upon again. The interest rate with this type of loan program is variable and is based on the Prime rate plus a margin.
Closed End Second Mortgages:
This type of loan has a fixed interest rate feature for the term of the loan, typically 10, 15, 20, or 30 years. Monthly payments are amortized over the term of the loan and include principle and interest. All loan proceeds are disbursed at the time of funding. A draw option is not available with this type of loan.
