CONVENTIONAL REFINANCE LOAN

» Avoid Mortgage Insurance
» Competitive Rates & Flexible Underwriting
» Ability to do a No-Cost Loan(purchase or refinance)
» Financing up to 95% loan to value on primary residence
» Cash-Out/Debt Consolidation up to 85% (Refinance Only)

 

Eligible properties include Single Family Residence, Condo, Townhouse, Duplex, and Manufactured Homes(75% LTV for manufactured homes. For more info visit manufactured homes)

 

Refinance up to 95% of your primary home’s value with NO mortgage insurance » This is a rate/term refinance with the purpose of reducing your interest rate or removing mortgage insurance. The old days of needing 20% equity in order to avoid mortgage insurance are gone. Also, if your goal is to pay off your home faster, you may also reduce your loan term(EX: 30 year fixed to 15 year fixed). Up to $2,000 cash back is allowed at closing.

 

Pull cash from your primary residence up to 85% of your home’s value » Proceeds can be used for any purpose such as consolidating debt, starting a new business, or anything else. This can be a great program for homeowners who currently have a conventional loan or looking to get out of their FHA loan. Learn more about cash-out mortgages…

 

NO Closing Costs » Take advantage of a no-cost loan to maintain more equity in your home » We do not like adding closing costs to our loans so we usually encourage clients to do a no-cost refinance. This means there will be no lender fees, no title insurance fees or any other junk fees added to your loan balance. Learn more about no-cost mortgages…

 

Making Home Affordable Program » This program established for those who do not have much equity in their home. In fact you can be upside down in your home and qualify for a rate reduction and lower monthly payment. To check if you qualify please visit the Fannie Mae and Freddie Mac website.

 

**Primary residence or investment property allowed. Backed by Fannie Mae and Freddie Mac. Does not require taxes and/or insurance to be escrowed**

CONVENTIONAL PURCHASE LOAN

Typically a great loan for borrowers with higher credit scores and large down payment. Through the Fannie Mae Home Ready program and Freddie Mac Home Possible, borrowers with lower credit scores and a limited down payment can also take advantage of a conventional loan. With these programs, borrowers can qualify for conventional financing with as little as 3% down and credit score down to 640.

 

Borrowers with higher credit scores, can avoid mortgage insurance with only 5% down or get temporary mortgage insurance which can be removed after 2 years through principal reduction of appreciation. Interest rates are typically a little bit higher than FHA but borrowers with a larger down payment can avoid monthly and upfront mortgage insurance which will result in a lower APR.

 

» Down Payment can be a gift from family or employer.
» Requires only 640 credit score.
» Competitive rates and low closing costs.
» No up-front mortgage insurance

» Does not require taxes and/or insurance to be escrowed (Optional)
» Backed by Fannie Mae and Freddie Mac.
» No Closing Costs Option Available.

 

NEW: 97% HomeReady Loan : Lower mortgage rates | Reduced monthly mortgage insurance 

 

HOMEPATH FANNIE MAE PROGRAM

The Homepath program can only be used to purchase a Fannie Mae owned foreclosure. It is a conventional loan that offers a few incentives compared to regular conventional loans.

          » No appraisal required(Fannie Mae appraisal already provided)
          » Only 5% Down Payment
          » No Mortgage Insurance

 

SELLER PAID CLOSING COSTS

It has been common these past few years to ask the seller to pay for closing costs but in this kind of hot market, home buyers need to stay as competitive as possible with their offers. Not asking the seller to cover closing costs can make the difference of whether an offer gets accepted or not. We offer premium pricing to cover closing costs & escrows with a lender credit. This is just another option that we like to offer our clients to give them more leverage during the home buying process. 

 

DO YOU HAVE A UNIQUE SITUATION

Please contact us if you have any concerns about your situation or just need to run a scenario by us. We have a great relationship with our underwriters and can usually answer any difficult questions right away or within just a few hours.

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