Hybrid ARMs Hybrid ARMs are now offered with a new index, the LIBOR. We offer 3/1, 5/1, 7/1 & 10/1 ARMs under conforming & non-conforming products including Expanded Criteria programs. These are fixed period ARMs that are fixed for the first 3, 5, 7 and 10 years, then are converted to a one-year ARM tied to the LIBOR index.
Speed Programs Fast & Easy program offers borrowers with excellent credit a mortgage up to 90% LTV/CLTV without verification of assets or income. This loan program offers a great price for borrowers with high quality credit. Just like its name, it's fast and very easy to get approved. Borrowers can be self employed or salaried, and there are no reserve requirements.
Expanded Criteria Loan Programs These "A" paper loans are offered for fixed rates, ARMs and Conforming Fixed Period 3/1, 5/1, 7/1 & 10/1 ARMs. Also offered are many "no income" programs such as our Reduced Doc, No Ratio and No Income/No Asset programs.
Zero Down 103% Plan Up to $375,000, a loan that allows borrowers to finance up to 100% LTV. They can even include up to 3% closing costs and prepaid fees in the loan amount, for a total LTV of 103%!
Zero Down, 80/20 With a combined loan amount up to $500,000. The second can be a HELOC or Fixed Rate and there are no Mortgage Insurance requirements.
Government Loan Programs Full range of government loans, including:
203(b) Fixed Rate Loans
251 ARM loans
234(c) Condo Financing
FHA Streamline Refi's
VA IRRRLs (interest rate reduction refinance loans)
FHLMC Affordable Gold 97 This program is the "simple" answer for low to moderate income financing. As long as our borrower's income doesn't exceed 100% of the MSA median income, he or she may qualify for as little as 3% down. Plus, the down payment can be a grant, "affordable second" or unsecured loan (from a non-profit community organization, government agency or the borrower's employer), or can come from the borrower's own funds or a gift from a family member. Only one month of reserves is required. Premium pricing is allowed for closing costs/prepaids, and homebuyer education is not required!
Flex 97 Ideal for first time homebuyers, this program is ideal for first-time homebuyers and move-up borrowers who lack the funds for a down payment and closing costs but have good credit. Our borrowers may qualify for a Flex loan with as little as 3% down payment plus, the down payment can be a grant, an "affordable second" or "unsecured loan". Also, there are no median income restrictions and no homebuyer education requirements.
Rural Housing Loans (formerly known as Farmers' Home Loans or RD loans) The Rural Housing Service (RHS) loan is an affordable lending product designed to get residents in designated rural areas into a home that they would not otherwise qualify for. Some of the most attractive features include:
100% LTV Based on the appraised value of the home:
No down payment
No cash reserves required
No MI requirement (a guarantee fee is required)
Manufactured housing permitted
HOME EQUITY PRODUCTS
Home equity credit is one of the most popular forms of consumer credit among homeowners. These products offer minimal paperwork, low start rates, and three different risk grades to qualify more borrowers.
Tandem Loan Programs One Call, Two Loans, So Many Benefits! When orrowers "tandem" a Home Equity Line of Credit (HELOC) or Fixed Rate Second with their first mortgage, they may qualify for a larger loan amount, eliminate MI, or avoid jumbo pricing. Our Tandem Loan Programs let you close two loans at the same time without extra documentation - this benefits our borrowers! For example, we have an 80/20 Tandem package under our Expanded Criteria family, requiring no down payment, and STILL no MI! We also have an 80/10/10 with our Fast & Easy program for borrowers with excellent credit, which allows you to offer a great loan at a great price, up to 90% CLTV with no mortgage insurance and no reserves.
SUBPRIME LOAN PRODUCTS
With flexible guidelines, aggressive pricing and exceptional service, we can offer our subprime borrowers a wide range of financing solutions. Our full array of loan products includes 15-and 30-year fixed- and adjustable-rate products, fixed period ARMs, reduced pricing options, even a rate-reduction loan for homeowners who pay their mortgage on time every month. We offer Premier through D credit grades, and our office is staffed with representatives dedicated to subprime business.
EXPANDED APPROVAL
This is a series of niche products intended for borrowers with just slightly impaired credit. These are borrowers who fall just below A-paper criteria, but who don't really belong in a traditional subprime product. With Expanded Approval (EA) loans, you can offer borrowers better terms and pricing than you would get with subprime loans, with LTVs as high as 95%. EA loans are available for purchase money, rate-and-term refi's, even cashout refi's. Allowed property types include second homes, owner-occupied one and two-unit residences, manufactured homes, and approved condos. There's even a program that allows borrowers to lower their interest rate after two years based on timely payments.
