"Yeah, Thanks for everything Ben, I really appreciate your help with this process. This is the first time buying a house in a foreign country, it was a "big deal" for me and I appreciate you answering my phone calls every time. I would definitely recommend you for all my friends that want to buy a house!"
J. Peixoto
Residential Loans Financing Programs
100% No Down Payment
You don’t need a down payment. We can finance 100% of the purchase price. You still have to pay the closing costs unless the seller is paying them at close of escrow.
100%, 95%, 90%, 85% No private mortgage insurance loans
These loans do not carry mortgage insurance even though you are borrowing over 80% loan-to-value. The lender is paying the mortgage insurance for you and you are absorbing the cost into the rate which will be higher. This yields a lower payment than paying mortgage insurance with a lower interest rate.
80/20 No private mortgage insurance loans
This is a combo loan that has an 80% loan-to-value first mortgage and a 20% loan-to-value second mortgage. You still have to pay the closing costs unless the seller is paying them at close of escrow.
80/10 and 80/15 combo loans
An 80/10 combo loan consists of an 80% loan-to-value first mortgage, 10% loan-to-value second mortgage, and a down payment of 10%. An 80/15 combo loan consists of an 80% loan-to-value first mortgage, 15% loan-to-value second mortgage, and a 5% down payment.
Combination and piggyback loans
A piggyback loan is a combination of two loans closing at the same time for a purchase or refinance.
Interest-only loans
An interest-only loan is one that gives you the option of paying just the interest or the interest and as much principal as you want in any given month during an initial period of time after your closing.
10, 15, 20, 30, 40, and 50 amortization loans
You can amortize your loan over 10 to 50 years. Obviously, the lower the amortization the higher your payment and the longer the amortization the lower your payment will be.
1, 2, 3, 5, 7, 10 year arm options
We have all of your adjustable rate mortgage terms. An adjustable rate mortgage is fixed for an initial specified time and then the rate you pay becomes adjustable. You must consider the index, margin, and caps when considering an adjustable rate mortgage.
1, 2, 3, 4, 5, 7, 10 year balloon options
Balloon mortgage are short term loans, fixed rate loans with fixed monthly payments for a specified period of time with the final payment for the entire amount of the principal. You can have a balloon mortgage from 1-10 years.
2/1 Buy down Loans
On a 2-1 buy down, the payment in years one and two is calculated at rates 2% and 1% below the loan rate. This is an effective way to keep your payment lower until you can increase your pay or pay off existing debt.
Down Payment Assistance (Nehemiah or AmeriDream)
Non-profit organizations that offers down payment gift assistance programs to buyers of single family homes. The gifts typically range from 2-6% of the sales price and depend in part on the maximum amount of gift allowed by the lender and can be used to pay closings costs. The seller has to participate by allowing the non-profit to collect the gift and apply it to the borrower’s down payment or closing costs for .75% fee.
Payment abatement loans
The PITI Abatement loan gives the new homebuyer the advantage of prepaying for the first 6 months through the loan to free up the worry of available cash. Most programs allow the seller to pay the 6 months of payments for you.
Bond Programs
Many local and state agencies run bond programs to generate funds to help individuals and families with a down payment. Contrary to public thinking, these bond issues are not a type of welfare. The government knows that it can be tough to buy that first home, especially on a limited income.
No closing cost loan
There’s no free lunch. If there are no closing costs then it is being absorbed into the interest rate. Every mortgage company has fees involved with the origination of a loan and there has to be profit somewhere.
COFI, COSI, CODI, LIBOR, MTA Index Loans
What index is your ARM based off of?
COFI- Cost of Funds Index
COSI- Cost of Savings Index
CODI- Cost of Deposits Index
LIBOR- London Interbank Offered Rate
MTA- Monthly Treasury Average
Other Mortgage Loans we offer:
Commercial Loans, Commercial Real Estate Financing
Hard Money Loans - Private Money Lending
