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Loan Programs

CONVENTIONAL

Our conventional programs allow our clients to borrow up to 95% on the purchase of a new home. To refinance or build, a maximum of 90% on the value of the home is used. Terms can be as short as 10 years or as long as 30 years with no prepayment penalties. Rates can be fixed or adjustable.

FHA/VA/RD

The government programs category includes FHA/HUD (downpayments as low as 1.25%), VA (no downpayments for eligible veterans/reservists) and RD (rural housing loans that require no downpayments and no out-of-pocket for closing costs). This category is excellent for the first-time homebuyers or clients that would rather not tie up excess funds.

NEW CONSTRUCTION

New construction programs involve the financing of a home that is built on land owned by the client. The value of the land can be used as equity and may eliminate the need for a downpayment. Draws on the loan are made by the client to pay contractors as the construction progresses. Once the home is completed, the client will begin making monthly principal/interest payments at a fixed rate.

INVESTMENT PROPERTY

An investor can enhance his/her portfolio with our investor programs. Financing on residential investment properties can be as much as 90% with fixed 30 year terms. Eligible properties include single-family, duplexes, four-plexes and other multi-family residences. Some clients continue to use the equity in existing investment properties to purchase new ones.

HOME EQUITY

Home equity loans are used to payoff bills, make home improvements, purchase large ticket items, etc. These types of loans can be arranged without paying off your current mortgage. Terms are normally 15 years with fixed payments and are subordinate to the client's present mortgage. Interest can sometimes be tax deductible.

ALTERNATIVE FINANCING

Sometimes a client may have special circumstances involving credit, income or employment. This is where our alternative financing options are quite effective. Self-employment, past credit setbacks and prior bankruptcies are issues that can be dealt with through our "common sense" approach.