LOAN PROGRAMS
PAY OPTION LOAN - 1 % start rate! An adjustable rate mortgage loan that has a Payment Option feature that gives you terrific flexibility in how you pay off your loan. The options available to you are listed on your billing statement. So every month, you can make whichever payment fits your budget, short-term or long, and plan accordingly. (see below for further details)
NO DOC/STATED INCOME - Loans where your income is not requested or verified with as little as 10% down are stated income loans. There are several varieties of the "no-doc" loan today. Basically the type of loan that is best suited for a particular borrower depends on that borrower's situation. Some borrowers choose not to disclose employment, income or asset information, while others may be willing to disclose employment and asset information but not income. Still others might be willing to disclose even income but select a program that doesn't calculate debt-to-income ratios allowing those borrowers to exceed the traditional guidelines in order to qualify for a larger mortgage amount. With all the different variations of the no-doc loan, there is definitely a mortgage program for today's non-conventional borrowers.
EMERGING MARKETS PROGRAM – 0% Down payment required and closing costs can be financed up to 105% of the purchase price. Only single-family homes that will be owner occupied are eligible. First time home buyer status not required and there are no income limits.
100% FINANCING - ZERO DOWN PROGRAMS – Same as above only the borrower pays for closing costs or can have the seller contribute up to 6% towards closing costs.
80/15/5 - This is a loan which carries a second mortgage for up to 15% of the purchase price of the property. It is usually used when wishing to avoid PMI insurance or to keep your first mortgage under the FNMA/FHLMC limit to avoid Jumbo rates. The borrower puts down a 5% down payment and then finances a first mortgage up to the FNMA/FHLMC limit and a second mortgage of up to 15% of the purchase price. Other variations are 80/10/10 or 75/15/10.
JUMBO LOANS - Offers 30 and 15 year fixed rate mortgage and competitive ARM products with full document, alternate documentation and limited documentation.
Cash out and No cash out refinance are allowable. Single family detached, Condo’s, PUD’s and single-family second homes can be financed with no prepayment penalty.
INTEREST ONLY - Shorter term adjustable rate mortgage where borrower is not required to make payment on the principal.
FHA MORTGAGE – Backed by the Department of Housing and Urban Development this mortgage offers the borrower the ability to put as little a 3% down payment and they can even finance “allowable” closing costs. Seller can contribute up to 6% of the purchase price to the buyer towards closing costs.
203K FHA MORTGAGE – Same as FHA above but with the ability to finance home improvements that are needed. One mortgage is given based on the value plus improvements up to 115% of the future value. These improvements must be over $5000 and can be for a new kitchen, new bathroom, to add a garage or to structurally improve the property. They cannot be to add a swimming pool etc…
FLEX 97% - Similar to FHA but without maximum mortgage amount limitations. Must be a single family, owner occupied home and borrower must have a credit score of over 680.
A- THRU D LOANS – These mortgages are for the credit challenged. They can vary from slightly damaged credit to severely damaged. Whatever the situation we have a mortgage that will get you back on track.
2ND MORTGAGE LOANS – Subordinate to the first mortgage these loans offer the borrower the ability to get money for home improvement, debt consolidation or many other reasons without disturbing their first mortgage. Convenient when you have a low interest first mortgage.
125% 2nd MORTGAGE – Same as above but the 2nd mortgage we will lend up to 125% of the value of the home.
HIGH DEBT RATIO LOANS - Borrowers having the ratio of their monthly bills to their monthly income higher than 50% is considered a high debt ratio. Loan programs are available for these borrowers, allowing them to finance the purchase of a home or property.
INVESTORS
TRUST DEED INVESTMENTS -
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Earn much higher rate of return than your savings.
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Your money will be secured by real estate.
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We are a State Licensed Mortgage Entity (Lic #423)
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E-Mail us for more information
EQUITY REAL ESTATE LOANS -
- We lend on your equity (Home or Land)
- NO credit check on most requests
- FAST money, as quick as 3 - 5 business days
- E-Mail us for more information
COLORADO LAND FOR SALE - CLICK FOR MORE INFO
PAY OPTION LOAN
The choice is yours.
An adjustable rate mortgage loan that has a Payment Option feature that gives you terrific flexibility in how you pay off your loan. The options available to you are listed on your billing statement. So every month, you can make whichever payment fits your budget, short-term or long, and plan accordingly.
Look at how much flexibility this loan payment can give you:
Sample Payment Option
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Minimum Amount Due $808.00
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Full Interest Payment $819.00
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Full Principle and Interest Payment $1,111.00
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15 year Payment Plan $1,680.00
Sample payment amounts are based on a $220,000 loan with 4.528% APR
In this example, you can see that the difference between the minimum amount of $808.00 and the 15 year plan of $1680.00 is $872.00! That is a considerable amount of money for other bills or projects: for other people, it makes more sense, in the long run, to make one of the higher payments.
How do you decide which amount to pay? You need to factor in the financial needs of your family, both long-term and short.
The advantages of paying the minimum amount due.
With payment option, you could have considerably more cash in your pocket every month to spend on other things.
Pay off debts. If you have outstanding credit card debts, you’ll save the difference between the rate charged on other loans (18% or more on Visa, Mastercard, and other store credit cards) and the much lower rate on your mortgage.
Make home improvements. Increase the value of you property and make your like more enjoyable by remodeling, renewing, and refreshing you surrounding.
Invest in a higher return. Use the money to get a higher return than your mortgage interest rate. Fund an IRA, invest in a mutual fund, or build up a college fund for your children.
It makes good sense. Making a minimum payment helps maximize your cash flow. It’s a good idea if you are self employed, on commission, or tipped income; if your income fluctuates of if you expect your income to increase; or if you plan on moving in the next few years.
Deferred interest. By choosing to pay the minimum, you may accrue differed interest (also know as negative amortization) because the payment does not cover the full interest payment. As a result, interest is added back to loan’s outsatanding balance. You can choose to leave it alone, let it accrue, and pay it off later if you need it as a tax write-off. Or, you can choose to make higher payments.
The advantages of paying more.
Electing to pay the Full Interest Payment, the Full Principal and Interest Payment, oor the 15 year Payment Plan is to your benefit if you want to….
- Build equity in your home fasteer.
- Be less in debt.
- Realize more cash should you sell your home.
- Reduce your taxes this year. (Deferred interest is tax deductible the year you pay it. Ask your tax consultant.
- Pay off your loan in as few as 15 years.
It’s a good idea. Paying more than the minimum amount due makes good sense if you have no high interest debts such as credit card balances, business loans, or personal lines of credit. If you are now at or near the peak of your earning power; if you want to build equity in your house faster; and if maximum tax savings are important to you, consider making payments higher than the minimum. It’s your choice.......
Hybrids - The best of both worlds