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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 75/15/5.
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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.
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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.
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CONSTRUCTION LOANS - Building a new home can be an exciting prospect - unless you get caught up in a construction loan approval process that's overly complicated and time consuming. With this loan we will finance up to 90% of the cost of land plus the costs of construction. We offer a one time fixed rate closing or traditional ARM products.
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INVESTOR LOANS - Used to finance 1-4 family properties that will be for investment with as little as a 10% down payment. Program may not be available in some states.
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FHA MORTGAGE - Backed by the Department of Housing and Urban Development, this mortgage offers the borrower the ability to put as little as 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.
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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.
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VA MORTGAGES – Backed by the Veterans Administration and the federal government, it is similar to FHA except that you have to be a qualified Veteran or military person.
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ARM LOANS – A loan that has a fixed interest rate and principal and interest payment for a specified period of time such as 3 years. Starting the period following that fixed period, the loan reverts to a 1 year adjustable.
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MANUFACTURED HOME LOANS – A loan that is specifically used to fund manufactured properties which typically has unique attributes that help in the underwriting process.
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INTEREST ONLY – A loan that only requires the payment of interest typically for a fixed period of time, then begins to pay towards principle when the fixed duration ends.
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DEBT CONSOLIDATION – A loan that allows for the payment of other debts through the equity in your home.
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BARE LAND ACQUISITION – A loan that is used to purchase property that does not currently have a fundable plan or is currently without a fundable structure.
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COMMERCIAL LENDING – a broad range of financing options typically for multi-family housing, office, retail, and mixed use properties, industrial uses and many other specialized financing.
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**PLEASE NOTE: Loan Programs are subject to change without notice. Please contact Professional Mortgage Corporation at 503-581-8100 for the most current and available programs.
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