Loan Programs

The following is a partial list of programs offered by Professional Mortgage Corp. with a brief description of the key elements. For a complete list of the programs that we offer, contact us at 503-581-8100.

CONVENTIONAL
NO INCOME VERIFICATION
NO DOWN PAYMENT
CREDIT PROBLEMS
103% PURCHASE
80/15/5
JUMBO LOANS
A - THRU D LOANS
HIGH DEBT RATIO LOANS
2ND MORTGAGE LOANS

CONSTRUCTION LOANS
INVESTOR LOANS
FHA MORTGAGES
FLEX 97 LOANS
VA MORTGAGES
ARM LOANS
MANUFACTURED HOME LOANS
INTEREST ONLY
DEBT CONSOLIDATION
BARE LAND ACQUISITION
COMMERCIAL LENDING

	CONVENTIONAL - Traditional loan programs that usually require 5% down and offer competitive interest rates. Documentation and fair-to-good credit are necessary. Back to Top

	NO INCOME VERIFICATION - 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. 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 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. Back to Top

	NO DOWN PAYMENT - 0% Down payment required and closing costs paid by the borrower (seller can contribute up to 6% towards closing costs). Back to Top

	CREDIT PROBLEMS - Troubled credit? Bankruptcy? We may still be able to find a Loan Program to help you. Back to Top

	103% PURCHASE – 0% Down payment required and closing costs can be financed up to 103% of the purchase price. Only single-family homes that will be owner-occupied are eligible. First time homebuyer status not required and there are no income limits. Back to Top

	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. Back to Top

	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. Back to Top

	HIGH DEBT RATIO LOANS - A ratio of monthly bills to monthly income higher than 50% is considered a high debt ratio. Loan programs are available for borrowers in this situation, allowing them to finance the purchase of a home or property. Back to Top

	2^ND 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. Back to Top

	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. Back to Top

	INVESTOR LOANS - Used to finance 1-4 family properties that will be for investment with as little as a 10% down payment. Aggressively priced these programs have many variations such as No Doc, Limited Doc and Full Doc. Program may not be available in some states. Back to Top

	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. Back to Top

	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. Back to Top

	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. Back to Top

	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. Back to Top

	MANUFACTURED HOME LOANS – A loan that is specifically used to fund manufactured properties which typically has unique attributes that help in the underwriting process. Back to Top

	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. Back to Top

	DEBT CONSOLIDATION – A loan that allows for the payment of other debts through the equity in your home. Back to Top

	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. Back to Top

	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. Back to Top

Apply Now