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The
Loan Programs
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
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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 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. Back
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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…
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VA
MORTGAGE – 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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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
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107%
DOWN PROGRAMS – 0%
Down payment required and closing costs can be financed up to 107% 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
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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. Back
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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. Back
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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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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. Back
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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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125%
2nd MORTGAGE – Same
as above but the 2nd mortgage we will lend up to 125% of the value of
the home. Back to
top
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. Back
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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 the 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. Aggressively priced these programs have many variations
such as NO DOC, LIMITED DOC and FULL DOC. Back
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Terri
Williams provide the finest real estate services in Los Angeles. Terri
Williams is the best mortgage broker around. From selling your home,
refinancing your home, buying a new house or a new home, Terri Williams
will provide the finest services. Terri Williams has the power to make
your dream house a reality. Terri Williams is part of ERA an established
and trusted mortgage company. Terri Williams is a professional financial
mortgage broker and will provide platinum customer care service. Terri
Williams is the best and finest real estate realtor in Los Angeles,
providing every services from selling a house to buying a home that
is right for you. Terri Williams gives profesional advices on real estate
investment, real estate finance, mortgage information anywhere in Los
Angeles.
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