First Time Home Buyer OR PURCHASE:

Definition - No real estate owned in past 2 years, liberal underwriting, use of gift funds, use MCC Tax Credit is subtracted from PITI before calculating ratios thus qualifying borrower for more home.

• Liberal "make sense" underwriting. Zero cash reserves for those who qualify. We have that have zero down with seller contributing up to 6% towards your closing costs.

• 100%+ Financing available.

• Creative that makes sense.

• Purchase money mortgages.

• Underwriting that makes sense.

• Low fixed rates for 10, 15, 20 and 30 year terms.
• Adjustable rates to keep your payments even lower are also available.

• Quick closings; Loans typically close in 10 to 12 business days.

• 3% Down - 33/38 debt to income ratio, 1 month PITI reserves required, buyer must provide all funds for down payment, use of MMC .

• 2/3 Option - 38/42 debt to income ratio, 1 month PITI reserves required, buyer must provide 2% funds for down payment, 3% from gift, grant, or unsecured loan, no use of MMC, only owner occupied Co-borrower.
• 5% Option - 34/40 debt to income ratio, no reserves required, no maximum income restrictions, use of MMC

Purchase:

• Owner Occupied LTV (loan to value) to 97%
• Non-Owner Occupied LTV to 90%

VA Mortgage

Highlights - No down payment, 2% funding fee (3% second time borrower) can be financed into the loan, No monthly MIP, buy down qualifies at second year rate, ARM not available Certificate of Eligibility required,

Construction Mortgage

• Highlights - 5%-20%down, may require licensed contractor to oversee construction, review of plans, specs, and a cost breakdown, NIV and Alternative Credit available.
• Two Time Close - Construction Loan plus Permanent Mortgage
• One Time Close - Construction Loan converts to Permanent Mortgage.

Advantages - Qualify at start rate or bought down rate, adjusts by adding a fixed margin to index.

• 3/1 ARM, rate fixed for 3 years at approximately 1% lower than 30 year fixed, then converts to ARM
• 5/1 ARM, rate fixed for 5 years at approximately .75% lower than 30 year fixed, then converts to ARM
• 7/1 ARM, rate fixed for 7 years at approximately .50% lower than 30 year fixed, then converts to ARM
• 10/1 ARM, rate fixed for 10 years at approximately .25% lower than 30 year fixed, then converts to ARM
• 11^th District Cost of Funds (COFI) -
• 5% down, least volatile ARM but potential for negative amortization
• 2/6 Treasury ARM, 2% maximum adjustment once per year, 6% life of loan
• 1/6 Libor ARM, 1% maximum adjustment every 6 months, 6% life of loan