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Loan
Programs
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Description
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Conforming
30 Year / 15 Year Fixed Rate Loans
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If
you want to have the peace of mind that your payment will
never change this may be the loan for you. This loan can also
be good for those that are on a fixed income, or if you plan
to stay in your home for a long period of time. These loans
offer the same interest rate, and principal and interest payment
throughout the term of the loan. But remember, fixed rate
loans come with many options. There are down payments as low
as 3%, no mortgage insurance options, stated income loans,
etc. The conforming loan limit is $322,700. |
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FHA
Loans
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These
loans offer low down payments (approximately 3%), low out
of pocket expenses, and typically are easier to qualify for
than conventional loan programs. The down payment can also
be a qualified gift. They are also assumable to qualified
buyers. FHA loans are offered in fixed rate and adjustable
rate mortgage options. |
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VA Loans
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If
you are a veteran, you probably qualify for this loan type.
No down payment is required on VA Loans. In fact, you can
get into a home with almost no money out of pocket if you
choose. These loans are assumable to qualified buyers and
are offered only at fixed rates. |
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No-Qualifying
Loans
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We
don't verify income or assets and the interest rate is a little
higher than market rate. The only requirement is your credit
score must be 660 with a 10% down payment or 700 with a 5%
down payment! Perfect for self-employed borrowers! |
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Grade:
A-
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Do
you have less than perfect credit? We are now offering loans
to fit your profile.
Here are some details:
- LTV:
90%
- Dept
Ratio: 45%
- Credit
Score: >=580
- Bankruptcy:
2 years since discharge
- Foreclosure:
3 years since
- Full
Doc: $500,000 Loan amount
- Owner-Occupied
Several grades available
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City
and State Bond Program
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- Interest
Rate: Depends on Program
- Down
Payment Assistance: varies
- Income
and Sales Price limitations apply
*Call your loan
officer for details
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Construction/Permanent
Loans
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If
you are building a new home and want us to help you with the
construction loan, we have a number of products to meet your
needs. For the mortgage loan, we can lock in an interest rate
for as long as one year. On the construction loan side, we
can arrange for the construction loan to be in your name.
The advantages of this is that you can deduct the interest
on the construction loan and you can control the costs of
the construction loan. We can also put your construction loan
and permanent loan into one loan if you prefer. We offer many
options on this program, so it is important that you consult
with one of our loan officers when considering this product
type. |
Equal Housing Lender. Licensed to do business in Texas. © 2004
Rocky Mountain Mortgage Company