Loan Programs
The following is a partial list of programs offered by The Mortgage Center with a brief description of the key elements. For a complete list of the programs that we offer, contact us at 304-267-9040.
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CONVENTIONAL - Traditional loan programs that usually require 5% down and offer competitive interest rates. Documentation and fair-to-good credit are necessary.
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NO MONEY DOWN - 0% Down payment required and
closing costs paid by the borrower (seller can contribute
up to 6% towards closing costs).
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80/20, 80/10/10, 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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FIRST TIME HOME BUYERS -
Many first time home buyer programs are available. These
programs offer below market interest rates to qualified home
buyers. Programs include little or no money down. Certain
first time home buyer restrictions apply.
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100% FINANCING -
Conventional 100% financing programs are available to qualified
home buyers. No first time home buyer restrictions apply.
Call for details.
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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.
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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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ONE CLOSING COST CONSTRUCTION/PERMANENT 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 95% 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. Aggressively priced these programs have many variations such as No Doc, Limited Doc and Full Doc. Program may not be available in some states.
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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 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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