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| First
Time Homebuyers back to
top |
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- Purchase a
home with no money down
- Reduced
interest rates for first time homebuyers
- Gift funds may
be allowed for a down payment
- Seller paid
closing costs allowed
- Recent
graduates qualify
- Reduced
mortgage insurance (PMI)
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- Some income
restrictions may apply
- Some property
restrictions may apply on FHA loans
- A seperate
appraisal may be required on FHA loans
- There may be
penalties for selling home too early
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- First time
homebuyers or borrowers that meet certain income
requirements
- Borrowers that
have not owned a home in the last three years
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Fixed-Rate Mortgages back to
top
40-year fixed, 30-year fixed, 25-year fixed,
15-year fixed, 10-year fixed |
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- Monthly
principal and interest payments will not change for the life
of your loan
- Interest rate
will never change for the life of your loan
- Payment
stability
- Option to
refinance if rates decrease
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- Your interest
rate will stay the same if rates go down
- You may have
mortgage insurance (PMI) if you finance more than 80% of the
value of your home
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- Borrowers with
good credit and can afford the monthly payments
- Fixed income
borrowers that need payment stability
- Borrowers that
plan on living in the same home for many years
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Combo
Loans back to
top
80/20, 80/15, 80/10 |
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- No mortgage
insurance (PMI) required
- First loan
(80) and second loan (20) can be fixed rates
- Monthly
payments will not change for life of loan
- Purchase a
home with no money down
- Payment
stability
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- Because you
are financing the full sale price of your home, you will pay
a slightly higher interest rate
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- Borrowers that
do not have the desire or ability to put any money down on a
home purchase
- Eligible first
time homebuyers
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Adjustable Rate / Interest Only
Mortgages back to
top
10/1 ARM, 7/1 ARM, 3/1 ARM, 1-year ARM, 6-month
ARM, 1-month ARM |
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- Lower initial
monthly payments
- Monthly
payment could go down if interest rates fall
- Borrower may
qualify for a larger loan
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- Monthly
payment could increase if interest rates rise
- Less payment
stability
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- Borrowers that
plan on selling or refinancing in less than five
years
- Borrowers that
will have an increase in pay over the next few years and
want an initial lower payment
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| Stated Income / No Documentation back to
top |
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- You may not
have to prove your income
- You may not
have to prove your assets
- Simplifies the
lending process for borrowers with good credit
- Close in less
time
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- Interest rates
may be slightly higher than full documentation programs
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- Self employed
borrowers that have two years self employment history
- W2 borrowers
that do not want to provide paystubs and assets
- Unemployed
borrowers
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Balloon Mortgages back to
top
7 year, 5 year |
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- Lower initial
monthly payments
- Borrower may
qualify for a larger loan
- Payment
stability during the balloon term
- Can be
refinanced if rates decrease
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- At the end of
the balloon term, loan must be refinanced or paid in
full
- If you are
unable to refinance due to a change in credit standing, you
could lose your home to foreclosure
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- Borrowers that
plan on selling or refinancing before balloon term is up and
want an initial lower interest rate
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| Less Than Perfect Credit Programs back to
top |
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- Allows
borrowers with credit issues to obtain a loan to purchase or
refinance a home
- Allows
borrower to re-establish a good pay history so they can
qualify for better loans in the future
- 100% Financing
with no money down available
- No mortgage
insurance (PMI)
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- Interest rates
and payments may be higher than borrowers with good
credit
- Fixed rate
mortgages may not be available without higher interest
rates
- There may be a
pre-payment penalty associated with these loans
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- Borrowers with
less than perfect credit or credit issues
- Recent
bankruptcy, collections or judgements
- Late payments
on credit report
- Borrowers that
have been denied credit by a bank or lending
institution
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| Home Equity Line of Credit back to
top |
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- Use equity in
your home for improvements or other purchases
- Use only what
you need with the ability to borrow more at a later
date
- Interest only
payments available
- If you pay off
part or all of your loan, you can borrow again with no
fees
- Does not
require borrower to refinance their first mortgage
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- Interest rates
are variable and can increase or decrease often
- Monthly
payments can increase or decrease
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- Borrowers that
need additional money for home improvements, auto purchase,
debt consolidation, etc.
- Borrowers that
have the ability to pay this loan off and would like the
ability to have the credit available at a later date
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| Home Equity Fixed Loan back to
top |
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- Payment
stability
- Payment and
interest will not change over life of the loan
- Does not
require borrower to refinance their first mortgage
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- Interest rates
will be slightly higher than on a first mortgage
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- Borrowers that
need additional money for home improvements, auto purchase,
debt consolidation, etc.
- Borrowers that
have a low interest rate on their first mortgage and would
like to borrow more with payment stability
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| Debt Consolidation Loan back to
top |
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- Reduce your
monthly payments
- Pay off high
interest rate credit cards and loans
- Increase your
credit standing and score
- New loan may
be tax deductible (consult your accountant)
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- Decrease the
equity in your home
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- Borrowers that
have credit card debt with high interest rates and monthly
payments
- Borrowers that
need lower payments to live more comfortably
- Borrowers that
need to free up some income to qualify for auto or other
loans
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| Home Improvement / Rehab Loans back to
top |
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- Increase the
value of your home by doing much needed home
improvements
- 100% of the
project can be borrowed
- New kitchens,
bathrooms, additions are all eligible
- Roofs, siding,
gutters, basements, etc.
- We provide the
money, you can do the work or contract it out!
- Borrow against
the future completed value of the home, not the present
"as-is"
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- Home
improvement projects can be time consuming and
stressful
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- Do it
yourselfers and rehabbers eligible
- New homeowners
that want to improve their home and quality of life
- Seasoned
homeowners that would like a new kitchen, bathroom, garage,
etc.
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| Construction Loans back to
top |
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- Build the home of your dreams
- Finance 100%
of the construction project with no money down
- Use any
builder you would like
- Low monthly
payments during construction
- One time close
available without the need to refinance when home is
completed
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- New home
construction typically takes 6 or more months to
complete
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- Borrowers that
would enjoy having a new home without the worry of constant
repairs and maintenance
- Borrowers that
have time to build and are not in a hurry for a place to
live
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| Investment Property Loans back to
top |
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- Build net
worth by purchasing investment property
- 100% with no
money down available for qualified borrowers
- Fixed rates
available
- 1-4 family
loans available
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- Interest rates
are typically higher than owner occupied properties
- Buildings over
4 family may require large down payments
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- New or
experienced investors that would like to increase their net
worth and earn additional income from renters
- First time
investors eligible
- "Flipped"
properties eligible
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| Second Homes back to
top |
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- Buy the
vacation home of your dreams!
- Fixed rate
mortgages available
- No money down
financing available
- Can be rented
out when not being used by the borrower
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- Additional
mortgage and expenses to pay each month
- Must have
someone maintain the property
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- Qualified
borrowers that would like to have an additional home, at
least 60 miles from primary residence
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Copyright © 2004 Accord Financial,
Inc.
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