Loan
Programs |
Advantages |
Disadvantages |
Fixed
Rate Mortgages
- 30
year fixed
- 15
year fixed
|
Monthly
payments are fixed over the
life of the loan
Interest rate does not change
Protected if rates go up
Can refinance if rates go down
|
Higher
interest rate
Higher mortgage payments
Rate does not drop if interest
rates decrease |
Adjustable
Rate Mortgages
- 10/1
ARM
- 7/1
ARM
- 5/1
ARM
- 3/1
ARM
|
Lower
initial monthly payment
Lower payment over a shorter
period of time
Rates and payments may go down
if rates improve
May qualify for higher loan
amounts |
More
risk
Payments may change over time
Potential for high payments
if rates go up |
Balloon
Mortgages
|
Lower
initial monthly payment
Lower payment over a shorter
period of time
Many balloon mortgages offer
the option to convert to a new
loan after the initial term.
|
Risk
of rates being higher at the
end of the initial fixed period
Risk of foreclosure if you cannot
make balloon payment or if you
cannot refinance or if you cannot
exercise the conversion option
|
First
Time Buyer Programs
- FHA
- Government Loans
- Fannie
Mae
- Freddie
Mac
- Fannie
Mae - Renovation Program
- Fannie
Mae - "Home Path
|
Lower
down payment
Up tp 60.50% LTV - Government
Insured
Up to 90% LTV
Up to 90% LTV to include renovation
costs
Up to 95% LTV for Primary
Homes |
|
Foreign
National Programs
- 3/1
ARM
- 5/1
ARM
- 7/1
ARM
- 15
Year Fixed
- 30
Year Fixed
|
Available
for Borrowers who live and work
outside of the continental USA
Easy to qualify - FAST closings,
Condos, Single Family Homes,
Townhomes, Commercial |
|
Jumbo
Loans
- 3/1
ARM
- 5/1
ARM
- 7/1
ARM
- 30
Year Fixed
|
Loans
up tp $6,000,000, Asset Based,
Employee OR Self Employed Borrowers |
|
