Conforming Refinance-For borrowers with a good credit rating.
Loan amounts possible to 95%LTV. Some stated income products
available with approved credit. Some restrictions do
apply.
Conforming
Purchase-For borrowers looking to
purchase. Must have good credit. Possible "no money down"
programs available. Restrictions apply
Non-Conforming Refinance(subprime)-For home owners that may not have perfect credit
or high LTVs. These rates are usually higher than conforming
rates.
Combo Loan-A combo loan is used primarily to achieve 100%
financing for purchases or refinances. This is a first mortgage with
a second mortgage added on to achieve a higher LTV.
COFI/MTA/LIBOR Loans-These ARMs are based on the three most common
indices for deciding rates. These can be negative amortization
loans, reverse mortgages, 2/28, 3/27, 5/1,7/1, etc. These are
popular for borrowers that are looking for a low payment creating money
for savings, investments, or extra money for high interest debt
payments.
125%-A second mortgage using 125% of the appraised
value. To figure the loan amount, subtract the balance of the first
mortgage from the value at 125% of the appraised value. Must have
excellent credit for approval.
Stated Income Loan-A mortgage in which the borrower's income is
stated and not proven. The rates are higher for these types of
loans. Good for Self-Employed borrowers.
No Doc Refinance-Refinance your mortgage without proving income,
assets, or employment. This is a good loan for borrowers who don't
have 2 years same line of work or no employment. Rates are
high.
Home Equity Line of
Credit(HELOC)-A line of credit
based on equity available in your home. These can be fixed or
adjustable rates.
Home
improvement loan-Loan based on
the future value of a property. These are usually 200% of the
current value of the home or financed as "subject to" loans.
First Time Homebuyer
Programs-Purchases for borrowers
with little credit an no previous mortgage history. Needs to have
somewhat good credit. Requires little or no money down.
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