Q.
What is considered a residential loan?
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A.) Loans made to
a 1-4 Family Residence, Condo, Coop, 1-4 Unit Investment
Home, Summer Homes, Mobile Homes, Log Homes, Cottages,
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Q.
What are the
different types of Loans?
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A) |
Refinancing: a loan given to payoff an
existing mortgage on your
property
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B) |
Purchase Loan: a loan given to purchase a
home.
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C)
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Home
Equity Loan/Second Mortgage Loan: a second
mortgage or jr. mortgage on a property this loan will be
considered a second lien on your property. A home equity
loan or second mortgage is a fixed rate loan. |
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D) |
Home
Equity Line of Credit: Is also a 2nd or
3rd or 4th lien on a home these
loans Are interest only loans, and they are a line of
credit issued by a bank or mortgage company
allowing you to use the money as needed.
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| FINANCING: |
We are
able to obtain up to 100% financing on residential loans.
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| RATES
& TERMS; |
Terms
range from 5 years to 40 years. Rates are contingent upon
credit and income qualifications.
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| NO-INCOME/NO
ASSET LOANS |
Many
of our programs require no income/ no asset and some do not
require for verification of employment.
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NO CREDIT /LOW SCORE: |
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We
represent lenders that will accept credit scores as low as
400, and even if you don't have a credit socre at all, we
will find and underwriter that will entertain your loan
needs.
We will always shop your loan for the best possible rate and
terms.
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FORECLOSURES/BANKRUPTCY |
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We will accept any foreclosure
and/or bankruptcy on a case to case basis Again it will
require manual underwriting in order to get your loan
approved. |
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