Traditional loan programs that usually require 5% down and offer competitive interest rates. Documentation and fair-to-good credit are necessary.
ARM - Adjustable Rate Mortgage
Mortgage loans with an interest rate that adjusts periodically according to the financial index it is based on plus a margin. The financial index is tied to our economic climate in some way or another. The margin stays the same, the index may change, and therefore the rate may change to the point of the index and margin added together. These rates can sometimes start as low as 1.2%. To limit the borrower's risk, the ARM will usually have a payment or rate cap. A payment cap is a limit on the monthly payment. An interest cap is a limit on the amount the interest rate can increase. A periodic cap limits the amount the interest rate can change at the time of each periodic adjustment. A life cap restricts the amount the interest rate can increase over the entire life of the loan. These ARM programs range from ones that adjust monthly to ones that are fixed for 5, 7, or 10 years before adjusting. This is an extremely beneficial loan for the right borrower.
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.
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.
Second 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.
Construction Loans
Building a new home can be an exciting prospect - unless you get caught up in a construction loan approval process that is overly complicated and time consuming. With this loan, we will finance up to 90% of the cost of land plus the costs of construction. We offer a one-time fixed rate closing or traditional ARM products.
FHA Mortgage
Backed by the Department of Housing and Urban Development, this mortgage offers the borrower the ability to put as little as 3% down payment - and they can even finance "allowable" closing costs. Seller can contribute up to 6% of the purchase price to the buyer towards closing costs.
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.
VA Mortgages
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. We also work with the Oregon Department of Veterans Affairs. They offer a unique program for veterans who are buying a principle residence in Oregon that have served full time in the military within the last 30 years.
