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FHA & Other Loan Programs
Here at Aequor Funding Corp. we pride
ourselves on having extensive knowledge
and experience on all available loan
programs and scenarios. Whatever your
particular situation, we will make an
effort to find the right loan for you.
Below are just a few of the most common
programs.
Conventional Loans- A mortgage in which
the terms and conditions meet the
funding criteria of Fannie Mae and
Freddie Mac
FHA Loan- This type of loan is backed by
the department of Housing and Urban
Development (HUD). It offers a borrower
the ability to put as little as 3% down
towards a purchase and utilize up to 95%
of their equity on a cash out refinance
on a 1-4 family residence. They also
permit a borrower to finance allowable
closing costs.
Zero Down Payment Loans- This loan
allows a potential buyer to purchase a
home without putting any money down. The
borrower will only have to pay for
closing costs or they can have the
seller contribute up to 6% towards
closing costs, as long as it is
negotiated in the purchase contract.
Jumbo Loans- A mortgage in which the
loan amount exceeds the conforming loans
limits set forth by the Office of
Federal Housing Enterprise Oversight
(OFHEO). Generally, these conforming
loan limits are set on an annual basis.
Construction Loans- This is a short term
loan for the development or construction
of or on land. The funds are generally
paid in increments as the construction
progresses.
Flex 97 Loans- This loan is similar to
an FHA loan, however it has no maximum
mortgage amount limitations. The home
must be a single family and the owner
must occupy the residence.
High Debt Ratio Loans- A loan in which a
borrower has their ratio of monthly
bills to their gross monthly income
higher then 50%. We have loan programs
available for this scenario on both
purchase and refinance loans.
Investor / Hard Money Loans- This is a
loan in which a borrower receives funds
secured by the value of a parcel of real
estate. These loans are typically issued
at higher interest rates and costs and
almost never issued by a commercial
bank. They are generally issued by
private investors and the average loan
to value ratio is 65%-70%. These loans
are generally not credit score driven.
B, C & D Loans- These loans are for
individuals who may have blemished
credit. Generally, we look for
compensating factors when putting the
loan file together. We have a vast array
of loan programs that will aid in
rebuilding of a borrowers credit.
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