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Use
our Home Purchase Wizard to guide you through the process of
finding a custom loan that best suits your
needs. Click Here. |
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Our Refinance
Wizard helps you decide whether refinancing would be right for
you at this time. Click Here. |
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Our 2nd
Mortgage Wizard will show you how to pay off your credit cards
and cut your payments by half. Click Here. |
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20% Down Loan Programs
Loan
Programs Available
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1 year ARM
Annual Cap 2%
Life time Cap 6%
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3 year fixed
then 1 year arm
Loan is fixed for 3 years then adjusts a maximum of 2% per year and 6%
over the life of the loan
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30 year
fixed
Fixed rate for 30 years
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Stated income
programs with 20% down are available at slightly higher interest rates.
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Pre-Payment Penalty
On the above loans
there is a 3 year pre-payment penalty
Details
A US bank account is required. Prior
to closing the total amount of down payment and closing costs plus
six months of monthly payments must be verified in a US bank account.
Following closing, the six months of monthly payments are immediately
available for the borrowers use.
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25% Down Loan Programs
Loan
Programs Available
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5
Year Fixed, 20 Year Repayment
Loan features a 20
year repayment. The loan is fixed
for 5 years, and then the lender has the option to adjust the loan based on
current market conditions and payment history.
The loan is then fixed for another 5 years and so on.
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Pre-Payment
Penalty
There is no
pre-payment penalty
Details
All income and
asset information is stated on the Residential Loan Application.
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30% Down Loan Programs
Loan
Programs Available
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Monthly ARM
The Monthly ARM
with 30% down starts at 5.45% for three months, then will adjust to the index
rate plus the margin of 3.1%. (About
8.5%). The payment is fixed for a
one year period and will only adjust annually.
The interest rate, however, will adjust monthly. This adjustable
rate has an increase cap of 2% per year and 6.0% over the life of the loan.
The advantage to this loan and other adjustable rate loans
are, that if you are able to make lump some payments on the balance you will
actually be able to reduce your monthly payment, even though the interest rates
may increase.
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Pre-Payment Penalty
There is a four year pre-payment penalty of 2% of the unpaid balance.
If you pay on the loan more than 20% or pay off the loan in the first
four years you would pay 2% of the balance.
After the fourth year there is no penalty for any amount paid or to
payoff of the balance. Most folks
do not pay it off in the first four years.
Details
There is absolutely
no documentation required with this loan. We
do however, require a US Bank account set up prior to closing, so the monthly
payments can be automatically withdrawn from the borrowers account.
This particular loan is not available in all areas of Central Florida.
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above loan programs, you always have the option to increase your down payment prior to
closing to reduce your monthly payment.
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