| Fixed Rate Loans | ||
| Loan Program | Reason to Choose it: | Key Features: |
| Basic 30/25/20/15/10-Year Fixed Rate Loans | You want the stability of a fixed principal/interest payment over the life of the loan. | Loans on up to 95% of your home's current value. |
| Reduced Rate Option | You plan to stay in your home for a long time and want a lower rate. | Reduced rate in exchange for limits on refinancing and early principal reduction for the first 5 years. |
| No Equity Loans | You don't have much equity or want to avoid upfront costs. | Loans on up to 100% of your home's current value. |
| Low Equity Programs | You have just 3% or 5% equity in your home. | No maximum income/earning restrictions and loan amounts up to $417,000. |
| Low Documentation | You have excellent credit and want to avoid paperwork.* | Very little paperwork; loans up to 95% of your home's current value. |
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Basic 30/25/20/15/10-Year Fixed Rate Loan
- Requires minimum of 5% equity
- Fixed principal/interest payment over the life of the loan
- Wide variety of loan terms to fit your home ownership goals (30, 25, 20, 15 or 10 years)
- Owner-occupied primary residence, second home, investment property, 1-4 unit properties
- Conforming loan amounts to $417,000; non-conforming loan amounts to $2 million
Restrictions apply. Program terms are subject to change. Some products not available in all states.
Reduced Rate Option
- Provides a reduced rate in exchange for limits for the first 5 years on refinancing and early principal reductions greater than 20% of the loan balance per year
- Can sell home at any time without penalty
- Available on selected ARM programs
- Available on 30 year fixed rate programs (some state restrictions apply)
- Loan amounts up to $1 million
Restrictions apply. Program terms are subject to change. Some products not available in all states.
No Equity Loans
- No equity in your home required
- Eliminates need for private mortgage insurance
- Build equity faster as you pay off second mortgage
- Available on 30 and 15 year fixed rate programs
- Loan amounts up to $500,000
Restrictions apply. Program terms are subject to change. Some products not available in all states.
Low Equity Programs
- No income restrictions
- Flexible underwriting guidelines
- Allowed on expanded fixed rate products up to $417,000
Restrictions apply. Program terms are subject to change. Some products not available in all states.
Low Documentation Loans
- As little as 5% equity required for current Countrywide customers; 10% otherwise
- Excellent credit required
- Speeds process, reduces paperwork hassles
- Stated income only - no income, employment or asset verification required
- Available on fixed rate programs
- Owner-occupied homes only
- Loan amounts up to $417,000
Excellent Credit program requirements are tougher. Examples of disqualifying factors may include:
- Late payments
- Balances on accounts too high (e.g., credit cards are all at the limit)
- Credit history too short (2yrs)
- Too many accounts with balances
If you apply, we will order your credit report (and any co-applicants) to confirm excellent credit history and timely account payment, particularly for the past 12 months.
Restrictions apply. Program terms are subject to change. Some products not available in all states.
