| Loans for People with Less Than Perfect Credit | ||
| Loan Program | Reason to Choose it: | Key Features: |
| 30/15 Year Fixed | For borrowers who want the stability of a fixed principal/interest payment over the life of the loan | Expanded criteria allows non-traditional lender guidelines for individuals with less than perfect credit |
| "Credit Repair" Loan | Helps borrowers stabilize their situation to get "back on track" while enjoying a lower interest rate loan for a fixed period of time | Fixed rate for 2 or 3 years, then adjusts annually based on a financial index |
| Interest Only Loans | For borrowers who need maximum cash flow and lower monthly payment in the short term | Reduces monthly payments, helps maximize monthly cash flow and allows borrowers to qualify for larger loan amounts |
| As Little As No Down-Payment Loans | For borrowers with less than perfect credit and limited-to-no down payment who want to purchase a home | Combines a 1st mortgage and a 2nd mortgage to use as equivalent for 20% down to avoid mortgage insurance |
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30/15 Year Fixed Rate Loan
- Requires minimum of 5% down payment
- Fixed principal/interest payment over the life of the loan
- Some variety of loan terms to fit borrower’s home ownership goals (30 or 15 years)
- Owner-occupied primary residence, second home, investment property, 1-4 unit properties
- Conforming loan amounts to $417,000; non-conforming loan amounts to $500,000
Restrictions apply. Program terms are subject to change. Some products not available in all states.
"Credit Repair" Loan
- Loan term for 30 years
- Fixed rate for 24-36 months, then adjusts each 6 months
- Periodic Adjustment caps vary from 1.5%
- Owner-occupied, second home and 1-4 unit properties
- Loan amounts up to $500,000
Restrictions apply. Program terms are subject to change. Some products not available in all states.
Interest Only Loans
- Qualified borrowers pay Interest only for the first 10 or 15 years of the loan for the fixed loan programs and;
- Qualified borrowers pay Interest only for the first 3, 5, 7 & 10 years of the loan for Fixed Period Adjustable Rate Mortgages
- As little as 5% down for home loans up to $417,000
- Loan amounts available up to $500,000
- Reduced Documentation option available for qualified borrowers
Restrictions apply. Program terms are subject to change. Some products not available in all states.
As Little As No-Down Payment Loans
- Combines a First Lien and a Second Lien mortgage
- Often eliminates the need for private mortgage insurance
- Available with 80/20 program where the 1st mortgage is at 80% up to $417,000 and the 2nd mortgage is 20% to $100,000 with a combined maximum available of $500,000 loan amount
- Fixed, Fixed Period ARMs or Interest Only repayment options available
Restrictions apply. Program terms are subject to change. Some products not available in all states.
