1st time homebuyer programs Whether you're a first time home buyer or simply starting over, a First Time Home Buyer loan can help. It's a fast, streamlined way to help new home buyers with the necessary cash at closing for their down payment and closing costs that they do not have to repay. 100% financing Zero down payment or 100% financing - either a 1st mortgage exclusively or a combination of a 1st and 2nd mortgage* (sometimes referred to as a piggyback mortgage). Interest only financing An interest-only loan is one that gives you the option of paying just the interest or the interest and as much principal as you want in any given month during an initial period of time after your closing. Commercial loans A short-term renewable loan used to finance a company's immediate working capital needs. Refinancing The repaying of a debt with the proceeds from a new loan using the same property as collateral. The most common reason for refinancing is to get a lower interest rate or to remove equity from your property to use for other purposes. Stated income A stated income loan qualifies a borrower using the income the borrower states on the application form – as opposed to the income the borrower can document. With a stated income loan, the lender agrees not to attempt to verify the income the borrower states on the application. Stated income loans are designed for the many prospective home buyers who have the income to afford a mortgage and have acceptable credit, but don’t meet traditional underwriting standards – called full documentation or “full-doc”. No doc loans A lot of buyers don't draw a steady paycheck from a boss. They own businesses, make commissions, live off investments, get their income in. Others don't want to give up their financial privacy. Limited-documentation mortgages are available for these people. They're called "low-doc" and "no-doc" mortgages for the amount of documentation they require. The terminology isn't always accurate. Some low-doc mortgages still require the borrower to provide paperwork such as tax returns and profit-and-loss statements. Even no-doc mortgages require at least a credit report and a property appraisal. ARM products An adjustable rate mortgage (ARM) can be easier on your wallet, help you qualify for a larger mortgage, and could be much less expensive over time. It offers you a lower starting interest rate, which can give you lower initial monthly payments and make it easier for you to qualify. Lifetime interest rate caps can protect you and help keep your interest rate and payments within your reach. Jumbos A loan of $1 billion or more, or a loan which exceeds the size limit set for purchase or securitization by the appropriate agency, such as Fannie Mae or Freddie Mac. Home Equity lines of credit A method of borrowing in which a homeowner may borrow against home equity as needed using a checkbook or credit card. It differs from a standard loan in that the borrowing may be done over a period of time, preventing excess borrowing and limiting interest costs. 80/20 combo 100% loan: first at 80% and the second at 20%. Makes the pmi insurance not necessary. This allows you to use the entire interest as a deduction on you tax return. Either or both loans may be interest only. Investment financing You are allowed to use the potential income from the property to help you qualify for the loan. Up to 4 units 4 units are considered a residential investment property and above 4 units is considered a commercial loan Condos This loan is the same as a regular home loan but additional association fees will be included in the regular monthly payments. Condos are a form of property ownership in which each owner holds title to his/her individual unit, plus a fractional interest in the common areas of the multi-unit project. Each owner pays taxes on his/her property. No ratio loans No work history required and no assets required. Only a good credit score necessary. Blue ribbon special Seller pays down the interest rate to reduce the cost of interest to the buyer.