Low to No Down Payment Loans
Some of our programs require little or no down payment from the borrower. Our "Flex97" loan calls for only 3% down, which can be a gift from a relative. Our 103% program does not require a down payment, and you can finance all of the closing costs. And, with as little as 5% to 10% down, we can eliminate private mortgage insurance by structuring your loan as an "80-10-10" or an "80-15-5" (ask us for the details!). These programs make sense for you if you have limited funds available or simply prefer to invest in the financial markets instead of making a large down payment.

Construction/Permanent Loans
Building a house? Our construction/permanent loan programs have only one closing, providing construction funds and permanent financing at the same time. Your loan closes before construction begins and converts to permanent financing upon completion of the home. During the construction period, you make monthly payments of interest only based on funds drawn to date by your builder. Regular monthly payments of principal, interest and escrow begin once the loan converts to permanent financing.

With these programs, you have your choice of a fixed rate or several adjustable rate options. And, you can lock the rate in at the time of application or let it float until the home is near completion. A construction/permanent loan is ideal for you if your builder prefers that you obtain your own construction financing. Most importantly, these loans give you the peace of mind of knowing that your permanent financing is secured from the very beginning, without the added expense or documentation of a second loan closing when the house is completed.

Fixed Rate Loans
Fixed rate loans, also know as the 30 year fixed and 15 year fixed, have the same rate for the entire loan term. These mortgage loans are the most conservative as the rate never changes throughout the life of the loan.

Adjustable Rate Loans
Adjustable rate mortgages ("ARMs") offer a fixed rate for a specified period of time at the beginning of the loan-usually the first 1, 3, 5 or 7 years of the loan. After that, the rate can change annually (or less often, depending on the loan type) based on a formula in the Mortgage Note. The formula calls for the new rate to be determined by adding a margin (generally 2.75% to 3.00%) to an Index (usually the 1-Year Treasury Securities,) rounded to the nearest 1/8%. Most ARMs offer "caps" which protect you from large rate changes at any one time, and over the loan’s entire term. Usually, the caps are 2% per adjustment and 6% over the life of the loan. ARMs are often chosen by clients who plan to stay in the home for only a short period of time or who believe that rates will be declining in the next few years, at which time they plan to refinance.

Balloon Loans
These loans become due and payable when the term - usually 5 or 7 years - expires. However, the payments are set up on a 30-year schedule, resulting in a large balance being due at maturity. Most of the time, balloon rates are lower than 30-year fixed rates, making balloons attractive if you plan to sell the home before the end of the balloon term. Some people choose balloon loans with the intent of refinancing to a fixed rate when rates come down.