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Conventional
Traditional loan programs that usually require 5% down and offer competitive interest rates. Documentation and fair-to-good credit are necessary.
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Jumbo Loans
Offers 30 and 15 year fixed rate mortgage and competitive ARM products with full document, alternate documentation and limited documentation.
Cash out and No cash out refinance are allowable. Single family detached, Condo's, PUD's and single-family second homes can be financed with no prepayment penalty.
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No Down Payment
0% down payment required and closing costs paid by the borrower (seller can contribute up to 6% towards closing costs).
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Interest Only
Interest only loans have become quite popular in recent years. Traditional loans require the borrower to pay both principal and interest in their monthly mortgage payment. Interest-only products require the borrower to pay only interest each month, making the principal payment discretionary. These loans are good for people who may need to lower their monthly payment temporarily because of job loss or incurrence of unexpected debt. Interest only borrowers have also used these products to put their principal payments into interest bearing accounts that will generate a better return than if it were included in the mortgage payment to their lender. Academy Residential Mortgage offers interest only programs up to $1.5 million in value.
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Flex 97%
Similar to FHA, but without maximum mortgage amount limitations. Must be a single family, owner occupied home and borrower must have a credit score of over 680.
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No Income Verification
Loans where your income is not requested or verified with as little as 10% down are stated income loans. There are several varieties of the "no-doc" loan today. The type of loan that is best suited for a particular borrower depends on that borrower's situation. Some borrowers choose not to disclose employment, income, or asset information, while others may be willing to disclose employment and asset information but not income. Still others might be willing to disclose income but select a program that does not calculate debt-to-income ratios, allowing those borrowers to exceed the traditional guidelines in order to qualify for a larger mortgage amount. With all the different variations of the no-doc loan, there is definitely a mortgage program for today's non-conventional borrowers.
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80/15/5
This is a loan which carries a second mortgage for up to 15% of the purchase price of the property. It is usually used when wishing to avoid PMI insurance or to keep your first mortgage under the FNMA/FHLMC limit to avoid Jumbo rates. The borrower puts down a 5% down payment and then finances a first mortgage up to the FNMA/FHLMC limit and a second mortgage of up to 15% of the purchase price. Other variations are 80/10/10 or 75/15/5.
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Damaged Credit Loans
Academy Residential Mortgage has numerous loan programs of up to 100% of property’s value for people who have had previous problems with creditors or bankruptcy. The good news is that there are loan programs available for even the most difficult situations. Our loan officers can evaluate your situation and provide you with a custom solution that fits your specific needs. We can also give you recommendations on improving your credit so that you can refinance into better loan programs down the road.
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Second Mortgage Loans
Subordinate to the first mortgage, these loans offer the borrower the ability to get money for home improvement, debt consolidation, or many other reasons without disturbing their first mortgage. Convenient when you have a low interest first mortgage.
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Investor Loans
Used to finance 1-4 family properties that will be for investment with as little as a 10% down payment. Aggressively priced, these programs have many variations, including: No Doc, Limited Doc, and Full Doc. Program may not be available in some states.
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