RESIDENTIAL LOAN
PROGRAMS
Conventional
Loans (Purchases & Construction)
Consist of any mortgage loan other than a VA, USDA or an FHA loan.
A conventional loan may be conforming (within Fannie Mae/Freddie
Mac guidelines) or a nonconforming (jumbo).
A)
Purchases
Whether you are a first time homebuyer or a seasoned homeowner,
chances are that you are about to make one of the most important
personal financial decisions of your life. Prompt approvals
and quick closings are not just important, they are critical.
As a mortgage broker, Presidential Mortgage brings the experience
and latest technology all in a streamlined fashion to provide
you with prompt professional service.
B) Construction - New or Remodel
Our background in construction and real
estate places Presidential Mortgage in the forefront on construction
mortgages. We will help you select the appropriate terms for
your construction and permanent loan.
C)
Refinancing
Consolidate debt or take cash out of your property.
100% Financing
These loans are available for primary residences and may be available for 1-4 family properties
as well as.
Interest Only
These loans allow the buyer to pay the interest only portion
of a loan from 5 to 10 years. They are most often written with
a 30 year term.
Bankruptcy
If you have filed bankruptcy, you may not have to wait 2 to
7 years to obtain a mortgage.
Divorce - Special
Loans
Parties looking to or in need of obtaining cash from their existing
home or one party purchasing another property.
Foreign Nationals
We've offered loans to foreign borrowers without social security
numbers or credit score. Interest only payments option have been available
on these loans as well.
Bridge Loans
(Now known as Cross Collateralization Loans)
These new loans will actually allow the equity in your current
property to be added to the purchase price of the new property,
thus enabling larger loan amounts.
Home Equity Line
of Credit (HELOC)
A home equity line of credit is a second mortgage on your home.
Home equity loans may be a very powerful tax-deductible financial
tool. Since home equity credit is a type of mortgage, it shares
lower interest rates and the tax advantages of mortgages. You
may be able to borrow up to $2,000,000 of your available home
equity for virtually any purpose, and, in most cases, the interest
paid each year is tax deductible.
Fixed
Rate (up to 30 yrs)
This is the most popular type of mortgage. The interest rate
will remain the same for as long as you have your loan. If you
expect to live in your home for many years, having the same
interest rate may be more comforting. If you decide that you
like the stable, predictable payments of a fixed rate loan,
you may choose from repayment terms of 15, 20, 25, 30 years.
Adjustable
Rate (ARM)
This type of mortgage generally starts out with an interest
rate lower than a fixed-rate loan. This saves you money early
on and may help you qualify for a more valuable home. Your rate
is tied to a market index. As the index goes up or down, your
payments will also change at each scheduled adjustment period.
Terms vary from 6 mo., 1 yr, 3 yrs, 5 yrs, 7 yrs, & 10 yrs.
Low $ Down with No PMI (Private Mortgage Insurance)
This is a great option that can eliminate PMI on conventional
loans. Sometimes it's referred to as piggyback financing because
it involves a first mortgage for 80% or less of the property value plus
a "piggyback" second mortgage. The combination is
often referred to as an 80/10. For example an 80/10 is a 80%
LTV first mortgage combined with a 10% second mortgage. The
advantage is when this combination results in a total lower
payment.
Jumbo
(Loans up to $4,000,000)
A loan amount that exceeds the conforming limits permitted by
Fannie Mae or Freddie Mac (current limit: $417,000). Jumbo Loans
are purchased by investors other than Fannie Mae or Freddie
Mac, and generally you will pay a higher interest rate for this
type of loan than that of a conforming loan. Fixed or Adjustable
rates are available, or interest only payments.
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