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Today’s Selection of Mortgage Programs Served on a Daily basis

Mortgage Rates Change Daily – Sometimes twice a day ! It is really impossible to quote an APR because we would need all of the key components of a lock e.g:  Loan amount,

Credit score,

Purpose of loan ,

Loan to value

Loan Program

Borrower Paid compensation or Not

Length of Lock

Length of Term

Owner Occupied of not

Proving income or not

Appetizers

• Pre-Approval Sampler — A light introduction to your mortgage journey, featuring a quick overview of what you can afford     Main Courses

• Fixed-Rate Feast
  • Conventional Fannie Mae/ Freddie Mac 30 year Fixed – hovering around 5.99%
  • First Time Home Buyers 3% down or 1% down – Upper 5’s  with reduced PMI
• FHA Special — Government-backed, ideal for first-time buyers. Served with low down payments and flexible credit requirements.
  • FHA Fixed Low 5’s
  •  
• VA Veteran’s Platter — Zero-down delicacy for those who have served. Rich in benefits and savings.
  • VA Fixed – similar pricing as FHA Fixed
• Jumbo Loan Deluxe — For big appetites! Perfect for high-value properties that exceed conventional limits. Market pricing extremely dependent on credit score
  • Jumbo Fixed 30 – Upper sixes to low, low 7’s

Originator Specialties

• The DSCR loan – (Debt Service Coverage Ratio) Great choice for Investors who value simplicity over paperwork. The loan focuses on the subject property in question with an appraisal that gives a value and rental comparables. No Income verification required. Pricing is based on credit score, loan to value, purpose of loan and the DSCR ratio
  • Upper sixes, low sevens
• The Bank Statement Loan – Great loan for self-employed borrowers with equity in the transaction and good credit scores. Must be self employed at least two years. Income is determined by a 12 or 24 month average of deposits
  • Bank Statement 30 year fixed – mid 7’s

• Home Equity Lines of Credit – (HELOCS) Second mortgages usually used to consolidate debts or do a home improvement. Income verification required
  • Variable rates tied to the prime rate – 
• Reverse Mortgages – (Also known as HECM’s) Great loan for seniors with equity in their homes. Eliminate a monthly mortgage obligation, get a monthly income, lump sum payouts. Loan proceeds are based on age, equity in the home and any debts that need to be paid off.

Deserts Items – That can be added to the loan

• Loan Shield – Retain servicing with the same lender and have the ability to recast your loan with a large principle payment
• Free Escrow Waivers – Always
• Immediate Funding at Closing – No waiting around for a funding number
• Exact Rate – Rates don’t have to be rounded to the 1/8 th
• Flex Term – Instead of a 30 years fixed, I think I will take a 27 year term
• Every Loan moves extremely fast with the quickest turnaround times in the country

  Ask your server (loan officer) for today’s specials or to customize your order to taste. Bon appétit on your homeownership journey!