 |
|
| Today is Wednesday, March 10, 2010 |
|
|
Loan Programs
The following is a partial list of programs offered by Asset Mortgage Corporation with a brief description of the key elements. To discuss these programs or our other loan products, contact us toll-free at 1-800-428-9437.
|
CONVENTIONAL/CONFORMING - Standard or traditional loan programs at competitive interest rates that usually require a minimum of 5% down and a minimum FICO score of 620. These loans are underwritten to FNMA or FHLMC guidelines, and cannot exceed the conforming loan limit, which is currently $417,000.
Back to Top |
| |
|
|
JUMBO - Loans which exceed the FNMA/FHLMC conforming loan limit of $417,000, or otherwise do not meet the underwriting criteria of FNMA/FHLMC. They may be fixed or adjustable rate.
Back to Top |
|
| |
|
|
|
80/15/5 - The borrower pays a 5% down payment, and then finances a first mortgage of 80% of the purchase price up to the FNMA/FHLMC conforming loan limit, and a second mortgage of 15% of the purchase price. It is usually used to avoid PMI or to keep the first mortgage under the conforming loan limit to avoid Jumbo rates. Another variation is the 80/10/10.
Back to Top |
| |
|
|
INVESTOR - Loans to finance non owner-occupied 1-4 family properties that will be used for investment purposes. These loans require a minimum of 25% down and have higher interet rates than owner-occupied property.
Back to Top |
|
|
|
|
FHA - Loans insured or backed by the Department of Housing and Urban Development which assist borrowers with limited funds and some credit issues to qualify for a loan with lower closing costs and competitive rates. Although the borrower needs to have a 3.5% investment, all of the 3.5% can come from gift funds, and all of the buyer’s closing costs and prepaids can be paid by the seller. These loans are assumable with credit approval.
Back to Top |
|
|
|
VA - Loans guaranteed or backed by the Veterans Administration for qualified veterans up to 100% of the purchase price.
Back to Top |
| |
|
|
INTEREST ONLY - Loan provides for payment of interest only for a portion of the term, and then amortization of the loan over the remaining term. Available in conforming or jumbo loan amounts, and for 30 year fixed rate or various Adjustable Rate Mortgages (ARMS). This loan enables a borrower to qualify for a larger home, provides the option to make low, interest-only mortgage payments, and the flexibility to pay down the principal in lump sums and receive an immediate decrease in required payments.
Back to Top |
| |
|
|
HOME EQUITY - Available to Texas homeowners since January 1, 1998, these loans enable you to utilize the equity in your home for any reason, but most commonly to consolidate higher consumer debts, pay education or medical bills, or make other investments such as stocks, rental property, or a second home. These loans do not have prepayment penalties, but you are limited to one such loan at a time.
Under the Cash-Out Refinance program, you refinance your existing mortgage and add a “cash-out” amount up to a total of 80% of the appraised value of your home.
Back to Top |
| |
|
|
CONSTRUCTION FINANCING - Provides up to 90% of the cost of construction of a new residence on a lot you currently own or plan to purchase. Equity in the lot can be used for downpayment. Permanent financing can be provided upon completion of the home.
Back to Top |
| |
|
|
NO COST – Means that all lender and title company closing costs are paid by Asset Mortgage for a purchase or refinance transaction. The interest rate for this type of mortgage is slightly higher and the minimum loan amount is $100,000.
Back to Top |
|
|
COMMERCIAL – Purchase and refinance loans available for multifamily, mixed-use, retail, office, and warehouse properties with loan amounts from $500,000 to $3,000,000.
Back to Top |
 |
2701 Nicholson St.
Houston, TX 77008
Toll Free: 800-428-9437
Phone: 713-869-5550
Fax: 713-869-0177
|
800.428.9437
info@assetmortgage.com |
|
|
|
 |
