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Loan Programs
The following is a partial list of programs offered by Asset Mortgage 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.
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CONVENTIONAL/CONFORMING - Standard or traditional loan programs at competitive interest rates that usually require a minimum of 5% down. These loans are underwritten to FNMA or FHLMC guidelines, and cannot exceed the conforming loan limit, which is currently $359,650.
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JUMBO - Loans which exceed the FNMA/FHLMC conforming loan limit of $359,650, or otherwise do not meet the underwriting criteria of FNMA/FHLMC. They may be fixed or adjustable rate, and may offer limited documentation requirements.
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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. Other variations are the 80/10/10 and 80/20 loans.
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INVESTOR - Loans to finance non owner-occupied 1-4 family properties that will be used for investment purposes. The best rates are for fully documented, 10%-20% down loans; but we can also offer a 100% fully documented investor loan at a slightly higher rate. Limited documentation options are also available.
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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% investment, all of the 3% 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.
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VA - Loans guaranteed or backed by the Veterans Administration for qualified veterans up to 100% of the purchase price.
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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.
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2701 Nicholson St.
Houston, TX 77008
Toll Free: 800-428-9437
Phone: 713-869-5550
Fax: 713-869-0177
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800.428.9437
info@assetmortgage.com |
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