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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.
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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 $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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NO DOC - There are several varieties of the “no-doc” loan.
- STATED INCOME LOAN - For the borrower who can state enough income to qualify based on required debt ratios, but does not want to document the income.
- NO RATIO LOAN - For the borrower who can show two years of continuous employment and can document sufficient assets, but who does not want to state or provide any income documentation.
- TRUE NO DOC - For the borrower who does not want to disclose or document employment, income, or asset information.
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ZERO DOWN - Means that you can purchase a home with financing from Asset Mortgage with absolutely no down payment. Closing costs and prepaid expenses up to 3% of the purchase price can be paid by the seller or from acceptable gift funds. Both fixed and adjustable rate “Zero Down” loans are available.
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80/20 – Another option for a “zero down” loan. This loan provides for a first lien of 80% of the purchase price, and a second lien of 20% of the purchase price. The primary benefit of this loan over the 100% loan is that you avoid private mortgage insurance (PMI) and can deduct the interest on both loans from your federal income taxes.
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103%/107% - 0% down payment is required and closing costs and prepaid expenses can be financed into the loan up to 103% or 107% of the purchase price. These loans are available only for single-family, owner-occupied properties.
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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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SUBPRIME - A- to D loans for borrowers with negative credit issues. Due to the increased risk associated with these situations, the interest rates can be substantially higher than for a standard conventional loan.
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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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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.
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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.
You can access your home equity through three methods:
- CASH-OUT REFINANCE - You refinance your existing mortgage and add a “cash-out” amount up to a total of 80% of the appraised value of your home.
- EQUITY SECOND LIEN – You keep your existing first lien in place (especially if it is at a low interest rate) and simply obtain a “cash-out” second or equity second lien. The equity second plus the existing first lien cannot exceed 80% of the appraised value of your home.
- HOME EQUITY LINE OF CREDIT (HELOC) – You can obtain an equity line of credit up to 50% of the appraised value of your home, and the HELOC plus the balance of your first lien cannot exceed 80% of the appraised value of your home. The interest rate is usually based on the prime rate and can fluctuate monthly. You pay interest only on the amount that you actually draw down on the loan, but the total loan must be repaid within the designated period.
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ONE-TIME CONSTRUCTION CLOSE - Provides construction and permanent financing all in one closing, saving you the costs associated with title and appraisal fees on a dual closing loan. You can finance up to 90% of the value of the land and improvements. Your equity in the lot can be used for the down payment. All fees are charged up-front, eliminating concerns, questions and surprises. The permanent interest rate can be locked in up-front or the lower rate construction option can be selected. Fixed and adjustable rate mortgages are available for the permanent financing.
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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.
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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.
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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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