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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) Refinancing
Consolidate debt or take cash out of your property.

Definitions:

Up to 100% Financing- VA or USDA
These loans are available for primary residences and may be available for 1-4 family properties as well as.

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.

Bridge Loans (Now known as Cross Collateralization Loans)
These 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.

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 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. 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.

 


 
© 2003 Presidential Mortgage
390 Portsmouth Avenue
Greenland, NH 03840

E-Mail: info@presmortgage.com