Loan ProgramsWith a wide variety of correspondent relationships, Mortgage Plan offers virtually every type of first and second trust deed mortgage product. Please contact us at 800-877-7347, toll-free to discuss you specific lending need.
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Conventional
Traditional loan programs that usually require 5% down and offer competitive interest rates. Documentation and fair-to-good credit are necessary.
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VA Mortgages
Backed by the Veterans Administration and the federal government, it is similar to FHA except that you have to be a qualified Veteran or military person.
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FHA Loans (3.5% down)
Home Loans guaranteed by the Federal Housing Administration. Allows for only 3.5% downpayment. The down and closing costs can all be a gift from a relative.
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Investor Loans
Used to finance 1-4 family properties that will be for investment with 30% down payment. Aggressively priced, these programs have many variations.
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Construction Loans
Building a new home can be an exciting prospect - unless you get caught up in a construction loan approval process that is overly complicated and time consuming. We currently offer construction financing on a limited basis. Call for details.
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Second Mortgage Loans
Subordinate to the first mortgage, these loans offer the borrower the ability to get money for home improvement, debt consolidation, or many other reasons without disturbing their first mortgage. Convenient when you have a low interest first mortgage. Many lenders are "out of the market" for these types of loans. However, we can routinely offer second mortgage and home equity lines of credit at competitive rates.
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High Debt Ratio Loans
A ratio of monthly bills to monthly income higher than 45% is considered a high debt ratio. Loan programs are available for borrowers in this situation, allowing them to finance the purchase of a home or property.
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Challenged Credit Loans
These mortgages are for borrowers with less-than-perfect credit. They can vary from slightly damaged credit to severely damaged. Regardless of your situation, we have a mortgage that will get you back on track.
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Jumbo Loans
Offers 30 and 15 year fixed rate mortgage and competitive ARM products with full documention.
Cash out and No cash out refinance are allowable. Single family detached, Condo's, PUD's and single-family second homes can be financed with no prepayment penalty.
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80/15/5
This is a loan which carries a second mortgage for up to 15% of the purchase price of the property. It is usually used when wishing to avoid PMI insurance or to keep your first mortgage under the FNMA/FHLMC limit to avoid Jumbo rates. The borrower puts down a 5% down payment and then finances a first mortgage up to the FNMA/FHLMC limit and a second mortgage of up to 15% of the purchase price. Other variations are 80/10/10 or 75/15/5.
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Credit Problems
Troubled credit? Bankruptcy? Been turned down somewhere else? We offer loan programs for customers with credit problems.
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No Down Payment
See FHA loans for no downpayment possibilities when a relative gives the buyer a gift.
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No Income Verification
Loans where your income is not requested or verified. Due to the current credit situation, these programs are extremely limited and more expensive than "full documentation" loans. Contact a loan officer to discuss availability and pricing.
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