 Conventional Fixed Rate - 10, 15 year, 20 year, and 30 year Fixed-rate mortgages are stable and offer long-term savings. Because the interest rate never changes, the monthly principal and interest payment never changes either. If you plan to own your home for at least 5 years, a fixed-rate mortgage can help protect you from inflation. Because your mortgage principal and interest payment remains the same it is easier to budget. MORE DETAILS  Top
Adjustable Rate Mortgages (ARM) Adjustable-rate mortgages are popular because they usually start with a lower interest rate, so your monthly payments are lower. This allows you to qualify for a larger mortgage than would be possible with a fixed-rate mortgage. The interest rate on an ARM is adjusted periodically based on an index that reflects changing market interest rates.
There are many different types of Arms The most common we offer are: 10/1 ARM, 7/1 ARM, 5/1 ARM , 3/1 ARM and 1/1 ARM. The first number is the length of the initial period - how long it is until the first interest rate adjustment. For example, the interest rate on a 10/1 ARM will not change for the first 10 years but can change in the 11th year. People often plan to sell or refinance their home before the end of the initial period. MORE DETAILS Top
Option Arm
The Option Arm has a start rate as low as 1.25%. It is an adjustable rate mortgage based on either of two indexes. It is a loan program that provides both stability and flexibility. The stability is from the fact that the indexes are based on a 12 month rolling average or weighted average. The flexibility gives you four payment options every month (minimum, interest only, principal and interest based on a 30yr schedule or principal and interest based on a 15yr schedule). The index is the part that adjusts every month. Your margin is added to the index every month to determine your rate. The margin will remain fixed over the life of the loan. The program also has caps. Your minimum payment has an annual cap of 7.5%. There is a deferment cap of 125% and there is a lifetime cap of 8.95%. There is also a recast every five years.
A First Patriot loan officer can assist you in determining which Option Arm is the best choice for your particular needs.
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Interest-only Programs These ARMs feature interest-only payments for a set period, the first three, five or seven and even up to 10 years. You can qualify for more a loan and more of a house with these ARMs. Top
Little (3%-5%) to Zero Down Payment Some mortgages have no down payment requirements. Others require as little as 3% or 5% down payments. Others raise the maximum debt-to-income ratio, allowing you to qualify for a mortgage payment that is a larger percentage of your monthly income.
Other lender flexibility includes:
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Additional sources of money for the down payment, like a federal, state or local government agency, nonprofit organization, employers, private foundation or family member
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Expanded debt-to-income ratios (sometimes, up to 33% of gross monthly income for housing expenses and 38% for total monthly debt expenses)
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Options for people with limited incomes in high-cost areas
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Homebuyer education programs
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Lower mortgage insurance costs
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Seller contributions to your closing costs
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Also, some lenders offer financing in two different loans or piggybacks: 80/20, 80/15/5, 80/10/10, where the first number is 80 percent of the purchase price and represents the first mortgage. The second number is 20 percent of the purchase price and represents a second mortgage. The third number is your down payment. These numbers can change depending on the type of loan program and depending on your down payment amount. Top
FHA
An FHA mortgage is insured by the Federal Housing Administration (a division of the Department of Housing and Urban Development (HUD)). The FHA sets underwriting standards for approving and these guidelines are more lenient than conventional guidelines. This makes it easier for borrowers to qualify for a mortgage loan (low down payment requirements and a higher monthly debt allowance). FHA limits the types of loan programs it insures, but it insures 30 year fixed, 15 year fixed and one year adjustable loan programs. There are limits to the amount you can borrow with an FHA-insured mortgage. Top
VA Loan Programs
A VA mortgage loan is guaranteed by the Department of Veterans Affairs (DVA). One of the biggest advantages of is you can finance the purchase of a property with no-money down. VA loans are restricted to individuals qualified by military service.
We can walk you through step-by-step through the FHA/VA approval process and supply you with all of the necessary forms and training manuals. Top
Investor or Non-owner Occupied Up to 100% financing offered for investor and/or non-owner occupied properties.
Refinances, both rate and term or cash-out Up to 100% cash out refinances and the lowest interest rates. Refinance in less the 30 days.
Second or Vacation Homes
100% financing for second homes and vacation homes.
No Prepayment Loans
Some lenders will charge a prepayment penalty if you refinance or sell your home. We have programs that offer no penalties when you payoff your loan. Top
Single or multi-families, condominiums, PUDs, Manufactured Housing, Mobile Homes
We offer many programs that cover all types of housing.
Mixed Use and/or Commercial
We have many financing programs for commercial properties as well as mixed use properties.
Flexible Employment Requirements
Many programs available for salaried borrowers, as well as self-employed borrowers.
Conforming Loan Limits, 2004 Fannie/Freddie Limits
1 Family $333,700
2 Family $427,150
3 Family $516,300
4 Family $641,500
Jumbo Loans
We offer many jumbo loan programs, for loans that do no fall under the above requirements. Since Fannie and Freddie will not purchase these types of loans, they usually carry a slightly higher interest rate (to enhance their value and marketability to investors). Top
100% Financing No Income, No Asset Verification No income or assets will verified. We also have programs where income and assets need not be disclosed as well. Top
103% Financing-Borrowers Advantage
This is a fixed rate, fully amortizing mortgage with a non-conforming loan amount available to purchasing borrowers with excellent credit and limited cash resources for a significant down payment on a single-family primary residence.
Maximum Base LTV is 100%. Minimum is 97.01%. Combined Maximum LTV is 103%. Borrower can finance 3% of prepaids and closing costs. MI premiums may also be financed up to the maximum 103% CLTV.
The maximum loan limit is $500,000 (maximum base loan amount $485,437). Occupancy and Units are Primary Residence-1 unit.
Eligible property types are: detached single family residence, attached townhouse/row house, PUD, low rise condominiums.
Loan terms are 15 and 30-year fixed rate.
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TAMI Tax advantage mortgage insurance is a way for you to save money. Traditionally borrowers with a down payment less than 20% had no choice but to pay mortgage insurance (MI). With TAMI, the cost of mortgage insurance is included in the interest rate of the loan and is an alternative to more expensive traditional MI. The advantages are a lower monthly payment than traditional MI and also a higher potential tax deduction. Top
Balloon
Balloon/reset mortgages may be a good choice for homebuyers who don't expect to own their home past the maturity date of the balloon note: 5 or 7 years. Balloon/reset mortgages have monthly mortgage payments based on a 30-year amortization schedule but the entire mortgage balance becomes due at the end of the 5 or 7 year term. However under the reset option you may be able to "reset" your mortgage interest rate at the market rate at that time for the remainder of the amortization period or you may be able to refinance. Top
There are several types of balloon/reset mortgages: 7/23 balloon/reset or 5/25 balloon/reset. The two numbers combined indicate the total number of years that the payments will be based on. In other words, your monthly payments will be calculated as if the mortgage had a 30 year term. The first number is the number of years before the balloon maturity date and the second number is the balance of the term. MORE DETAILS Top
Bankruptcies and Foreclosures OK We have flexible programs available for borrowers with recent bankruptcies and/or foreclosures.
Bad Credit OK
We have loan programs available for any credit scores and issues. Collections, charge-offs, judgments and liens are disregarded. Also, we have loan programs available when you do not have any trade lines open. We can use alternative methods of establishing your credit.
First Time Homebuyer Programs
We are conscious of the fact that buying a home for the first time can
be a traumatic experience. Perish the thought! Let us be your
professional mortgage guide! We have access to a variety of products
tailored specifically for the buyer of his/her first home and are
willing to walk you through what sometimes can be an overwhelming
experience.
Down payment is a hurdle for some first time buyers. We have programs
which are 100% financing and others which require as little as 3% down. Within this
grouping, some products allow the down payment to be a gift, or it can
even be contributed to you by us.
Credit - whether insufficient, or poor past experience
with it - does not have to keep you from buying a home. We have a
variety of ways to indicate good credit from the bad, including showing
supplemental credit. Poor credit is just another opportunity for us to
be creative and assist you in your quest! Top
Construction Loans
These programs combine the construction and permanent financing of your
project. You qualify for the loan once, lock in the permanent rate, sign
one set of loan documents and have up to 12 months to complete the
construction!
During the construction period, interest is charged only on the funds
that have been disbursed. When the project is completed, the permanent
loan period begins.This is a "One Time Close" construction loan program to finance the
construction of a primary residence or a second home providing both the
construction financing and permanent loan all in one closing. This
means that you sign only one set of loan documents and do not have to
worry about re-qualifying, re-appraisals, additional closing costs or
signing additional loan documents.
You can lock in the permanent rate at closing, and have up to 12 months
to complete construction. During the construction period, interest is
charged only on the funds that have been disbursed. When the
construction is completed, the permanent loan period begins. Top
Mortgage Lates OK
We count rolling (consecutive) 30 day lates as one (up to six months). We can also finance those with 60 and even 90 day lates on their mortgage. Top
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