Candor Loan Programs
Available loan programs― from 100 Lenders available to Candor Mortgage
- Conforming (FNMA-Fannie Mae) Products
- FHA Insured Mortgage
- 10 Year Interest Only!
One of the most exciting products we have to offer is the 10 year interest only program. This loan has a monthly interest only payment based on the 6 month LIBOR and provides VERY low payments for large loan amounts. Currently, this rate is at 4.25% which would make a $300,000 mortgage payment of only $1062 per month! That is almost HALF of what a fixed rate mortgage would be. There are no pre-payment penalties, and every extra dollar you pay goes straight to the principal! Every 6 months, a new payment is calculated based on the new balance! This allows you to (1) build equity much faster with the same money! Since you are paying interest only, your entire mortgage payment is tax deductible! (2) you can select the amount of your payment each month above interest. This program is great for those who plan to sell their home in a few years!
- 5% Down Investment to $1 million
- 15% Down Investment/Rental Properties.
- 100% Financing (tough to find)
- 2% Down
- 5% Down Primary or Second Home Purchase
- Home Equity Lines of Credit (HELOC) (Probably not available from me - 9-15-2008)
- JUMBO LOANS
- NEW 97% LTV
- Refinancing, Rate/Term or Cash-out
- Stated Income
- Special Mortgage Programs for Firemen/Police and Teachers
These programs offer the lowest possible rates and best terms. Mortgage insurance is always required with loans with less than 20% down payment. Maximum loan amount is about $400,000 for 2008. By the way, this is a federally regulated mortgage product and makes up a significant part of the loan portfolio for all lenders. The difference in rates between one lender and another is usually the efficiency and overhead of the supplier of the mortgage.
Currently, the most important tool available for us right now to deal with limited funds available for down payment and restrictive credit history. FHA offers great interest rates to first time home buyers, those trying to move up to a larger home and for those hit by high payments due to the restructuring of the adjustable rate mortgage taken out two or three years ago.
Investor can have up to $2 million in properties regardless of the number of properties. Ninety-five percent CLTV with 660-Mid and cash-flow vacancy factor is irrelevant. This program is now a bit restrictive, but if you are interested give us a call and we help you through the complexities.
We offer many programs to the investment buyer that wants to put the least amount down. Typically these programs differ from a conforming loan in that a slightly higher interest rate is charged. A down payment of 30% is needed to qualify for conforming rates.
We offer several no down payment programs. These include programs for borrowers that have good credit and employment histories, but have no money down for their down payment as well as 100% programs for stated income, self-employed, and customers with a few credit problems. In some cases, the closing costs can be included in the loan amount and there is no mortgage insurance. We can even do 100% purchases for some people just 1 day out of bankruptcy!
This program allows qualified borrowers with 2% of their own money to purchase a new home at the lowest possible conforming interest rates. This program is actually a 95% loan, where the additional 3% can come from a gift, grant, or unsecured loan. This is a great program for first time home buyers.
We offer a wide variety of programs for a primary purchase and can even offer 5% financing on a second home for qualified borrowers. Loan approval comes fast and easy with the latest technology, some within an hour. Payment terms can be structured to the borrowers’ particular needs that include 30, 20, 15 and 10 year fixed rates, ARM’s, and many balloon programs.
Our Company has programs for borrowers who wish to keep their first mortgage in place and use their equity for debt consolidations, purchase other properties, or home improvements, etc. Some programs allow up to 100% combined (1st and 2nd mortgage loans) to appraised value. No closing cost HELOC’s are also available.
We have many excellent programs for borrowers needing loans between $300,000 and $2 million. We have programs for the self-employed, stated income programs, No Income Verification (NIV), and many others. Jumbo loans can be made to borrowers with excellent credit, and also to those who have had credit problems. We charge no origination fee on jumbo loans and have a zero closing cost option available!
A program with 3% down payment with no geographic or income restrictions. The down payment can be a gift, grant or can come from an employer. Debt ratio is based on your overall profile. The interest rate is a conventional conforming fixed rate.
Many programs are available to reduce your present mortgage interest rate with little or no "out-of-pocket" cash. We will use up to 100% of the appraised value of your property for some programs. You can use the equity in your home for home improvements, college tuition, debt consolidation, the purchase of a boat or car or for "emergency" cash savings.
We have a wide variety of stated-income programs. Stated income is a program where income is simply "stated" on the application rather than documented. This helps with self-employed individuals who may have no "proof" of their income, people who have extra income they cannot document, or anyone else that has problems qualifying for a regular conforming loan due to a high debt to income ratio. Stated income programs are available for both self-employed people and wage-earners. These programs are available for A-D credit borrowers.
Candor Mortgage, in association with a number of lenders have special programs for Police, Fire Department personnel and teachers, both public and private. Additionally, Candor offers some limited assistance with closing costs. This assistance could reduce your cost to close by as much as 10%.