Conventional ARM Rate Mortgages
“Conventional” mortgages are used to purchase or refinance a single-family home. To qualify for a Conventional Mortgage, you typically need a minimum down payment of 5% of the home purchase price (typically requiring mortgage insurance). If you have a down payment of 20% or more, you will not need to pay the additional expense of mortgage insurance. Typical terms include 30, 20, 15 or 10 years.
Purchase – Primary Residences
- 1 Unit Properties – Up to 95% Financing
- 2-4 Unit Properties – Up to 80% Financing
- 5% Down Payment for 1 Unit Properties
- 20% Down Payment for 2-4 Unit Properties
- Private Mortgage Insurance required for Loan to values >80%
- Seller can pay up to 3% of sales price to cover closing costs
- Fixed Rates available from 10 to 30 Years
- Adjustable Rates available
Rate/Term Refinance – Primary Residences
- Unit Properties –Up to 95% Financing
- 2-4 Unit Properties – Up to 80% Financing
- Closing costs can be included in loan amount
- Private Mortgage Insurance required for Loan to values >80%
- Limited cash back at closing
- Fixed Rates available from 10 to 30 Years
- Adjustable Rates available
- Fixed Rates available from 10 to 30 Years
- Adjustable Rates available
Cash out Refinance – Primary Residences
- 1 Unit Properties – Up to 80% Financing
- 2-4 Unit Properties – Up to 75% Financing
- Closing costs can be included in loan amount
- 6 months Ownership required
- Unlimited funds back at closing
- Fixed Rates available from 10 to 30 Years
- Adjustable Rates available
Purchase – Second Home
- Unit Properties Only
- Up to 85% Financing
- 15% Down Payment
- Private Mortgage Insurance required for Loan to values >80%
- Maximum of 4 properties financed
- Fixed Rates available from 10 to 30 Years
- Adjustable Rates available
Rate/Term Refinance – Second Homes
- 1 Unit Properties Only
- Up to 85% Financing
- Closing costs can be included in loan amount up to 85%
- Private Mortgage Insurance required for Loan to values >80%
- Maximum of 4 properties financed
- Limited cash back at closing
- Fixed Rates available from 10 to 30 Years
- Adjustable Rates available
Cash out Refinance – Second Homes
- 1 Unit Properties Only
- Up to 75% Financing
- Closing costs can be included in loan amount up to 75%
- Maximum of 4 properties financed
- 6 months Ownership required
- Unlimited funds back at closing
- Fixed Rates available from 10 to 30 Years
- Adjustable Rates available
Purchase – Investment Properties
- Unit Properties – Up to 80% Financing
- 2-4 Unit Properties – Up to 75% Financing
- Maximum of 4 properties financed
- Seller can pay up to 2% of sales price for closing costs
- Gift funds not allowed for down payment
- Fixed Rates available from 10 to 30 Years
- Adjustable Rates available
Rate/Term Refinance – Investment Properties
- Unit Properties
- Up to 75% Financing
- Maximum of 4 properties financed
- Closing costs can be included in loan amount up to 75%
- Limited cash back at closing
- Fixed Rates available from 10 to 30 Years
- Adjustable Rates available
Cash out Refinance – Investment Properties
- Unit Properties – Up to 75% Financing
- 2-4 Unit Properties – Up to 70% Financing
- Maximum of 4 properties financed
- Closing costs can be included in loan amount
- 6 months Ownership required
- Unlimited funds back at closing
- Fixed Rates available from 10 to 30 Years
- Adjustable Rates available
Harp – Refi Plus – Fannie Mae (Available through December 31, 2015)
- Mortgage loans with note dates prior to June 01, 2009
- AMS must be the current servicer of the existing mortgage
- 1 – 4 Unit Principal Residences
- 1 Unit Second Homes
- 1 -4 Unit Investment Properties
- Payoff the unpaid principal balance on the existing first mortgage
- Financing of the closing costs, prepaid items and points
- Max cash back $250.00
- No maximum LTV for fixed rate loans
- 105% Maximum LTV for Adjustable Rate loans with initial fixed periods greater than or equal to 5 years
- Term not to exceed 30 years
