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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

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