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| Reverse Mortgage |
| Conventional 30yr Fixed |
| Conventional 20yr Fixed |
| Conventional 15yr Fixed |
| Conventional 10yr Fixed |
| Jumbo fixed rate mortgage |
| Portfolio Fixed Rate Mortgages |
| Interest Only Fixed |
| Streamline Purchase for Homeowners (LP) |
| ALT 97 (Loan Prospector) |
| Freddie Mac 100 Mortgage (Loan Prospector) |
| Expanded Approval with Timely Payment Rewards (FM) |
| Fannie 97 (Fannie Mae) |
| Community 97 (Fannie Mae) |
| Community 100 (Fannie Mae) |
| Community 100 Plus (Fannie Mae) |
| Flex 100 |
| Community Renovation 1-4 Family (FM) |
| Community Solutions (Fannie Mae) |
| 6 month Libor / 6 month COFI ARMs |
| Interest only ARMs |
| Portfolio Adjustable Rate Mortgages |
| 2% 1yr Treasury Arm |
| Hybrid Treasury 3/1 Arm |
| Hybrid Treasury 5/1 Arm |
| Hybrid Treasury 7/1 Arm |
| Hybrid Treasury 10/1 Arm |
| 7 Year Balloon |
| Jumbo Arms |
| Non-Conforming or B/C Mortgage Products |
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Reverse Mortgage
Fannie Mae offers three reverse mortgages to help homeowners 62 and older convert their home equity into cash and remain in their homes for life. Fannie Mae offers its conventional reverse mortgage loan, The Home Keeper Mortgage®, Home Keeper for Home Purchase, and the Home Equity Conversion Mortgage, an FHA-insured reverse mortgage.
The Home Keeper Mortgage is Fannie Mae's adjustable-rate conventional reverse mortgage. The amount available is based on three factors: the number of borrowers, the ages of the borrowers, and the adjusted property value. Anyone 62 years or older who either owns his or her home free and clear, has very low mortgage debt, and occupies the property as his or her principal residence is eligible for a Home Keeper.
Home Keeper for Home Purchase is a variation of this reverse mortgage product that gives homebuyers 62 and older additional flexibility not available through standard first mortgage financing. This product allows borrowers to purchase a new home without using all of their personal resources to fund the purchase, and they will have no monthly mortgage payments.
HUD's Home Equity Conversion Mortgage (HECM) is another viable option for homeowners 62 and older to tap the equity in their homes, while giving them other options to address their particular housing needs. The maximum mortgage amount insured by FHA is based upon local FHA loan limits.
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Conventional 30yr Fixed
A fully amortizing mortgage where the principal and interest payments are fixed and the term does not exceed 30 years
Term: 30 years
Maximum Amount: $417,000
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Conventional 20yr Fixed
A fully amortizing mortgage where the principal and interest payments are fixed and the term does not exceed 20 years
Term: 20 years
Maximum Amount: $417,000
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Conventional 15yr Fixed
A fully amortizing mortgage where the principal and interest payments are fixed and the term does not exceed 15 years
Term: 15 years
Maximum Amount: $417,000
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Conventional 10yr Fixed
A fully amortizing mortgage where the principal and interest payments are fixed and the term does not exceed 10 years
Term: 10 years
Maximum Amount: $417,000
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Jumbo fixed rate mortgage
These loans are created for the borrower who needs a loan amount above $417,000.00
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Portfolio Fixed Rate Mortgages
Sometimes we will recommend a loan product to a borrower that requires less documentation. Consider the merits of a Fixed Rate Mortgage that is non traditionally underwritten. Combine a fixed rate mortgage with Stated Income, No Ratio, or No Doc underwriting requirements. This opens up more doors for special/creative financing. We can now combine these with interest only features too. Call us to discuss the possibilities
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Interest Only Fixed
Interest only fixed rate mortgages allow homeowners additional cash flow savings for other purchases or expenses. Some people find that the monthly savings is more important to free them up to do other things. The trade-off is that you will not accrue any equity when making monthly payments. Call us and ask us more about it.
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Streamline Purchase for Homeowners (LP)
The Streamlined Purchase Offering 400 is a mortgage for borrowers with excellent credit who are willing to pay a nominal fee or higher rate for a pre-approved loan with less documentation. Available for fixed-rate, 7-year balloon/reset, and ARM mortgages.
Term: 30 years
Maximum Amount: $322,700
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ALT 97 (Loan Prospector)
Alt 97 mortgages allow for an LTV ratio to 97 percent on a fixed rate, fully amortizing purchase mortgage with no minimum down payment required from Borrower Funds.
Term: 30 years
Maximum Amount: $322,700
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Freddie Mac 100 Mortgage (Loan Prospector)
FM 100 mortgages allow for loan-to-value ratios greater than 97% and up to 100% on a fixed-rate, 1-unit primary residence.
Term: 30 years
Maximum Amount: $322,700
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| The Borrower must have 3 percent of own funds in the transaction, between the down payment and closing costs. Borrower Funds may come from cash or other equity as defined in Sections 26.2 and 26.3 of the Guide, with the exception of Sweat Equity. |
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Expanded Approval with Timely Payment Rewards (FM)
Expanded Approval helps borrowers with less-than-perfect credit buy the home they need and want at a competitive interest rate. The Timely Payment Rewards® feature gives qualifying borrowers an interest rate reduction of up to one percent after making timely mortgage payments for a specified period. And with a hybrid ARM feature also available, the borrower can have lower payments for the first 5, 7 or 10 years, after which time the interest rate adjusts annually.
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Consumer benefits:
Loan amounts up to 100% of the purchase price
Minimum 3% borrower contribution towards down payment or closing costs, which can come from flexible sources, including gifts, grants or unsecured loans from relatives, employers, public agencies, or non-profits
Potential to lower their mortgage payment after making timely payments for a specified period, without the cost of refinancing |
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Fannie 97 (Fannie Mae)
Fannie 97® is ideal for the home buyer who has enough income to handle monthly mortgage payments, but is experiencing difficulty accumulating cash for the down payment. It only requires a 3 percent down payment from the borrower's own funds, and the borrower only needs to have one month's mortgage payment in cash savings, or reserves, after closing.
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Community 97 (Fannie Mae)
Community 97TM is a low down payment mortgage with flexible credit guidelines. The core features, which can be customized, include a minimum contribution of 1 percent or $500, whichever is less (from the borrower's own funds), no monthly reserves, and a higher single qualifying ratio.
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Product type:
30 years or less fixed-rate mortgage, 7/1 ARMs (fixed rate only with EEM option)
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Community 100 (Fannie Mae)
Community 100TM is a zero down payment mortgage, designed for borrowers with good credit. The core features, which can be customized, include flexibility for the 3 percent contribution to come from a range of acceptable sources and a higher single qualifying ratio.
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Product type:
30 years or less fixed-rate mortgage, 7/1 ARMs |
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Community 100 Plus (Fannie Mae)
Community 100 PlusTM is a more aggressive low percent down payment mortgage with flexible credit guidelines for borrowers with limited cash resources.
The core features, which can be customized, include a minimum contribution of 1 percent or $500, whichever is less (from the borrower's own funds), no monthly reserves, and a higher single qualifying ratio. Community 100 Plus includes extra flexibilities for rural residents and may include additional incentives for buyers of energy efficient homes through use of the MyCommunityMortgageTM Energy Efficient Mortgage (EEM) option.
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Product type:
30 years or less fixed-rate mortgage, 7/1 ARMs (fixed rate only with EEM option)
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Flex 100
Flexible 100 is a no down payment loan; all the borrower is required to pay at closing is a minimum contribution of $500 of their own funds.
Additionally, with a hybrid ARM feature also available, the borrower can have lower payments for the first 5, 7 or 10 years, after which time the interest rate adjusts annually.
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Community Renovation 1-4 Family (FM)
Purchase and Renovation Products for 1- 4 Unit, Owner-Occupied Homes
Home improvement and housing preservation can be costly, especially for borrowers with limited finances. The Community Renovation 1-4 Family pilot, an addition to Fannie Mae's MyCommunityMortgageTM (MCM) product suite, is designed to make the purchase and renovation of 1-4 unit properties more affordable.
The pilot allows borrowers to make minor renovations to their homes, such as updating kitchens, electrical wiring, heating, and plumbing, and finance the improvements in a single mortgage. The Community Renovation 1-4 Family pilot helps lenders as a community revitalization tool in areas with aging housing stock, while expanding opportunities for market exclusivity.
Fannie Mae offers three product options in Community Renovation:
Community Renovation 1-Family
Community Renovation 2-Family
Community Renovation 3-4 Family
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Community Solutions (Fannie Mae)
Fannie Mae offers Community Solutions, a suite of flexible mortgage options through MyCommunityMortgageTM, for low- and moderate-income borrowers. Community Solutions is for borrowers who are full-time teachers, police officers, firefighters, and in some cases, healthcare workers.
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6 month Libor / 6 month COFI ARMs
An adjustable rate mortgage, with rate adjustments every six months.
Term: 30 years
Maximum Amount: $322,700
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Interest only ARMs
Interest only adjustable rate mortgages allow homeowners additional cash flow savings for other purchases or expenses. Some people find that the monthly savings is more important to free them up to do other things. The trade-off is that you will not accrue any equity when making monthly payments. Call us and ask us more about it.
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Portfolio Adjustable Rate Mortgages
Sometimes we will recommend a loan product to a borrower that requires less documentation. Consider the merits of an adjustable 6 month ARM, 3/27 ARM, 5/25 ARM, 7/23 ARM. Combine these intial fixed rate periods with Stated Income, No Ratio, or No Doc underwriting requirements. This opens up more doors for you. We can now combine these adjustables with interest only features too. Call us to discuss the possibilities
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2% 1yr Treasury Arm
An adjustable rate mortgage with annually adjusting rates after the first year, and an initial adjustment of up to 2%.
Index: 1-Year Constant Maturity Treasury
Adjustment Frequency: Annual
Initial Adjustment Cap: 2%
Periodic Cap: 2%
Lifetime Cap: 6%
Term: 30 years
Maximum Amount: $322,700
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Hybrid Treasury 3/1 Arm
An adjustable rate mortgage with an initial fixed-rate for 3 years, and an annually adjusting rate thereafter.
Index: 1-Year Constant Maturity Treasury
Adjustment Frequency: Annually after the first 3 years
Initial Adjustment Cap: 2%
Periodic Cap: 2%
Lifetime Cap: 6%
Term: 30 years
Maximum Amount: $322,700
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Hybrid Treasury 5/1 Arm
An adjustable rate mortgage with an initial fixed-rate for 5 years, and an annually adjusting rate thereafter.
Index: 1-Year Constant Maturity Treasury
Adjustment Frequency: Annually after the first 5 years
Initial Adjustment Cap: 5%
Periodic Cap: 2%
Lifetime Cap: 5%
Term: 30 years
Maximum Amount: $322,700
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Hybrid Treasury 7/1 Arm
An adjustable rate mortgage with an initial fixed-rate for 7 years, and an annually adjusting rate thereafter.
Index: 1-Year Constant Maturity Treasury
Adjustment Frequency: Annually after the first 7 years
Initial Adjustment Cap: 5%
Periodic Cap: 2%
Lifetime Cap: 5%
Term: 30 years
Maximum Amount: $322,700
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Hybrid Treasury 10/1 Arm
An adjustable rate mortgage with an initial fixed-rate for 10 years, and an annually adjusting rate thereafter.
Index: 1-Year Constant Maturity Treasury
Adjustment Frequency: Annually after the first 10 years
Initial Adjustment Cap: 5%
Periodic Cap: 2%
Lifetime Cap: 5%
Term: 30 years
Maximum Amount: $322,700
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7 Year Balloon
The seven year balloon is ideal for someone staying in their home for seven or less years. The rate is more attractive than a 30 year fixed. It is fixed for the seven year period and then the loan balance is due, or payable in full to the lender. May seem a little frightening right? Well it could be without the the Conditional Refinancing Option which provides a safety net, allowing borrowers to refinance the 7-Year Balloon at maturity with a 23-year fixed-rate mortgage (FRM), provided certain conditions are met.
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Jumbo Arms
For loan amounts above $322,700.00 ask about a Jumbo Arm product. This product will allow you to save interest money during the initial fixed period. Many different Arm products are available.
Maximum Amount: $1,000,000
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Non-Conforming or B/C Mortgage Products
There are many Non-Conforming products available. These products serve the borrower who has less than perfect credit. Fixed Rate and Adjustable Rate products are available.
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Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $417,000 for the contiguous states, District of Columbia, and Puerto Rico or below $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $322,700 with closing costs of $6,454. Jumbo Loans (whose maximum loan amount exceed $417,000 for the contiguous states, District of Columbia, and Puerto Rico or exceed $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.
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