A mortgage loan which conforms to all of the guidelines and is therefore eligible for purchase by the two major federal agencies that buy mortgages which are Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC).

A mortgage risk categorization that falls between prime and sub-prime, but is closer to prime.

With a fixed rate mortgage, you know exactly what your  principal and interest payment will be each month for the life of your loan.  It won't change because your interest rate does not change.  If interest rates go up, you will be protected with your fixed rate mortgage.  However, you will not benefit if rates go down.  The only way to take advantage of dropping rates when you have a fixed rate is to refinance.

Typically an investor purchase loan in which the loan amount is based upon the After Repaired Value (ARV).  The loan proceeds can be used for property acquisition, rehab and closing costs.

Compared to fixed rate mortgages, Adjustable Rate Mortgages (ARMs) typically offer a lower starting interest rate.  Most ARMs have an initial fixed rate period where the interest rate doesn't change followed by the rest of the loan's lifetime period where the rate is adjusted at predetermined intervals.  Many ARMs have caps that determine how much your interest rate can change per period as well as for the life of the loan.

A mortgage in which for a set period the minimum required monthly payment consists of interest only.  If you choose to make the interest only payment, the loan balance remains unchanged.

Loan documentation where income, assets, and employment of the borrower are fully verified by a lender.

A loan where the income of a borrower is stated on the application.  The lender will require 2 years proof of employment.

This type of financing can be through one loan for the entire purchase price.

Borrower can refinance using the new appraised value ( after improvements or increase in market value) with less than 12 months ownership.  The "cash out" from the loan can be used for reasons such as home improvements, debt consolidation, etc. This type of refinance can be for owner occupied and investment properties.

A mortgage larger than the maximum dollar amount eligible for purchase by the two Federal agencies, Fannie Mae and Freddie Mac.  The current maximum conforming loan amount is $417,000 in most counties in The United States.

100% Loan Programs Available through a variety of Government loan products.