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| Conventional loans typically
require some type of down
payment. However, in today's
market zero down or 100%
loans are quite frequent
and very available depending
on your needs. Anything
over conforming loan limits
is considered a Jumbo loan.
Those terms and guidelines
mirror conventional terms.
Contact us for complete
details. |
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| Here are some general
characteristics: |
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| •
10 to 40 year terms |
| •
Permanent and temporary
buy downs |
| •
1 st and 2 nd loans (80/20,
80/10/10, 80/15/5) |
| •
Zero down and 1 st time
homebuyers |
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| ARM |
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Adjustable rate mortgages have interest rates that can fluctuate. The rates are either not fixed or are fixed for short terms based on the chosen program. Balloons have to be refinanced after the initial agreed upon time. |
|
| • 30 or 40 year terms |
| • Various "fixed" terms, 3/1, 5/1, 7/1, 10/1 |
| • 1st and 2nd loans (80/20, 80/10/10) |
| • Variety of indexes for adjustments (T-bill, LIBOR, etc) |
| |
| Interest-Only Payment Loans |
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| Typically you pay only the interest, not the principal for the first 10 years of the loan. Terms vary, contact us for details. |
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