Mortgage information
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Our challenge is not to "fit" you into the programs we offer, but rather find the program that "fits" your needs. Our options are literally in the thousands. It takes someone like our owner who's been in the business since 1972 to know how to correctly apply all these options perfectly to your situation. Here is a brief summary of a few of these programs:
Conventional Programs
These programs offer the most flexibility with may options for fixed rates, Adjustable Rate Mortgages (ARMs), mid-term adjustables, high ratio options, combined first and second mortgages, and many more. Loan amounts are limited to $417,000 on conventional loans.
One of our most popular options is to combine a second mortgage loan with a Conventional loan, keeping the conventional loan under the 80% of appraised value to avoid the expensive mortgage insurance.
Non-Conforming
There are many types of non-conforming loans. Here are a few of them:
Jumbo Loans
Loans exceeding $417,000 are classified as "Jumbo" loans. They carry a little higher rate, but have many of the same options as the Conventional with ARMS, high ratio, and many other options.
Stated Income
Self employed borrwers often take advantage of tax benefits and don't show actual take-home income on tax returns. We have programs just for these borrowers where income is merely stated on the application and not verified. Interest rates may or may not be affected because of this. Credit ratings are extremely important on these loans. You'll be especially pleased with these options from Legacy.
100% Financing Options
We have dozens of options that allow our borrowers to borrow the entire purchase price, or refinance and obtain all of their equity of their homes. This is a great option for first time homebuyers and often replaces the need for the more expensive FHA or VA options. We can provide 100% financing for borrowers with credit scores as low as 580. We even have options to exceed the sales price by 7-10% to pay off existing debts to make your personal finances and cash flow more comfortable for you.
Sub-prime Loans
If there are credit challenges in your past, job stability problems, bankruptcies, foreclosures, collection accounts, too much debt, too little income for the home you want, and a myriad of other issues, you may still be able to purchase the home of your desire. While we can't do every loan that comes to us, we are aware of all the creative options to help with special challenges families face. We can repair credit reports, offer suggestions on raising credit scores, provide long term programs to help those become eligible that may not be ready right now. We've worked with families for as long as 3 years in getting them into that perfect home. Our promise isn't that we'll always be able to get you a loan, but our promise is that you'll get the best available advice there is. If we can't provide a loan now, we'll tell you right away why, how to solve your problems, and how long that will take to become a qualified borrower. You won't find Legacy Mortgage loan officers charging exorbitant rates or fees like most lenders do on these loans either.
First Time Buyer Programs
There are at least a dozen programs we have just for the first time homebuyer. Several of them offer 0% down and some will include closing costs too. There are many limiting factors associated with each program and one of our loan councelors will guide through the maze if you are a first time homebuyer.
Construction Lending
We work with all the local and national lenders in providing construction funds for new homes. We have several versions of the popular one-time close loan. We also have ties with most of the major builders to get you the best home, with all the incentive advantages offered through most of the builders. There are many options for lot draws, fees, rates, terms, and extensions if needed.
Ask us about the increasingly popular One Time Close construction loan. You only have one set of closing costs and the interest rate is locked out months ahead.
Second Mortgages
Second mortgages also come in many varieties. They can be fixed or adjustable in rate, fixed term, or lines of credit, they can be with no origination fees and higher rates or a few closing fees and lower rates. They can go all the way to 125% of the appraised value.
Fixed Pay ARM and Option ARM
Want to start with an interest rate of about 1.0%? This is the program that has been getting so much attention the past couple of years. It's a great loan for the right situation. It's a disaster if it's the wrong situation. Many lenders will shape this loan to show you an extremely low rate or a low monthly payment with promises of it being "fixed". You want a full disclosure on this one before signing up and we're the ones who will help you understand it..... all of it.
Reverse Mortgages
For the senior citizens, this mortgage is meant to suppliment their income or financial needs, using the equity in their homes. Borrowers do not have to pay these funds back as loan as they continue to occupy the property. Again, there are many conditions on these loans. It's not a loan for everyone, but for those who are equity rich and cash poor, this is literally a life changing loan for many people.
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