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Fannie Mae's Expanded Approval Loans
FNMA’s Flex 100
FNMA’s “HomeChoice” Loans
10-30 Yr., Fixed Rate “Stated Income” Loans
10-30 Yr., Fixed Rate “No Income; No Asset” Loans
Alt A Program
Simultaneous Second Loans
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| Fannie Mae's Expanded Approval Loans |
| Expanded Approval Loans allow us to approve loans that fall outside of traditional underwriting guidelines. Because of credit issues, higher debt loads or other risk factors present in the loan, we can now offer competitively priced financing options to borrowers who may have otherwise been denied. Fannie Mae's Expanded Approval Loan program offers borrowers very competitive loan terms and interest rates. |
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| FNMA’s Flex 100 |
| This program does not require the borrower to make a down payment. However, the borrower must contribute a minimum 3% toward the closing costs and prepaid items of the loan transaction. This program is an excellent program for first-time homebuyers or those who want to put the least amount down as possible. The rate for the program is slightly higher than a traditional 30 year fixed rate program that requires a minimum 5% down payment. However, the interest rate is very competitively priced. |
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| FNMA’s “HomeChoice” Loans |
| Our Home Choice loan program is designed specifically for people with disabilities and those with dependents with disabilities. Underwriting flexibilities include budget based qualifying using alternative sources of income. Homeownership and financial counseling is required and is provided to insure disabled people have access to homeownership opportunities. |
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| 10-30 Yr., Fixed Rate “Stated Income” Loans |
| Paramount Residential Mortgage Group's Stated Income program is a mortgage loan designed specifically for the borrower desiring no income documentation requirements as a condition of loan approval. Our Stated Income program offers a competitively priced interest rate. Requirements include that a borrower be self employed for a minimum 2 years in the same business. If the borrower is a salaried borrower, then they must have been employed for a minimum 2 years in same line of work. |
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| 10-30 Yr., Fixed Rate “No Income; No Asset” Loans |
| Our No Income; No Asset loan program is designed for the borrower wanting the least amount of income and asset documentation when applying for a loan. This program does not require the borrower to state income or provide asset information when making application. This program offers a competitive rate of interest. Program requirements include the borrower must be self employed in the same line of business for a minimum 2 years. If the borrower is salaried, they must be employed in the same line of work for a minimum of 2 years. |
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| Alt A Program |
| For borrowers who have been unable to obtain traditional financing because of credit issues, debt loads, or other special circumstances, Paramount Residential Mortgage Group's Alt A program allows you alternative financing options not available in the past. Our Alt A program offers competitively priced, fixed rate and adjustable rate loan programs to meet most any financing need. |
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| Simultaneous Second Loans |
This second mortgage loan product offers borrowers the ability to use a second mortgage to lower their loan to value below 80%. This type transaction is also referred to as a "Piggyback" mortgage.
For example, the borrower would put 10% of their own money as a down payment, obtain a 1st mortgage loan for 80 % and use a Simultaneous Second loan for the remaining 10%.
By lowering your 1st mortgage's loan to value below 80%, PMI or Private Mortgage Insurance is not required. This program is available on Conventional loans only. Both a 15 year fixed rate and a 30 year, with a 15 year balloon is available. |
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