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PROGRAMS
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| HOME LOAN LOAN PROGRAMS | ||||
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| Standard Fixed Rate Loan | |
What is it? Available in 5 to 30-year terms. Can borrow up to 100% of collateral value depending on program. Can refinance and take cash out at the same time while still having only one monthly payment. |
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What are the benefits? Designed for people who want peace of mind from knowing that the interest rate and monthly payment is fixed throughout the life of the loan. |
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3/27 ARM |
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What is it? Initial interest rate is fixed for the first 2 (or 3) years of the loan. After 2 (or 3) years, the rate adjusts every six months and is tied to the 6 month LIBOR index. The initial rate is usually lower than a standard fixed rate. Caps are in place to prevent the rate from exceeding certain levels. |
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What are the benefits? Designed for people who want to maximize savings in the early years of the loan, with the option of refinancing later. |
| Interest-Only ARM | |
What is it? Interest-only payments for the first 10 years of the loan. Interest rate changes every 6 months and the maximum interest rate is capped at 12%. After 10 years, loan converts to a fully amortizing loan with principal and interest payments. |
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What are the benefits? Designed for people who want to maximize their monthly savings and increase the amount of loan they can qualify for. |
| Home Equity Loans | |
What is it? Fixed and adjustable rates available for loans up to 95% of collateral value. Loan proceeds can be used for any purpose, such as home improvements or bill consolidation. |
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What are the benefits? Designed for people who want to take cash out of the equity built in their homes without having to incur the expense involved with refinancing their mortgage. Also designed for people who are looking to consolidate debt into a lower monthly payment at a lower interest rate. |
| Stated Income Loans | |
What is it? Available for those borrowers who cannot document all of their income. |
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What are the benefits? Designed for self-employed borrowers who do not show a lot of income on their tax returns. Non self-employed borrowers are also eligible for this program. |
| Non-Conforming Jumbo Loans | |
What is it? Fixed and adjustable rates available for loans greater than $359,650. |
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What are the benefits? Designed for people who want to borrow more money than standard conforming loan guidelines allow. |
| Welcome Home Loans | |
What is it? Contribute as little as $500 from your own funds. Select from a variety of loan options, including 5, 20 and 30-year fixed rate mortgages or 7/1 and 10/1 CMT & LIBOR ARMS. Obtain 100% loan-to-value or 105% total loan-to-value for single unit properties |
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What are the benefits? Designed for homebuyers looking for low down payments and flexible sources of funds, including first-time homebuyers, move-up borrowers, retirees, families in underserved areas, new immigrants and others. |
| Commercial Loans | |
What is it? Loan programs include SBA 7(A), SBA 504, USDA and Non-Conventional Commercial. Loan amounts from $50,000 up to $5 million. Loan terms up to 30 years with no balloon payments. Flexible debt-service coverage. |
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What are the benefits? Designed for difficult-to-finance businesses and industries that other banks overlook. |
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WE CAN HELP |
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| Navigating loan terminology can be a challenge — but we'll walk you through it and help find the right loan for you. |
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