Loan Programs

Residential Loans

Residential loan programs are available for the following types of property:

  • Single Family Dwellings
  • Condominiums
  • 2 unit buildings (Duplexes)
  • 3 unit building (Triplexes)
  • 4 unit buildings

Pricing for loans for above types of properties depend upon owner occupancy, credit scores, income, collateral, and cash reserves and condition of the building.

Types of Loan Programs

All programs can be interest-only payments OR principal & interest payments.

Adjustable Rate Loan (ARM)—as low as 1% start rate:

  • 3-YEAR Fixed Rate/27-Year adjustable rate
  • 5-YEAR Fixed Rate/25-Year adjustable rate
  • 7-YEAR Fixed Rate/23-Year adjustable rate
  • 10-YEAR Fixed Rate/20-Year adjustable rate
  • 15 Year Fixed Rate
  • 20 Year Fixed Rate
  • 30 Year Fixed Rate

Points

Let’s assume a loan amount (not purchase price) of $400,000. Points are a percentage of the loan amount and are paid 1 time, are part of the closing costs, and are used to “buy down” the rate.

  • ½ Point is 1/2% of loan amount or .05 x $400,000 = $2,000
  • 1 Point is 1% of loan amount or .10 x $400,000 = $4,000
  • Example : If 6.25% is at 0 points today, then
  • Paying ½ point gives a rate of 6.125% and thus
  • Paying 1 point gives a rate of 6.0%