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Loan ProgramsThe following is a partial list of programs offered by Advantage Capital Mortgage with a brief description of the key elements of each. For a complete list of the programs that we offer, please contact us at 443-293-3222. 
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Conventional
Traditional loan programs that usually require 3-5% down and offer competitive interest rates. Documentation and good-to-perfect credit are necessary.
The federal government has temporarily lifted the maximum conforming loan limits (the maximum for Fannie Mae and Freddie Mac) through 12/31/08 up to 729,750. Get it while its still here. If they do not renew the temporary increase (but you know the government usually does once they initially do), the limits will go back down to 417,000. It also varies county to county and region to region.
Contact us and will give you the scoop.
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VA Mortgages
Backed by the Veterans Administration and the federal government, it is similar to FHA except that you have to be a qualified Veteran or military person.
These loans are perfect for the brave men and women who have served our country. They are a great "no money down" loan.
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FHA Mortgage
Backed by the Department of Housing and Urban Development, this mortgage offers the borrower the ability to put as little as 3% down payment – and they can even finance “allowable” closing costs. Seller can contribute up to 6% of the purchase price to the buyer towards closing costs.
We can often times do a "no money down or out of pocket", 100% loan for you with FHA. You see, although you have to come up with at least 3% from your own funds for an FHA purchase, this 3% can be a gift to you from many different sources, one of which the seller. That's right, we can structure your loan so that the seller pays all of your closing costs AND the 3% required down payment. It's the only "no money down" purchase loan out there these days for non veterans.
FHA also does not require credit as good as conventional and you still get the current market rate. Now, with some FHA specialty programs, the rates can be slightly higher, but they are typically programs that are simply not available any where else.
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Investor Loans
Used to finance 1-4 family properties that will be for investment with as little as a 10% down payment. Aggressively priced, these programs have many variations, including: Limited Doc and Full Doc. Program may not be available in some states.
Again, due to current market conditions, these product are extremely tough to qualify for - that's why you need an expert, like us, to package up your application in the most favorable light before presenting it to an underwriter.
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Construction Loans
Building a new home can be an exciting prospect - unless you get caught up in a construction loan approval process that is overly complicated and time consuming. With this loan, we will finance up to 90% of the cost of land plus the costs of construction. We offer a one-time fixed rate closing or traditional ARM products.
In select areas for select borrower types, we can do 100% of the cost of the land and construction, based on the future value of the home. In the current, challenging market, however, these loans are getting more and more difficult.
Contact us and we'll check around for you as we have several different sources for these products. Don't forget, we don't charge any application fees up front.
We don't mind putting in a little bit of "unpaid" work if it means that we might earn another customer for life!
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Second Mortgage Loans
Subordinate to the first mortgage, these loans offer the borrower the ability to get money for home improvement, debt consolidation, or many other reasons without disturbing their first mortgage. Convenient when you have a low interest first mortgage.
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High Debt Ratio Loans
A ratio of monthly bills to monthly income higher than 50% is considered a high debt ratio. Loan programs are available for borrowers in this situation, allowing them to finance the purchase of a home or property.
When we run your loan through the automated underwriting by way of our direct link to Fannie Mae and Freddie Mac, we'll know for sure what we can do. We always try to be as thorough as possible on the application because compensating factors are the key to getting these type of loans done.
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Challenged / Bad Credit Loans
These mortgages are for borrowers with less-than-perfect or even bad credit. They can vary from slightly damaged credit to severely damaged. Regardless of your situation, we have a mortgage that will get you back on track.
The mortgage market is currently in a state of turmoil. 99% of all subprime loans that were around between 2001-2007 are now gone. The best and probably the only viable option for folks in this situation is FHA. FHA loans are, contrary to what you might have heard, pretty easy to qualify for and they carry very competitive market rates - sometime much better than even conventional loans with good credit.
Over the last several months, however, HUD has revised some of the underwriting guidelines and implemented risk based pricing for FHA loans. With that said, FHA loans are more difficult to qualify for and some lower credit grades pay a premium price.
The best bet, if you feel your credit might be damaged, is to contact us right away. We will, with your permission, pull your credit reports and run your loan application through the automated underwriting for FHA. If it is returned with an approval, you are good to go. If it comes back declined or approved but a higher rate, we will analyze your situation and determine what we need to do to get you approved for the best rate/terms available. If we have to spend a little time cleaning up your credit, then that is the route we will take. If we need to wait until the market turns around, then we will closely track your rate based on market conditions. When the market turns, we will strike while the iron is hot.
Contact us before taking a subprime loan with any other lender. There are some lenders out there that just want to make a quick buck and do not care what type of loan they get you. Not us. We want to earn your business when the time is right and we can get you the best loan available, now and every loan you need in the future!
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Jumbo Loans
Offers 30 and 15 year fixed rate mortgage and competitive ARM products with full document, alternate documentation and limited documentation.
Cash out and No cash out refinance are allowable. Single family detached, Condo's, PUD's and single-family second homes can be financed with no prepayment penalty.
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Credit Problems
Troubled credit? Bankruptcy? Been turned down somewhere else? We offer loan programs for customers with credit problems, although these products are quickly going extinct.
Again, if your credit is the issue, we can help! First we need to take a look at it to determine IF it is an issue. If it is, we, with our trusted partner, will work with you to get you to the point that it is NOT an issue. If you are right on the edge of either getting a high rate subprime loan or a preferred rate FHA or conventional loan, we'll spell that out to you and recommend that we come up with a game plan to get you the best loan possible.
Now, all credit repair companies charge a fee and the one we use is no different. Some are in the thousands and some are in the hundreds. Some charge you up front and some milk you for 39-125 dollars per month until you get tired of paying. Some are good, some are an absolute rip off. Be careful!
The best part about the one we refer our clients to is it's FREE to you. Obviously there are certain perameters to that offer, so drop us a line and we'll outline the process to you.
We are unique in that WE put our money where our mouth is so that you don't. Again, our goal is to earn a customer for life, not just a quick buck now.
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No Down Payment
0% down payment required and closing costs paid by the borrower (seller can contribute up to 6% towards closing costs).
FHA and VA are really the only options in this space. Give us a call or email with the details and we will help your realtor tailor your contract/offer so that it will be a true 100%, no money down loan.
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No Income Verification
Loans where your income is not requested or verified with as little as 10% down are stated income loans. There are several varieties of the "no-doc" loan today. The type of loan that is best suited for a particular borrower depends on that borrower's situation. Some borrowers choose not to disclose employment, income, or asset information, while others may be willing to disclose employment and asset information but not income. Still others might be willing to disclose income but select a program that does not calculate debt-to-income ratios, allowing those borrowers to exceed the traditional guidelines in order to qualify for a larger mortgage amount. With all the different variations of the no-doc loan, there is definitely a mortgage program for today's non-conventional borrowers.
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Pay Option Loan
These loans are the kiss of death and we do NOT offer them to anyone, period. They will rob you of your equity and the Feds are soon to ban them for good. There is no sense in really getting into great detail about them other than this.
If you are in a Pay Option loan now, CALL US RIGHT AWAY SO THAT WE CAN GET YOU OUT ASAP!
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