|
|
 |
|
 |
 |
|
|
| |
| No Money Down Loans |
| Conforming Loans |
| Imperfect Credit Loans |
| No Income Verification Loans |
Rates last updated on Tuesday, May 31, 2005
|
No Money Down Loans
Ideal for first-time buyers, these no down-payment mortgages can help reduce or eliminate nearly every cost associated with obtaining a home loan. These programs normally combine two loans: An 80% first mortgage, and a 20% second mortgage. The interest rate is typically the weighted average of the two loans.
Term: 30 years
Maximum Amount: $500,000
|
| Rates | Points | APR |
|---|
| 5.99% | 1% | 6.425% |
 |
Conforming Loans
Conforming long-term, fixed-rate and adjustable loans that meet Fannie Mae and Freddie Mac loan limits and property and borrower guidelines. Generally has higher loan limits than FHA and VA.
Term: 30 years
Maximum Amount: $359,650
|
|
Imperfect Credit Loans
Allows borrowers with less-than-perfect credit to qualify for competitive interest rates to consolidate debt and lower payments or make home improvements.
Term: 30 years
Maximum Amount: $359,650
|
|
No Income Verification Loans
Ideal for the self-employed with good credit, loans where borrowers agree to put down 25 to 30% equity in exchange for reduced documentation requirements.
Term: 30 years
Maximum Amount: $359,650
|
|
|
Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $417,000 for the contiguous states, District of Columbia, and Puerto Rico or below $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $359,650 with closing costs of $14,193. Jumbo Loans (whose maximum loan amount exceed $417,000 for the contiguous states, District of Columbia, and Puerto Rico or exceed $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $35,000. Your actual APR may be different depending upon these factors.
|
|
|
|
|