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| Loan Program |
Reason to Choose It |
Key
Feature |
| Basic 30/25/20/15/10 Year
Fixed Rate Loans |
You want the stability of a
fixed principal/interest payment over the
life of the loan. |
Down payments as low as 5%.
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| Reduced Rate Option |
You plan to
stay in your home for a long time and want a
lower rate. |
Reduced rate in
exchange for limits on refinancing and early
principal reduction for the first 5 years.
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| No Down Payment Loans |
For borrowers
with limited-to-no down payment who want to
purchase a home. |
Combines a 1st
mortgage and a 2nd mortgage to use as
equivalent for 20% down to avoid PMI.
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| Low Down Payment Programs |
You want to put
down just 3% or 5%. |
No maximum
income/earning restrictions and loan amounts
up to $417,000. |
| Low Documentation |
You have
excellent credit and want to avoid
paperwork. |
Very little
paperwork; as little as a 5% down payment. |
| One Time Close Loans |
You're looking
to build a home and do not want the extra
cost of two closing (construction and
permanent loan). |
One
application, one closing and one set of
closing cost. Interest rate is protected up
to 12 months with a built in Roll Down
Option. |
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| Loan Program |
Reason to Choose It |
Key
Feature |
| Basic ARM |
You want to
start with a low payment or want to buy more
home. |
As little as 5%
down; rate adjustments each 6 months or 1
year.
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| Basic ARM with Reduced Rate Option |
You want to
start with an extra low rate. |
Reduced rate in
exchange for limits on refinancing and early
principal reduction for first 5 years.
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| Fixed Period ARM |
You plan to
move or refinance in a few years and want
the security of a fixed rate for that period
of time. |
Fixed rate for
3, 5, 7 or 10 years, then adjusts annually
based on a financial index.
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| Fixed Period ARM with Reduced Rate Option |
You want to
start with an extra low rate, plus have the
security of a fixed rate for set number of
years. |
Reduced rate in
exchange for limits on refinancing and early
principal reduction for first 5 years.
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| Interest Only Loans |
For borrowers
who need maximum cash flow and lower monthly
payment in the short term. |
Reduces monthly
payments, helps maximize monthly cash flow
and allows borrowers to qualify for larger
loan amounts. |
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Loans Designed for Avoiding Traditional
Private Mortgage Insurance (PMI) ( back to top)
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| Loan Program |
Reason to Choose It |
Key
Feature |
| Tax Advantage Mortgage Insurance (TAMI) |
You have
between 5% to 10% for a down payment and
want to avoid paying traditional mortgage
insurance. |
You offset the
cost of traditional mortgage insurance by a
higher interest rate which often provides
opportunity for a tax deduction. |
| Home Equity Line of Credit |
You have from
5% to 10% for a down payment and want to
avoid paying private mortgage insurance. |
Combines your down payment, a 1st mortgage
and a 2nd mortgage so you can achieve 20%
down to avoid PMI (private mortgage
insurance). |
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Loans Exceeding Fannie Mae/Freddie Mac Guidelines ( back to top)
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| Loan Program |
Reason to Choose It |
Key
Feature |
| Non-conforming (Jumbo) Loans |
You need to
borrow more than $417,000. |
Loans up to $5
million. Wide variety of programs options. |
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| Loan Program |
Reason to Choose It |
Key
Feature |
FHA Loans
(Loan Limits apply) |
You may or may
not have 3% for a down payment, lack a
traditional credit history or have uncommon
sources of income. |
Can use cash gifts from family, other
sources of income, and alternative payment
records like rent and bill payments to
establish credit. |
VA Loans
(Loan Limits Apply) |
You are a
qualified Veteran and have little or no
money for a down payment. |
You can finance
100% of the purchase price with a 1st mortgage
and pay no mortgage insurance. |
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| Loan Program |
Reason to Choose It |
Key
Feature |
| 30/15 Year Fixed Rate |
For borrowers
who want the stability of a fixed
principal/interest payment over the life of
the loan. |
Expanded
criteria allows non-traditional lender
guidelines for individuals with less than
perfect credit.
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| "Credit Repair" Loan |
Helps borrowers
stabilize their situation to get "back on
track" while enjoying a lower interest rate
loan for a fixed period of time. |
Fixed rate for
2 or 3 years, then adjusts annually based on
a financial index.
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| Interest Only Loans |
For borrowers
who need maximum cash flow and lower monthly
payment in the short term. |
Reduces monthly
payments, helps maximize monthly cash flow
and allows borrowers to qualify for larger
loan amounts. |
| As Little As No Down Payment Loans |
For borrowers
with less than perfect credit and limited to
no down payment who want to purchase a home. |
Combines a 1st
mortgage and a 2nd mortgage to use as
equivalent for 20% down to avoid mortgage
insurance. |
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FHA Mortgage Rates, Current Mortgage Rates, VA Mortgage Rates
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(c) Evolve Bank & Trust. All rights reserved.
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