Loan Programs

 

 

Which loan is right for me?

Years you plan to stay in the house? 1-3 years 3-5 years 5-7 years 7-10 years 10 + years

Recommended program: 3/6 ARM or 2/6 ARM 5/6 ARM 7/6 ARM 7/6 ARM, 30 year fixed, 15 year fixed 30 yr fixed or 15 year fixed

Loan Programs

Fixed Rate Mortgages:
30 Year or 15 Year Fixed

Advantages: Monthly payments are fixed over the life of the loan Interest rate does not change Protected if rates go up Can refinance if rates go down

Disadvantages: Higher interest rate Higher mortgage payments Rate does not drop if interest rates improve

Adjustable Rate Mortgages:
7/6 ARM, 5/6 ARM, 3/6 ARM, 2/6 ARM

Advantages: Lower initial monthly payment Lower payment over a shorter period of time May qualify for higher loan amounts

Disadvantages: More risk Payments may increase over time Potential for high payments if rate adjusts

First Time Buyer Programs:

Advantages: Lower down payment Easier to qualify Lower rates may be available

Disadvantages: May be subject to income and property value limitations Some programs which have government subsidies may have a recapture tax if you sell the house too early

Stated Income Programs:

Advantages: Don’t need to verify income Faster approval

Disadvantages: Higher rates Higher down payment

No point, No fees program:

Advantages: No closing costs Less money required to close

Disadvantages: Higher rates Higher payments

Imperfect Credit Programs:

Advantages: Potential for reestablishing credit if you pay your mortgage on time When used for debt consolidation, you may be able to reduce your monthly debt payment

Disadvantages: Higher rates Terms may not be as favorable Harder to get long term fixed loans Loans may have prepayment penalties

Home Equity Line of Credit:

Advantages: You only borrow what you need Pay interest only on what you borrow Flexible access to funds Interest may be tax deductible

Disadvantages: Rates can change. The maximum interest rate is normally high. Payments can change Harder to refinance your first mortgage

Home Equity Fixed Loan:

Advantages: Fixed payments Interest may be tax deductible

Disadvantages: Higher interest rates than on 1st mortgages Harder to refinance your first mortgage

Buyers Advantage Program:

Rates as Low as 5.75%**
**(With an AmFirst Bank Auto-Debit Account)
(Interest Rate 5.99% for 24 months, then 6.99% for remaining 36 months without an account)

Five (5) Year Balloon Product
(Five (5) Year Term, 30 Year Amortization)
(Loan Amounts to $1,500,000.00)

Example of Repayment with 5.75% Interest Rate: Loan Amount of $1,000,000 and annual percentage rate (APR)
of 6.308%, 24 monthly payments of $5,839, and 35 monthly payments of $6,460 and one (1)  balloon payment of $940,984.

Example of Repayment with 5.99% Interest Rate: Loan Amount of $1,000,000 and annual percentage rate (APR)
of 6.547%, 24 monthly payments of $5,992, and 35 monthly payments of $6,621 and one (1)  balloon payment of $943,747.

Low Down Payment Requirements
(AmFirst Mortgage Services Max is 80%, Outside 2nd to 90%)

Low Monthly Reserves Required
(Two (2) Months Total Debt Service Coverage in Bank)

Debt to Income Ratio up to 50%
(40% if Income is Below $50,000 annually)

Recent Employment Change is OK
(Must be in the Same Profession as Previous Two (2) years)

Common Sense Underwriting
(Full Tax Return Analysis for Self Employed)
(100% Rental Income Used to Qualify)

No Escrow Account
(AmFirst Mortgage Services Does Not Collect Your Monthly Taxes and Insurance)

For the fastest loan approval, contact me today!

 

Besides our standard loan programs, we also have a large number of unique programs to serve your needs:

• Purchase a house with zero down
• FHA and VA loans
• Debt consolidation programs
• Home Improvement Loans
• Qualify even if you have been turned down before!