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 AVAILABLE
LOAN PROGRAMS
Conventional Programs
- Borrowers with good credit histories, stable employment and stable residency
can normally qualify for a conventional mortgage loan. These programs
typically carry the lowest rates available to any consumer and allow the
borrower(s) to borrow up to 103% of the purchase price of the new home.
Sellers are allowed to pay up to 3% towards closing costs on behalf of the
buyers.
Non Conforming Mortgages
- Borrowers that have experienced past credit problems including delinquent
payments, bankruptcies, collections, etc. can qualify under these program
guidelines. Loans are granted up to 95% of the purchase price and rates
are typically based on credit scores, loans to value and past mortgage
history. Rates tend to be slightly higher than conventional mortgage
rates.
Stated Income
- No Income Verification mortgages are common in today's economy. These
programs are based on a borrower's credit history and excludes income
documentation and verifications. Self - employed borrowers typically take
advantage of these programs due to the waiver of tax returns, income
verifications, etc. Loans can be obtained up to 95% of the purchase price
with rates being slightly higher than other conventional or non-conforming
programs. *FCFC offers both conventional and non-conforming programs under
this category.
NO DOC Mortgages
- Our firm also has a line of NO DOC programs which is almost self
explanatory. The entire approval process centers around a borrower's
credit history and places no emphasis on income, residency, down payment
sourcing or length of employment. Our programs allow certain borrowers to
borrow up to 90% of the sales price with fixed rates and terms to 30
years. Interest rates are determined by the borrower's credit scores.
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