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Loan Programs & Plans

Which loan is right for me ?

Years you plan to stay in-house	Recommended Program
1-3	3/1 ARM, 1 year ARM or 6 month ARM
3-5	5/1 ARM
5-7	7/1 ARM
7-10	10/1 ARM, 30 year fixed or 15 year fixed
10+	30 year fixed or 15 year fixed

First Time Buyer Programs :

What exactly is a first time home buyer? According to the government's definition, a first time home buyer is any purchaser who has not previously owned a home or an interest in a home anywhere and whose spouse has not owned a home or an interest in a home anywhere.

Advantage	Disadvantage
Lower down payment	Some programs which have government subsidies may have a recapture tax if you sell the house too early.
Easier to qualify	May be subject to income and property value limitations
Sometimes you may get lower rates	-------------

Stated Income Programs :

Advantage	Disadvantage
Don’t need to verify income	Higher rates
Faster approval	Higher down payment

No Point, No Fee Programs :

Advantage	Disadvantage
Less money required to close	Higher rates
No closing costs	Higher payments

Imperfect Credit Programs :

Advantage	Disadvantage
Potential for reestablishing credit if you pay your mortgage on time.	Terms may not be as favorable
When used for debt consolidation, you may be able to reduce your monthly debt payment	Higher rates
----------	Harder to get long term fixed loans
----------	Loans may have prepayment penalties

Home Equity Line of Credit :

Advantage	Disadvantage
You only borrow what you need	Rates can change. The maximum interest rate is normally high.
Pay interest only on what you borrow	Payments can change
Flexible access to funds	Harder to refinance your first mortgage
Interest may be tax deductible	----------

Home Equity Fixed Loan :

Advantage	Disadvantage
Fixed payments	Higher interest rates than on 1st mortgages
Interest may be tax deductible	Harder to refinance your first mortgage

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