Loan Programs
Blue Star Financial offers a full range of home
loan options. We help
you choose the optimum loan for your financial situation. Call us today
to discuss our mortgage options.
15/20/30/40 YEAR FIXED RATE - The most
popular type of mortgage, the fixed-rate loan is most appealing
to borrowers who want to stay in their homes for a long period
of time and who want to enjoy consistent interest payments during
this period. Other benefits include keeping housing expenses to a
minimum while maximizing mortgage interest deductions for income tax
purposes.
JUMBO LOANS - Offers 30 and 15 year fixed
rate mortgage and competitive ARM products with full document, alternate
documentation and limited documentation.
Cash out and No cash out refinance are allowable. Single family
detached, Condo's, PUD's and single-family second homes can be financed
with no prepayment penalty.
ADJUSTABLE RATE LOANS - ARMs Offer Lower
Rates
Staying in the same home for 30 years may not be in your plans
-- which is one reason to consider an adjustable-rate mortgage (ARM). An
ARM generally offers a lower initial interest rate than a fixed-rate mortgage.
With lower monthly payments in the initial years of your mortgage, you
may qualify for a larger mortgage amount if you choose.
If one or more of these situations describes you, an ARM might
be a good fit:
- You plan to stay in your home for a relatively short period
of time
- You want lower initial monthly payments and can handle potential
payment increases in the future
- You want to qualify for a larger mortgage amount, and you
expect your income to go up over time
- ARM options include:
10/1 ARM (10 years fixed rate)
7/1 ARM (7 years fixed rate)
3/1 ARM (3 year fixed rate)
1 year ARM
6 month ARM
1 month ARM
80/15/5 - This is a loan which carries
a second mortgage for up to 15% of the purchase price of the property.
It is usually used when wishing to avoid PMI insurance or to keep your
first mortgage under the FNMA/FHLMC limit to avoid Jumbo rates. The borrower
puts down a 5% down payment and then finances a first mortgage up to
the FNMA/FHLMC limit and a second mortgage of up to 15% of the purchase
price. Other variations are 80/10/10 or 75/15/5.
107% DOWN PROGRAMS – 0%
Down payment required and closing costs can be financed up to 107% of
the purchase price. Only single-family homes that will be owner occupied
are eligible. First time homebuyer status not required and there are
no income limits.
ZERO DOWN PROGRAMS – Same as above only
the borrower pays for closing costs or can have the seller contribute
up to 6% towards closing costs.
NO DOC/STATED INCOME - Loans where your
income is not requested or verified with as little as 10% down are stated
income loans. There are several varieties of the "no-doc" loan
today. Basically the type of loan that is best suited for a particular
borrower depends on that borrower's situation. Some borrowers choose
not to disclose employment, income or asset information, while others
may be willing to disclose employment and asset information but not income.
Still others might be willing to disclose even income but select a program
that doesn't calculate debt-to-income ratios allowing those borrowers
to exceed the traditional guidelines in order to qualify for a larger
mortgage amount. With all the different variations of the no-doc loan,
there is definitely a mortgage program for today's non-conventional borrowers.
FLEX 97% - Similar to FHA but without
maximum mortgage amount limitations. Must be a single family, owner occupied
home and borrower must have a credit score of over 680.
A- THRU D LOANS – These mortgages
are for the credit challenged. They can vary from slightly damaged credit
to severely damaged. Whatever the situation we have a mortgage that will
get you back on track.
2ND MORTGAGE LOANS – Subordinate
to the first mortgage these loans offer the borrower the ability to get
money for home improvement, debt consolidation or many other reasons
without disturbing their first mortgage. Convenient when you have a low
interest first mortgage.
125% 2nd MORTGAGE – Same as
above but the 2nd mortgage we will lend up to 125% of the
value of the home.
HIGH DEBT RATIO LOANS - Borrowers having
the ratio of their monthly bills to their monthly income higher than
50% is considered a high debt ratio. Loan programs are available
for these borrowers, allowing them to finance the purchase of a home
or property.
CONSTRUCTION LOANS - Building a new
home can be an exciting prospect - unless you get caught up in a construction
loan approval process that's overly complicated and time consuming. With
this loan we will finance up to 90% of the cost of land plus the costs
of construction. We offer a one time fixed rate closing or the traditional
ARM products.
INVESTOR LOANS – Used to finance 1-4
family properties that will be for investment with as little as a 10%
down payment. Aggressively priced these programs have many variations
such as NO DOC, LIMITED DOC and FULL DOC. PROGRAM NOT AVAILABLE IN NEW
YORK.
HOME EQUITY LINE OF CREDIT (HELOC) – You
only borrow what you need.
Pay interest only on what you borrow.
Flexible access to funds.
Interest may be tax deductible.
HOME EQUITY
FIXED LOAN – Fixed payments.
Interest may be tax deductible
NO POINT, NO FEE PROGRAMS – No
closing costs.
Less money required to close.
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