For Buyers

The Loan Corner
Summer 2011

Just because lending standards have tightened does not mean that we do not have available lending products. The following outlines the mortgage products available. In this market with low interest rates and affordable home prices, you should consider the possibly of moving from renter to homeowner or refinancing your current mortgage.

¨Conforming Mortgage¨
●Terms of 30, 25, 20, 15 or 10 years and adjustable rate mortgages
●Loan to Values up to 95% for owner occupied (5% down payment)
●Loan to Values up to 90% for second homes (10% down payment)
●Loan to Values up to 80% for investment property (20% down payment)
●Credit Scores starting at 620 (loans requiring MI may require higher score)
●Flexible Debt Ratios up to 50%
●Gift Funds permitted
●Eligible Properties; attached and detached single family homes, 2-4 units, townhouses, condominiums, modular and rural properties
●Leaseholds
●Renovation loans
●Purchases and Refinances

¨Jumbo Mortgage¨
●Fixed and adjustable rate mortgages
●Eligible Properties; attached and detached single family homes, 1-2 units, townhouses, condominiums
● Loan limits to $2,000,000
●Gift Funds permitted
●Leaseholds
●Purchases and Refinances

¨FHA¨
● Fixed and adjustable rate mortgages
● Loan to Values up to 96.50%
●Cost effective energy package added to the loan amount
●Permanent and non-permanent resident aliens
●No restrictions on cash-out refinance

●Purchases and Streamline Refinances

Carmela Manzari
Broker/Owner
cmanzari@msn.com
 505-699-3304 (cellular)
505-986-9080 (office) x104
NMLS #194588