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Affiliate Lending offers the most comprehensive array of loan programs available nationwide. For ease of use, the loan application only lists the most popular programs, but if one of these does not fit what your client is looking for, please feel free to call one of our professional coordinators for some other options. We currently offer the following programs through the program:
30 and 15 year Fixed Rates
(You can request a 25, 20, or 10 year term if you like)
3/1, 5/1, and 7/1 Adjustable Rate Mortgages
1 Month and 6 Month LIBOR Interest Only Mortgages
These programs are currently at their lowest rates in the last ten years. Currently, the fully indexed rate (Libor Index + the margin) is less than 4.00%
Affiliate Lending can also offer all of these programs without documenting income for the applicant.
Note: If your client has less than perfect credit, Affiliate Lending can give you the option of obtaining a sub-prime loan that will help re-establish their credit.
Loan Amounts
Each year new loan limits are announced
which are important to those buying and refinancing real estate.
If you borrow at or below the conventional loan
limit for non-government mortgages, you would have what is generally known as a
"conforming" loan. If the amount borrowed is above the conventional loan limit,
you would have a "jumbo" loan and face a somewhat higher rate because larger
loans imply more lender risk.
There are also loan limits for FHA loans and for
VA mortgages. With these federal programs, there are no "jumbo" loans in the
usual sense.
For the year 2007, the loan limits look like
this:
For conventional mortgages (those which may be
purchased from local lenders by national organizations such as
Fannie Mae and
Freddie Mac, the loan
limits for owner-occupied properties are:
Single-Family Homes: $417,000
Two-Family Properties: $533,850
Three-Family Properties: $645,300
Four-Family Properties: $801,950
For properties in Alaska, Hawaii, Guam, and the
U.S. Virgin Islands, the loan limits are 50 percent higher.
In theory, there is no limit to the amount
lenders can provide under the VA program. In practice, local lenders will
generally lend up to $417,000 under the program because this is the maximum loan
amount that Ginnie Mae -- a
federal agency which buys such loans from local lenders -- will purchase.
The FHA loan program also has loan limits for
owner-occupied homes. The limits vary according to whether you are in a "high
cost" or "low cost" area. To check the FHA loan limits for the community where
you wish to buy, please go to their
loan
limit page
In addition to conventional, FHA, and VA loans,
there are also "non-conforming" loans made by lenders. These loans often have
higher loan limits and other attractive standards.
IMPORTANT: Loan
limits change from time to time. For details regarding loan limits, for
non-conforming loan information, and to confirm the information presented here,
please call us at (866) 518-1822.
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