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Home Loans - Purchase Loans
Home Purchases
Whether it is your first, second or twentieth time buying a home, Atlantic Bay Mortgage Group's Mortgage Consultants can help you finance that home with the best loan possible. Our easy pre-qualification process will not only help you determine the price range of the house you can afford, but will provide several financing options. Need a Realtor? A Builder? No problem. Our Mortgage Consultants are well connected to the Realtor and Builder community and will be glad to make some recommendations.
Loans most commonly used by first-time home buyers are the following: FHA, VA, No Cost Loans, Loan with Credit Challenges, or 100% plus financing. All loan programs are available to those who qualify and are not limited to first-time homebuyers.
Remember, almost all the purchase programs are available as a fixed rate, adjustable rate or interest only mortgage.
FHA Loans
FHA mortgages were developed to help low-to-moderate income homebuyers realize the dream of home ownership. With low down payments and flexible guidelines for qualifying, they are insured by the Federal Housing Administration. What's more, they are available with fixed or adjustable rates.
VA Loans Available to veterans and service personnel, VA loans are guaranteed by the Department of Veterans Affairs and typically require no down payment. A DD-214 certificate of eligibility is required.
Loans For Those With Credit Challenges
All of us at Atlantic Bay Mortgage understand that life does not always go as you planned. And no matter what credit problems you may have faced-collections, bankruptcy or slow pays-we want to see you buy a home of your own. And we have a number of special loan programs available to make home ownership possible for hardworking people with credit challenges. For help with these special loan programs, contact Bob Williams.
Loans With Little Or No Documentation
For some people, it can be hard to prove your income; self-employed, commissioned salespeople, those with multiple sources of income and so on. For others, your perfect credit history speaks for itself. If you fall into either category, then one of the following loans may be right for you. Your Atlantic Bay Mortgage Consultant can explain your options.
Stated Income - Ideal for the self-employed, or those with multiple sources of income, a stated income loan allows a borrower to simply "state" their earnings. Borrowers must qualify through satisfactory credit history, be employed consecutively for two years in the same industry and have sufficient assets.
No Income, No Assets - This loan is approved solely based upon the borrowers' credit, employment and residential history. Income and assets are not verified.
No Doc - This loan is approved solely based upon the borrowers' credit history and the value of the property. Income, assets, employment and residential history are not verified.
No Cost Loans
With Atlantic Bay Mortgage, you can take advantage of a number of innovative loan products specially designed for the cash-strapped homebuyer. These include no money down, no closing costs and financing greater than 100%. All to help you better qualify for the home you want.
Want to avoid making a huge down payment on your home? Want to escape paying Private Mortgage Insurance (PMI), which is not tax-deductible? Atlantic Bay Mortgage can help those who want to hang onto as much of their money as possible. There are several programs that allow you to keep your money in your pocket.
- 80/20 loans. An 80/20 loan is basically two loans done simultaneously. The first one is for 80% of the loan amount; the other for 20% of the loan amount. These are commonly referred to as "Piggy Back" loans.
- 103% Purchase Loan. This loan allows you to borrow the money for the house, and then some. The additional 3% gives you what you need to pay for closing costs, or even pay for other bills that might negatively affect your debt-to-income ratio.
- 107% Purchase Loan. This is very similar to the 103% loan. The only difference is that you can borrow an additional 7% of the price of the house to consolidate bills or to pay for closing costs.
Construction-To-Perm
Just any house won't do. You want a home built to your specifications. No problem. With a construction-to-perm loan from Atlantic Bay Mortgage, you can build the home of your dreams and finance it with one simple loan closing. We can provide financing for the construction phase, with an automatic rollover to the mortgage product that best suits your needs. Of course, our experienced construction lenders will be with you every step of the way
Jumbo Loans
If your dream home demands a large loan amount, from $417,000 to $5 million, a jumbo loan from Atlantic Bay Mortgage may be the answer. We can help you keep your payments as low as possible, so you can pay for other important expenses like college and investments.
Little Or No Credit History Loans
What if you don't have any credit? No problem. Millions of Americans and new immigrants have never financed a car, owned a credit card or borrowed money anywhere. There are special mortgage programs waiting for you, with flexible underwriting guidelines that take into account non-traditional credit accounts (cell phone, utility, cable or other accounts), multiple borrowers and varying income sources. What's more, 100% financing is available for qualified borrowers. Don't let your lack of a credit history stop you from taking part in the American Dream.
Home Loans For Foreign Nationals
If your country of origin is home, but you visit the United States frequently, then you may want a home away from home. And at Atlantic Bay Mortgage, you will find foreign national programs to make this dream a reality, some requiring as little as 20% down.
Investment Loans
Many Americans build wealth through real estate. At Atlantic Bay Mortgage, we understand the needs and concerns of investors, and we provide flexible programs to help real estate investors build their portfolios. We offer a wide range of programs for investors, such as loans with up to 100% loan-to-value or programs for investors with more than 10 properties.
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