| Conventional Financing
(FNMA/FHLMC) |
| Conventional loans are mortgages that are not
covered by any government program of insurance or guarantee. Such loans may be
eligible for purchase by the major secondary market agencies Fannie Mae and
Freddie Mac which offer standardized underwriting guidelines for conforming loan
amounts up to $240,000. These loans can carry fixed or variable (ARM) rates and
a variety of repayment terms that can be tailored to your individual needs. Down
payment requirements may be as little as 3%, although loans with less than 20%
down require mortgage insurance. Our loan programs are open-end mortgages with
no penalties for pre-payment in part or full, at any time.
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| Refinance Express
|
With our Refinance Express you don't have to wait
weeks or months to refinance your mortgage for a lower interest rate. The
documentation we require is as simple as 1 current paystub, 1 recent W-2 form
and 1 recent bank statement. Our streamline process allows for a quick
settlement.
Ask us about our NO LENDER FEES refinance program.
|
| Debt Consolidation
|
| Presently under construction. Call for
details.
|
| The Low Down (3% Down Payment) |
For qualified buyers, you can have a down payment
as little as 3% of the sale price. We will finance the remaining 97% due at
closing. The maximum allowable mortgage amount is $240,000.
Program
Features:
1) Your 3% down payment may be borrowed or family gift
funds.
2) There are no income restrictions.
3) Homebuyer Education
training is not required.
4) Private Mortgage Insurance is reduced to only
.5%
5) Seller may contribute up to 3% of the sale price toward buyer's
closing costs and pre-paids.
|
|
Self-Employed Borrower (No Income or Asset
Verification) |
| This program is as simple as it looks. For those
customers that cannot verify their income or assets, we can easily provide low
interest rate home financing. We will lend up to 90% of the purchase price of
your new home. We will never ask your income or require you to sign an IRS form
4106 (post closing income verification). It's that simple. This program is also
available for customers with not so perfect credit!
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| Home Equity Loans |
| Presently under construction. Call for
details.
|
| FHA Financing
|
| FHA loans are ideal for first-time home buyers and
low -to moderate-income borrowers. Loans are insured by the Federal Housing
Administration. Down payments may be as little as 3% and the loans are assumable
with release of liability to the original borrower. Each area of the country has
a designated maximum loan amount. Our local Delaware Valley maximum loan limit
is $154,350 for the counties of Bucks, Chester, Delaware, Montgomery and
Philadelphia. These loans can also be fixed or adjustable rate.
|
| VA
Financing |
| Available to individuals who have served or are
currently in the U.S. armed forces that meet eligibility requirements, VA
mortgages may be provided with no down payment requirement, making them ideal
for first-time borrowers. Loan amounts may be as much as $184,000 with full
entitlement. Loans are assumable with release of liability and there are no
penalties for prepayment.
|
| Adjustable Rate Mortgage
|
Available on FHA, VA and Conventional
Loans.
An Adjustable Rate Mortgage (ARM) features a variable interest
rate which is periodically adjusted.
ARMs may provide the security,
flexibility and affordability prospective home buyers desire. These loans are
especially attractive to home buyers who plan to trade up in future years.
Generally, initial interest rates are lower than on fixed rate mortgages.
|
|
Jumbo Financing (Over $240,000)
|
| If the anticipated amount of your mortgage loan
exceeds the maximum amounts permitted by other programs ($240,000 FNMA Limit),
we offer a variety of mortgage options which will meet your needs. So-called
non-conforming jumbo loans may be up to $1.0 million and can be either fixed or
adjustable rate mortgages. Underwriting guidelines may vary depending on program
selected, down payment and actual loan amount. Repayment options also vary,
enabling you to select a mortgage that fits your budget.
|
| New Construction Extended Lock
Program |
Glendale Mortgage has the ideal mortgage program
for our new construction customers. We offer a FREE EXTENDED RATE LOCK PROGRAM
available on conventional loans.
We'll Cap your floating interest rate
for a maximum of 9 months while your new home is being constructed. When your
home is completed, and it's time to close the mortgage, you'll get the original
interest rate you locked in, even if interest rates have gone up since then.
Better yet, if interest rates have dropped, we'll give you a one time re-lock
option. Call or email us for more complete details.
Lock in peace of mind
with our New Construction Extended Lock Program
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| Ground & Construction Loan
|
| Glendale Mortgage can provide you with 75%
financing for your approved building lot. We will also finance 100% of the
construction costs of your new home. Please call us for more details.
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