| 100% RHCD-
This program will provide 100% financing for borrowers
who have not owned a home for the previous three
years. The maximum loan amount is 100% of the
appraised value not to exceed HUD limitations
for the geographical area. There is no mortgage
insurance requirement, however a one time fee
is paid at closing which goes to a fund which
guarantees these loans. In addition, homes financed
must meet certain construction and thermal qualities.
95% Rate or Term Refinancing- If you financed
your home during a period of higher interest rates
we can place you in a lower rate program of up
to 95% of the appraised value.
No Income Verification-Mid-Cities
Mortgage Corporation offers financing
to self-employed borrowers or special situation
individuals who do not wish to provide tax returns,
pay stubs or company P&L's to confirm income.
We accept income as stated and only confirm employment
to the extent of position and length of time.
These programs will advance up to 80% of the appraised
value.
Second Home Financing- A wide variety
of plans are available to assist buyers with he
purchase of a vacation home, providing up to 90%
of the purchase price, depending on the amount.
Loan amounts from $20,000 to $10,000,000. Payment
terms include 15 and 30 year fixed rate, balloon
loans and a typical selection of ARM programs.
Fixed Rate Home Equity Loans-
Mid-Cities Mortgage Corporation can
provide equity financing for up to 85% of the
appraised value at fixed interest rates as opposed
to variable rates offered by most banks. Payment
terms are available up to 180 months with no Origination
or Brokers Fees.
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Reverse Mortgage-
A reverse mortgage is a loan against the equity
in the home that provides tax-free cash advances,
but requires no payments during the term of the
loan. Since there are no monthly payments during
the life of the loan, the balance grows larger
and the equity gets smaller. The loan is
not due and payable until the borrower no longer
occupies the home as a principal residence, e.g.
the last surviving borrower sells, moves out permanently
or passes away. Learn
More
97% FNMA- Designed to assist
low to moderate income buyers with income levels
up to 100% of the area median income. This program
affords more underwriting flexibility to help
borrowers qualify. Maximum loan amount is $150,000.
NO Program- The term NO is often confused
with No Income Verification. There is significant
difference in the program requirements for each.
Our NO program requires no proof of income and
does not require the borrower to provide any information
regarding employment. These loans are suitable
for people with a down payment of 30-40% who are
making changes in residency which will impact
the analysis of stable income.
Investor/Rental Property- Some
buyers of vacation property intend to place the
property in a seasonal rental program to generate
income during periods the property is not in use.
In addition to traditional products for this purpose
Mid-Cities Mortgage Corporation offers
programs which will advance 90% up to $500,000
and allow the use of the projected rental income
to offset the payment for qualifying purposes.
Higher amounts are available with differing equity
requirements and certain programs will allow multiple
property ownership. |
