Loan Programs
The following is a partial list of programs offered by First Triad Mortgage Corporation with a brief description of the key elements. For a complete list of the programs that we offer, contact us at 336-854-9899.
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CONVENTIONAL - Traditional loan programs that usually require 5% down and offer competitive interest rates. Documentation requirements can vary and fair to good credit is necessary. 1st mortgage loan amounts available up to $417,000.00. If the first mortgage loan amount exceeds $417,000.00, the loan would be considered a jumbo loan.
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NO INCOME VERIFICATION - Loans where your income is not requested or verified are stated income loans. There are several varieties of the limited documentation loans. The type of loan that is best suited for a particular borrower depends on that borrower's situation.
North Carolina has passed legislation effective January 1, 2008 that defines a new type of loan called a "Rate Spread Loan." All rate spread loans, which applies only to primary residence conforming loan amounts, require that the borrower's income be documented.
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NO DOWN PAYMENT - 0% Down payment required and closing costs paid by the borrower (seller can contribute between 3% and 6% towards closing costs).
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CREDIT PROBLEMS - Troubled credit? Bankruptcy? Been turned down somewhere else? We offer loan programs for customers with credit problems. Also, we offer credit assistance for borrowers who do not currently qualify for a mortgage loan.
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103% PURCHASE – 0% Down payment required and closing costs can be financed up to 103% of the purchase price. Only single-family homes that will be owner-occupied are eligible. First time homebuyer status not required and there are no income limits.
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80/20 - This is a loan which carries a second mortgage for up to 20% of the purchase price of the property. It is usually used when wishing to avoid PMI insurance or to keep your first mortgage under the FNMA/FHLMC limit to avoid Jumbo rates. Other variations are also available.
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JUMBO LOANS - Offers 30 and 15 year fixed rate mortgage and competitive ARM products with full document, alternate documentation and limited documentation. Interest only loans are available as well. Cash out and No cash out refinance are allowable. Single family detached, Condo's, PUD's and single-family second homes can be financed with no prepayment penalty. Jumbo typically require a higher interest rate than loans under $417,000.00.
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A - THRU D LOANS - These mortgages are for the credit challenged or those with unique circumstances. They can vary from slightly damaged credit to severely damaged. Whatever the situation we have a mortgage that will get you back on track.
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HIGH DEBT RATIO LOANS - A ratio of monthly bills to monthly income higher than 50% is considered a high debt ratio. Loan programs are available for borrowers in this situation, allowing them to finance the purchase of a home or property. We will evaluate the borrowers ability to repay a loan.
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2ND MORTGAGE LOANS - Subordinate to the first mortgage these loans offer the borrower the ability to get money for home improvement, debt consolidation or many other reasons without disturbing their first mortgage. Convenient when you have a low interest first mortgage.
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CONSTRUCTION LOANS - Building a new home can be an exciting prospect - unless you get caught up in a construction loan approval process that's overly complicated and time consuming. With this loan we will finance up to 90% of the cost of land plus the costs of construction. We offer a one time fixed rate closing or traditional ARM products.
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INVESTOR LOANS - Used to finance 1-4 family properties that will be for investment with as little as a 10% down payment. These programs have many variations such as Limited Doc and Full Doc.
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FLEX 100% and 97% - Similar to FHA but without maximum mortgage amount limitations. Must be a single family, owner occupied home and borrower must have a credit score of over 620. This program offers financing with or without PMI insurance.
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