OUR LOAN PROGRAMS
Platinum Home Mortgage offers a variety of mortgage programs to meet the varying needs of our valued customers. Our Mortgage Consultants will carefully analyze your short- and long-term financial goals and help you determine which program makes the best sense for you. Every program has differing guidelines and restrictions, so what may be suitable for one customer may not be for another.
PAYMENT OPTIONS
Fixed-Rate
A mortgage with a fixed interest rate provides the borrower with the security of a stable, predictable monthly payment for the life of the loan.
Adjustable-Rate
A mortgage with an adjustable rate offers a lower initial interest rate and monthly payment. After the initial period of the loan, the interest rate and monthly payment are subject to gradual increases or decreases based upon a market-sensitive index plus a fixed margin. The changes to the interest rate are limited by periodic and lifetime caps.
Buydowns
A mortgage with a temporary buydown in the first one-to-two years provides the borrower with the security of a fixed interest rate, but with lower initial payments.
CONVENTIONAL FINANCING PROGRAMS
Conforming Mortgages
Conforming mortgages meet the guidelines establish by Fannie Mae and Freddie Mac. These are typically fixed or adjustable rate mortgages with a loan term of between 10 and 30 years. 2009 Stimulus Package Increased Loan Limits are available.
Jumbo Mortgage
Jumbo mortgages exceed the loan limits established for conforming and government mortgages. These are typically fixed or adjustable rate mortgages with a loan term of between 10 and 30 years.
Interest-Only Options
A mortgage is “interest only” when the monthly mortgage payment consists of interest only. The option to pay interest only lasts for a specified period. Borrowers have the option to pay more than interest if they want to. If the borrower exercises the interest-only option every month, the payment will not include any repayment of principal with the result that the loan balance will remain unchanged.
GOVERNMENT FINANCING PROGRAMS
Government Insured Financing provides for loan to value financing up to 100% through insurance and guarantees provided by Federal Government Agencies. Platinum Home Mortgage offers both Federal Housing Administration (FHA) and Department of Veteran Affairs (VA) loans.
FHA Mortgages
FHA mortgage loans provide loans with the assistance of insurance from FHA. These loans can be fixed rate loans, adjustable rate loans or buydown loans with lower payments than most other mortgage loan programs. Maximum loan amounts vary depending on the location of the home you are purchasing and are reflective of the 2009 Stimulus Bill Increased Loan Limits.
VA Mortgages
The mission of VA mortgage loans is to help veterans and active duty personnel purchase and retain homes in recognition of their service to the Nation. In most cases, no down payment is required for a VA mortgage loan; however, the borrower will need to pay certain closing costs. The borrower may choose a fixed rate loan with a term of between 10 and 30 years. Maximum loan amounts vary depending on the location of the property and are reflective of the 2009 Stimulus Bill Increased Loan Limits.
SPECIAL FINANCING PROGRAMS
Platinum Home Mortgage offers several programs designed specifically to help homebuyers with unique financial situations purchase a home.
FHA 30 Year Fixed for Lower Credit Scores
As a result of our positive relationship with Ginnie Mae and Direct Ginnie Mae Issuer approval, when much of the marketplace has tightened their credit requirements for FHA, we can continue offering 30-year fixed mortgage loan options to borrowers with bruised credit. This program is available to first time home-buyers, allows gifts from close relatives and offers Job Loss Insurance.
FHA 30 Year Fixed 203K Home Renovation
Through this FHA program, borrowers can purchase or refinance their home and include the costs to rehabilitate and repair it in the same loan and monthly payment. This program can help borrowers expand homeownership opportunities while at the same time revitalizing the community. The mortgage amount is based on the projected value of the property with the work completed.
This provides a financing option to help facilitate REO sales and support market stabilization. This option offers high-LTV financing up to 97% with competitive eligibility, no MI required (ask us for cost details about loans without mortgage insurance) and no appraisal fees. Utilize www.HomePath.com to find eligible properties.
Loans for Borrowers Who Own More Than 4 Properties
Our direct relationship with Fannie Mae allows us to offer loan options that have been recently re-instated. This program option is intended to provide financing opportunities for up to two additional properties for high-credit quality, bona fide investors who currently own more than four financed properties.
DU Refi Plus
This program provides refinance opportunities to borrowers with mortgages held or guaranteed by Fannie Mae. Borrowers must have demonstrated an acceptable payment history on their mortgage, but due to a decline in home prices or where mortgage insurance (MI) is not available, have been unable to refinance to obtain a lower payment or move to a more stable product.
USDA
USDA Loans are offered through the Rural Housing Division of the US Department of Agriculture and were created to facilitate housing and development in America's rural areas and for low-income individuals. The government offers a ZERO money down option so that rural borrowers who may be renting, can have access to affordable mortgages.
Dream Loan – Payment Abatement
This program offers a payment abatement that allows a seller to subsidize all or a portion of the buyer’s monthly mortgage payments for up to six months. This is a unique way for sellers to market their properties and for buyer’s to save out-of-pocket money. Both conforming and FHA mortgages are eligible and the Mortgage Protection Program, which provides 24 months of job-loss insurance, is included on all FHA transactions.
2009 STIMULUS BILL – INCREASE LOAN LIMITS
The American Recovery and Reinvestment Act restored increased loan limits for high value areas. Maximum loan amounts vary by county and by program type. Please contact your local Mortgage Consultant to find out what the maximum loan limits are for your area.
