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| Fixed Rate Terms from 10 to 40 years; 3, 5, 7, 10 Year ARM's; Interest Only available! |
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Fixed Rate Terms from 10 to 40 years; 3, 5, 7, 10 Year ARM's; Interest Only available!
Most fixed and adjustable rate residential mortgages, in the United States, are underwritten to meet Fannie Mae and Freddie Mac criteria.
- Good Credit (most recent 12 months)
- Stable Income (using Gross Income after Business Expenses)
- Housing Expense as a percent of Gross Income usually around 30%. Can be up to 36% with good credit and special circumstances.
- Housing Expense and other monthly obligations (i.e. - auto payment, student loan, credit cards, etc.) usually as high as 38%. Can be up to 42% with good credit and special circumstances.
- Verifiable liquid financial assets (a.k.a. "Cash Needed for Closing")
- Borrower's own savings
- Gift from relative (Usually 5% down payment must come from borrower's own funds, unless there is a 20% down payment. If there is 20% down "Cash needed for Closing" can all come from gift funds.)
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| | Loan amounts:
Conventional up to $417,000
Conventional High Balance up to $560,000
Jumbo Fixed and ARM's $417,000 to >>>! |
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Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $417,000 for the contiguous states, District of Columbia, and Puerto Rico or below $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $8,340. Jumbo Loans (whose maximum loan amount exceed $417,000 for the contiguous states, District of Columbia, and Puerto Rico or exceed $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.
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Serving:
Anne Arundel
Baltimore
Carroll
Frederick
Harford
Howard
Montgomery
Prince Georges
Eastern Shore |
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