Residential Professional Mortgage offers a variety of loan programs to meet your needs.  We work with the leading lenders in the industry to provide:

Conforming 30/25/20/15/10 Year Fixed Rate Loan

• Requires minimum of 5% down
• Fixed principal/interest payment over the life of the loan
• Wide variety of loan terms to fit your home ownership goals (30, 25, 20, 15 or 10 years)
• Owner-occupied primary residence, second home, investment property, 1-4 unit properties
• Conforming loan amounts to $359,650; non-conforming loan amounts anything in excess of $359,650

ARMs

• As little as 5% down required on some programs
• Maximum Life caps of 5-6 % on most programs
• Periodic Adjustment caps vary from 1-2 %
• Choice of Treasury, LIBOR and COFI indexes
• Assumable (credit qualification required)
• Conversion option available on some programs
• Owner-occupied, second home and 1-4 unit properties

Foreign National

• Minimum 20% down payment
• Available for self-employed and salaried borrowers
• 15 and 30 year fixed rate loans
• 1-year Treasury ARM - Owner occupied primary residence and second home
• Minimum 20% down payment
• Owner-occupied primary residence, second home, investment property, 2-4 unit property
• Borrower must have social security number

Jumbo

• Borrow amounts exceeding the conforming loan amounts ($359,650 allowed by Fannie Mae/Freddie Mac)
• Typically has a slightly higher interest rate and different requirements for down payment than smaller loans due to different underwriting requirements

Reduced Document Loans (Low Doc)

• Minimum 15% down payment
• Available for salaried or self-employed borrowers
• Income and employment stated, but not verified
• 15, 20, 30 year fixed rate loans
• Owner-occupied primary residence and second home

No Ratio Test Loan (No Doc)

• Minimum 5% down payment
• Good credit required
• No calculation of debt or income ratios
• No income disclosure or verification
• Available for salaried or self-employed borrowers
• 15 and 30 year fixed rate loans
• 1-year Treasury ARM
• Owner-occupied primary residence and second home

No Income/No Asset Loan

• Minimum 25% down payment
• Excellent credit required
• No income or employment verification
• Available for salaried or self-employed borrowers
• 15 and 30 year fixed rate loan
• 1-year Treasury ARM
• Owner-occupied primary residence (borrowers may not own the property)

Second or Vacation Homes

• Minimum 10% down payment (less than industry standard of 20% down payment)
• 15, 20, 25 and 30 year fixed rate loans
• 1-year Treasury ARM

Investment Property

• Minimum 10% down payment (less than the industry standard of 30% down payment)
• 15, 20 and 30 year fixed rate loans

Home Equity Lines of Credit (HELOC)

• Combines 2 loans (a 1st mortgage and 2nd mortgage) with your down payment (or zero down) so you can avoid the cost of private mortgage insurance
• Frequently used to avoid Jumbo (non-conforming) home loan pricing
• Can provide additional tax advantages (ask your tax advisor) builds equity faster
• Choice of variable rate home equity line of credit or fixed rate second Available on most loan programs

No Down Payment Loans - 103% Loan to Value (LTV); Zero Down Plus

• 103 % Loan to Value (LTV); Zero Down Plus
• Finance up to 100% of the purchase price
• Closing costs financed up to an additional 3% (some state restrictions apply)
• Good credit required
• No Maximum income/earnings restrictions
• Available on 30 and 15 year fixed rate programs

No Down Payment - 80/20 (80% 1st mortgage plus a 20% second mortgage)

• No down payment required
• Eliminates need for private mortgage insurance
• Build equity faster as you pay off second mortgage
• Closing costs may be covered with a slightly higher rate
• Available on 30 and 15 year fixed rate programs

Low Down Payment Programs - 5% down payment programs

• No income restrictions
• Allowed on all standard fixed rate products

Low Down Payment Programs - 3% down payment programs

• Source of down payment can come from gifts, grants or unsecured loans
• Expanded qualifying ratios for income and debt
• Available on most fixed rate programs

Apply Online or call us at (757) 456-9883