CONVENTIONAL MORTGAGE:
- Minimum 0% down.
- 15, 20, 25, 25, 30 year Fixed Rates.
- Loans up to $300,000.
ADJUSTABLE RATE MORTGAGES:
- Payment calculated as a 30-year payment.
- 1 year adjustable, 3/1, 5/1, 7/1, 10/1 available.
The Adjustable Rate Mortgage has a fixed rate for the initial 1st, 3rd, 5th, 7th or 10th year, depending on which program you select. After that, the program turns into a yearly adjustable rate for the life of the mortgage. The advantage is, you can save a significant amount of money on monthly payments and have the ability to refinance at any time.
JUMBO MORTGAGES:
- Fixed and Adjustable Rates.
- Loans over $300,000.
- Down payments as low as 5%.
- 10, 15, 30 year Fixed Rates.
- 1 year Adjustable.
- 3/1, 5/1, 7/1 Adjustables.
- 5, 7, 10 year Balloons.
COMMUNITY HOME BUYING CONVENTIONAL PROGRAM:
- 3% down payment
- Income limitations apply.
- 30 year Fixed Rates.
Home Buyer Education Course Required (Provided FREE of charge by Olympic Mortgage)
HIGH & UNIQUE DEBT-TO-INCOME RATIO PROGRAMS:
For buyers who have debt-to-income ratios that are higher than average and want maximum purchasing power.
For a Conventional Rate Mortgage, if your Housing expenses are 40% & Total Expenses are 50% or less, you can borrow up to $300,000 with as little as 5% down.
For Jumbo Mortgages, if your ratios are 40% for Housing and have no more than 50% Total Debt-to-Income Expenses, you may qualify with as little as 5% down.
NO income...NO assets...NO debt-to-income verification required. NO Kidding. A truly NO-NO Documentation Mortgage.
15, 30 Year Fixed and 6 month LIBOR available.
Based on a Down Payment of at least 10%. Great for Self-Employed or W-2 Wage Earners.
BALLOON PROGRAMS:
- 5/25, 7/23 offered with conversion option at the end of the 5 or 7 year term.
NON-OWNER OCCUPIED INVESTMENT PROPERTIES:
- 1 to 4 units. As low as 10% down with only 6 months reserves required.
SUMMER HOMES, VACATION HOMES, 2ND HOMES
- Only 5% down required.
- Same low rates
FHA MORTGAGES:
- 15 & 30 year Fixed.
- 1 year Adjustable which qualifies at start rate.
- As low as 3% down payment with no reserves required.
- Single family residence up to 4-unit buildings.
VA MORTGAGES:
- 15, 30 year Fixed Rates.
- 1 to 4 units.
- 100% financing with no money down.
Certificate of eligibility and DD 214 required.
