Loan ProgramsThe following is a partial list of programs offered by Academy Residential Mortgage with a brief description of the key elements of each. For a complete list of the programs that we offer, please contact us at 678-468-5626.
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Conventional
Traditional loan programs that usually require 5% down and offer competitive interest rates. Documentation and fair-to-good credit are necessary.
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FHA Loan Program
The FHA loan program enables buyers to purchase a home with little down payment. The FHA loan typically requires a 3.5% down payment and people with less than perfect credit may qualify. The FHA program is an excellent option for first time home buyers.
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VA Loan Program
The Veterans Administration (VA) loan program is restricted to those people who have served in the US armed forces. The VA loan may enable a qualfying veteran to purchase a home with no money down. Consult with your loan officer for more details.
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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.
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.
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80/15/5
This is a loan which carries a second mortgage for up to 15% 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. The borrower puts down a 5% down payment and then finances a first mortgage up to the FNMA/FHLMC limit and a second mortgage of up to 15% of the purchase price. Other variations are 80/10/10 or 75/15/5.
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Interest Only
Interest only loans have become quite popular in recent years. Traditional loans require the borrower to pay both principal and interest in their monthly mortgage payment. Interest-only products require the borrower to pay only interest each month, making the principal payment discretionary. These loans are good for people who may need to lower their monthly payment temporarily because of job loss or incurrence of unexpected debt. Interest only borrowers have also used these products to put their principal payments into interest bearing accounts that will generate a better return than if it were included in the mortgage payment to their lender. Academy Residential Mortgage offers interest only programs up to $1.5 million in value.
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Flex 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 680.
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Second 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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Investor Loans
Used to finance 1-4 family properties that will be for investment with as little as a 10% down payment. Aggressively priced, these programs have many variations, including: No Doc, Limited Doc, and Full Doc. Program may not be available in some states.
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