The following is a partial list of programs offered by
Century Realty & Mortgage Inc. with a brief description of
the key elements of each. For a complete list of the
programs that we offer, please
contact us at 888-529-6499.
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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Stated
Income Stated Assets (SISA) Loans
With a SISA loan, you state both the amount
of your income and your assets. In addition, your bank
account information is disclosed on your loan application,
but neither is verified. Only the source of your income is
verified. In addition to requiring excellent credit, the
rates for these programs can be higher than other
programs.
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Stated Income Verified Assets (SIVA) Loans
With a SIVA loan, you state the amount of
your income. The source of your income is verified, but
the amount is not. In addition, your assets are verified.
These will include investment statements and bank
deposits. For a SIVA loan, the income and assets must
accompany other qualifying standards such as the length of
time with your employer, your average daily balances or
the amount of the funds you hold in reserve.
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No
Income No Asset (NINA) or No-Doc Loans
A NINA, also known as a "No-Doc" loan, is
typically reserved for the highest credit-worthy
individuals. A No-doc loan requires no statement or
verification of either income or assets. Debt ratios are
not calculated and are not required for qualification.
Neither your assets nor employment are stated on the
application, and neither are verified.
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No Income
Verification
Loans where your income is not requested or
verified with as little as 10% down are stated income
loans. There are several varieties of the "no-doc" loan
today. The type of loan that is best suited for a
particular borrower depends on that borrower's situation.
Some borrowers choose not to disclose employment, income,
or asset information, while others may be willing to
disclose employment and asset information but not income.
Still others might be willing to disclose income but
select a program that does not calculate debt-to-income
ratios, allowing those borrowers to exceed the traditional
guidelines in order to qualify for a larger mortgage
amount. With all the different variations of the no-doc
loan, there is definitely a mortgage program for today's
non-conventional borrowers.
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No Down Payment
0% down payment required and closing costs
paid by the borrower (seller can contribute up to 6%
towards closing costs).
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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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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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Construction
Loans
Building a new home can be an exciting
prospect - unless you get caught up in a construction loan
approval process that is overly complicated and time
consuming. With this loan, we will finance up to 90% of
the cost of land plus the costs of construction. We offer
a one-time fixed rate closing or traditional ARM products.
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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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High Debt
Ratio Loans
A ratio of monthly bills to monthly income
higher than 50% is considered a high debt ratio. Loan
programs are available for borrowers in this situation,
allowing them to finance the purchase of a home or
property.
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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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Credit Problems
Troubled credit? Bankruptcy? Been turned
down somewhere else? We offer loan programs for customers
with credit problems.
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