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| FHA and VA programs |
| Zero Money Down Programs |
| No PMI programs |
| Stated Income/Stated Assets/No Document |
| One Time Closing Construction Loans |
| First Time Homebuyer/Down Payment Assistance Programs |
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FHA and VA programs
Summit Mortgage has the ability to do FHA and VA loans. The borrower for a VA loan has to be a veteran. FHA loans will work for pretty much anyone. You do not have to be a first time homebuyer to get an FHA loan. We also have FHA refinances up to 95% of the value of the home. FHA does have PMI but in smaller amounts than a Conventional loan.
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Zero Money Down Programs
Summit Mortgage has a program that you dont have to put any money into the transaction. It has PMI, but it is a reduced amount. We also have zero down programs with no PMI. That is a lender paid mortgage insurance loan. (LPMI) The lender pays the premium and you dont have any monthly PMI.
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No PMI programs
There are two different ways to have a no PMI loan. There is the lender paid mortgage insurance where the lender pays the premium and you won't have PMI in your monthly payment. You can also get an 80/20 loan. That is where your 1st mortgage would be 80% of the sales price and the other 20% would be held in a 2nd mortgage. That will eliminate the PMI.
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Stated Income/Stated Assets/No Document
There are several different options with these types of loans. These loans would be ideal for a borrower who is just starting his/her own business. Summit Mortgage has the Stated programs where you just state the amount of money you make. No proof needed. We also have No Document loans where you dont give us any employment information, income information, or asset information. There are credit score limitations on these types of loans.
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One Time Closing Construction Loans
This is a great program if you are looking to build. Summit Mortgage offers the one time closing. Once you close on the loan the construction of your new home begins. While the house is being built you will have interest only payments. When the home is complete there is some final paperwork that will need to be signed. This puts the interest only payments into permanent financing.
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First Time Homebuyer/Down Payment Assistance Programs
Summit Mortgage has a few options for the Down Payment assistance programs. There are programs available that can be used with FHA where the seller pays for the down payment assistance. There is a program that is grant money from the city of Fort Wayne. You have to be buying a home in Fort Wayne and there are income and debt limitations on this program.
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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 $322,700 with closing costs of $6,454. 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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