Mortgage Loan Programs

The following is a partial list of programs offered by SuperLoans.com with a brief description of the key elements. The most important question that a borrower should answer is: How long am I going to live in this home? If I am able to determine this time period, then I am able to choose the best loan for my needs.

Example: If I am going to live in my new home for 5 years or less, then I will want to choose a 5 year Adjustable Rate Mortgage. This loan will set a fixed interest rate for 5 years at a rate lower than a typical 30 year mortgage. The remaining 25 years of the loan will be an Adjustable Rate Mortgage, which will likely not apply to my circumstance because I am only going to live in the home for 5 years.

For the sake of clarity, the above loans will be discussed as Fixed Rate when, in fact, the 3, 5, 7 and 10 year loans are recognized by our industry as adjustable rate mortgages. This is because that after the stated period of time the loans amortize based on adjustable rate criterion.

3 Year Adjustable Rate Mortgage - The interest rate is fixed for the first 3 years, and then reverts to an adjustable rate for the remaining 27 years. Allows the borrower to finance 90% of value using private mortgage insurance or combining an 80% first with a 10% second.

5 Year Adjustable Rate Mortgage - Allows the borrower to finance up to 95% of the sales price of their new home. Also, allows the borrower to use a Second Deed of Trust if the combined loan balance is 90% or less.

7 Year Adjustable Rate Mortgage - The interest rate is fixed for the first 7 years, and then reverts to an adjustable rate for the remaining 23 years. Allows the borrower to finance 90% of value using private mortgage insurance or combining an 80% first with a 10% second.

10 Year Adjustable Rate Mortgage - The interest rate is fixed for the first 10 years, and then reverts to an adjustable rate for the remaining 20 years. Allows the borrower to finance 90% of value using private mortgage insurance or combining an 80% first with a 10% second.

30 Year Fixed Rate Mortgage - These loans are available with loan to value ratios up to 95%. They come as one of two groups depending on the loan balance. Loans that are $252,700 or less are considered Conforming Loans and Loans with higher balances are called Jumbo Loans. The Jumbo Loan usually has a higher interest rate by about .25%.

100% Neighborhood Advantage - This program will provide 100% financing for borrowers who do not own a home at this time. The maximum loan amount is 100% of the appraised value not to exceed FNMA limitations.

97% FNMA - Designed to assist low to moderate income buyers with income levels up to 100% of the area median income. This program affords more underwriting flexibility to help borrowers qualify. Maximum loan amount is $150,000.

Second Home Financing - A wide variety of plans are available to assist buyers with the purchase of a vacation home, providing up to 90% of the purchase price, depending on the amount. Loan amounts from $20,000 to $10,000,000. Payment terms include 15 and 30 year fixed rate, balloon loans and a typical selection of ARM programs.

Investor/Rental Property - Some buyers of vacation property intend to place the property in a seasonal rental program to generate income during periods the property is not in use. In addition to traditional products for this purpose superLoans.com offers programs which will advance 90% up to $500,000 and allow the use of the projected rental income to offset the payment for qualifying purposes. Higher amounts are available with differing equity requirements and certain programs will allow multiple property ownership.

95% Rate or Term Re-financing - If you financed your home during a period of higher interest rates we can place you in a lower rate program of up to 95% of the appraised value.

No Income Verification - SuperLoans.com offers financing to self-employed borrowers or special situation individuals who do not wish to provide tax returns, pay stubs or company P&L's to confirm income. We accept income as stated and only confirm employment to the extent of position and length of time. These programs will advance up to 80% of the appraised value.

NO Program - The term NO is often confused with No Income Verification. There is a significant difference in the program requirements for each. Our NO program requires no proof of income and does not require the borrower to provide any information regarding employment. These loans are suitable for people with a down payment of 30-40% who are making changes in residency, which will impact the analysis of stable income.

Fixed Rate Home Equity Loans - SuperLoans.com can provide equity financing for up to 85% of the appraised value at fixed interest rates as opposed to variable rates offered by most banks. Payment terms are available up to 180 months with no Origination or Brokers Fees.