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Glossary

Residential Mortgage Programs

Advanced Capital's Mortgage Division is committed to offering our customers the most affordable financing available. We offer a variety of mortgage loan programs. We offer residential loans up to $1.5 million on first mortgages for 1-4 family homes, co-ops, condos, second or vacation homes, or mortgages for investment purposes.

CONVENTIONAL FIXED RATE MORTGAGE:
The interest rate is fixed for the term of the loan which you can select for a loan period up to 30 years. A maximum down payment of 3% is required. When down payments exceed 20% of the loan to value, no PMI (Private Mortgage Insurance) is required.

FIRST TIME HOME BUYER PROGRAM:

This is a government insured loan program for first time home buyers. There are income and mortgage ceilings and purchase price limits. Low interest rates are fixed for the term of the loan and the down payment must be 3% or greater. In the event the residence is sold within the first ten years, there can be a prepayment penalty and equity sharing associated with this type loan. PMI (Private Mortgage Insurance) is required if the equity down payment is below 20%

FHA/VA MORTGAGES:
U.S. government backed loans with low down payments. Blemished credit is allowed and a 6% seller's concession for the buyer's closing costs is also permissible. The loans also allow for a higher buyer debt qualifying ratio. A minimum of 3% down payment is required for FHA loans and the VA loans allow for 100% financing.

ADJUSTABLE RATE MORTGAGE (ARM):
Advanced Capital has a variety of "ARM's" where the main attraction is the initial low interest rate. Depending upon the program selected, the interest rate "adjusts" at selected intervals i.e. six months, one year, five years, seven years, etc. We also offer interest only mortgages with provisions similar to the traditional "ARM's" and "LIBOR" based interest only "ARM's" which have minimum and maximum loan parameters and credit score requirements. The terms and conditions of these types of loans vary depending upon the specific program, but typically these loans have adjustment caps and lifetime caps on interest rates.

HOME EQUITY LOANS: (HELOC)
This type of mortgage loan is ideal for borrowers who need cash to pay for college tuition, renovate their home, buy that boat or car with "cash", or pay off existing debt. The "HELOC", once in place, can be reused again and again up to its pre-approved limits without requiring a new closing of your mortgage loan. The initial interest rates are adjustable but their introductory period is low. These are ideal loans for short term financing.

NEW CONSTRUCTION MORTGAGE LOANS:
Our program provides for one closing before construction starts. This program allows for funding of the construction as work progresses and requires interest only payments on the outstanding money borrowed. When the home is completed, the loan automatically converts to a conventional loan. The monthly payments will include principal and interest for the term of the loan selected prior to closing. Land can be used as equity down payment and, usually, the lender requires a minimum of 10% down. This loan enables construction to progress without requiring the builder to finance or fund the construction.

NON-CONFORMING LOANS:
We offer a variety of loan programs with each loan program varying depending upon the unique circumstances of the borrower. These circumstances may include higher loan amount, blemished credit, no-income check loans, or other factors. These loans may include no income and no asset verification loans. There are many factors that can determine how the non-conforming loan is designed for the borrower. Some of the variables include:
* The borrower may not be able to document all, part of or any income at all.
* Asset verification may or may not be required and has to be reviewed on a case by case basis. Loans can be structured which requires less documentation.
* Credit problem borrowers are still eligible for certain non-conforming loan programs. These may include late payments on outstanding debt, open judgments, collection accounts, and past due accounts.
* The borrower may require cash-out of the refinancing.
* No P.M.I. required on most non-conforming loan products.
* Higher loan amounts may be permitted on a 1-4 family residence.
* The property being purchased may be a mixed use type i.e. combined residential and commercial.
* Higher qualifying ratios may apply.
* Buyers with recent bankruptcies may be eligible for financing.
* Higher loan to value ratio is allowed.

 

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