Loan ProgramsThe following is a partial list of programs offered by The Strong Source with a brief description of the key elements of each. For a complete list of the programs that we offer, please contact us at 800-818-2280.
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FHA Loans
Government Housing Loans and regulated by HUD. Up to 100% financing available and gift funds can be used toward down payment & closing costs. Full income documentation is required.
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Conforming Limits
Loan amounts up to $729,750
For Alameda, Contra Costa, Santa Clara, San Francisco, San Rafeal
Per County limits apply
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Jumbo Loans
Loan amounts greater than $729,750 in certain California Counties. Offers Fixed and ARM rate mortgages with interest only payments.
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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Conventional
Traditional loan programs that usually require as little as 5% down and offer competitive interest rates. Income documentation and fair-to-good credit are necessary.
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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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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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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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Investor Loans
Used to finance 1-4 family properties that will be for investment with usually 15% down payment. Aggressively priced, these programs have many variations, including: Limited Doc and Full Doc. Programs.
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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 75% 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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Credit Problems
Troubled credit? Bankruptcy? Been turned down somewhere else? We offer loan programs for customers with credit problems.
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