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Market Niches Served by National Mortgage Alliance

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Comments by Mortgage Professor Loan Programs Priced Online by NMA
Fixed-rate programs are usually identified by their term. Fixed-Rate Programs
40 year NO
30 year YES
25 year NO
20 year YES
15 year YES
10 year YES
Adjustable-rate programs (ARM's) are defined by their adjustment periods. The first figure is the initial rate period, the second figure is the rate adjustment period after the initial rate period ends. ARM programs are also identified by the interest rate index that they use, and other features. See Requirement 4.
Adjustable-Rate Programs
1 month / 1 month NO
3 month / 3 month NO
6 month / 6 month NO
1 year / 1 year NO
3 year / 1 year YES
5 year / 1 year YES
7 year / 1 year YES
10 year / 1 year YES
3 year / 3 year NO
5 year /5 year NO
Second Mortgages are subordinate liens that sit behind a primary mortgage. Second Mortgage Programs
Fixed-Rate NO
Adjustable-Rate NO
Balloon loan programs are identified by the period for which the quoted rate holds. The balance is due at the end of that period. Balloon-Loan Programs
5 year NO
7 year NO
Government loans are loans back by the United States Government, designed to fit the needs of different borrowers. Government Loan Programs
FHA YES
VA YES
USDA YES
State Coverage
Not all lenders operate in every state. As a division of an FDIC insured bank, we lend in the continental United States and the District of Columbia.
Property Types
Few lenders make loans on all types of properties Single-family YES
2 - 4 family homes YES
Condo, 1 - 4 stories YES
Condo, 5+ stories YES
Co-ops NO
Manufactured homes NO
Land NO
In a planned unit development (PUD) YES
Farms NO
Commercial NO
Alternative Documentation
The precise details of alternative documentation requirements may differ a little from one lender to another. "Stated income", "stated assets", or both: income and/or assets are disclosed but not verified by lender. NO
"No ratio": maximum ratios of housing expense and total expense to income are ignored by lender. NO
"No income", "no assets", or both: income and/or assets are not disclosed. NO
Options
Shoppers should expect to pay more for a waiver of escrows or a float-down, less for accepting a prepayment penalty. A float-down is a lock plus the right to a lower rate if market rates decline. Waive escrow of taxes and insurance YES
Prepayment penalty NO
Float-down NO
Interest-only NO
Temporary buydown NO
Special Loan Purposes
All of these cost more than loans taken out to purchase a home for permanent occupancy, or to refinance with no cash out. Cash-out refinance YES
Use house as vacation or second home YES
Rent out house YES
Borrower a non-resident alien YES
Construction loan NO
Bridge loan NO
Max & Min Across All Programs Max & Min of NMA
Warning! The maximums and minimums vary for different programs. For example, the longest lock might be available for ARMs but not FRMs. Further, the stated maximums and minimums are not likely to be available on the same loan. Dont expect to get a 107% loan, for example, if you have a 540 credit score. (Note: you can get your credit score on www.myfico.com.) Housing expense is the sum of the mortgage payment, property taxes and homeowners insurance. Maximum ratio of loan to value 100%
Minimum credit score 640
Maximum loan size $2,000,000
Minimum loan size $45,000
Maximum ratio of housing expense to income before taxes 50%
Maximum ratio of housing expense plus other debt payments to income before taxes 50%
Longest lock period available 60 days