Loan Programs
100 % financing is easier than you think!
This is HOW it really works.
AMAC Inc. 100% financing programs consist of two loans: the first loan is 80% LTV and the second loan is 20% LTV. By doing two loans AMAC Inc. is able to get around a lot of the standard rules, like mortgage insurance, down payment, reserve requirements in which most lenders require 3 months of payment's in the bank.
AMAC Inc.100% program will extend to homes priced at $1.5 million.
AMAC Inc. will allow you to use 50% of your gross income. If you make $4,000.00 gross income per month, then you can have up to a $2,000.00 monthly payment. A $300,000.00 loan has a $1,854.00 monthly payment.
The seller of the home can pay all of your closing costs up to 6% of the sales price.
Minimum credit score with AMAC Inc. is 580.
No more than $ 5,000.00 in open collection accounts.
Bankruptcy seasoning is 1 day. That's right; you could have filed and completed a bancruptcy (BK) as recently as 1 day ago and AMAC Inc. can still finance you!
AMAC Inc. 100% programs allow you to pay interest only payments. This means your monthly payments will be lower by 14 to 21 %.
If you want to know more CALL AMAC Inc. today. 619.749.9336
or email us: rick@1amac.com
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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. back to top
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FHA MORTGAGE – Backed by the Department of Housing
and Urban Development this mortgage offers the borrower the ability to
put as little a 3% down payment and they can even finance “allowable” closing
costs. Seller can contribute up to 6% of the purchase price to the buyer
towards closing costs. back to top
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203K FHA MORTGAGE – Same as FHA above but with the
ability to finance home improvements that are needed. One mortgage is
given based on the value plus improvements up to 115% of the future value.
These improvements must be over $5000 and can be for a new kitchen, new
bathroom, to add a garage or to structurally improve the property. They
cannot be to add a swimming pool etc… back to top
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VA MORTGAGE – Backed by the Veterans Administration
and the federal government it is similar to FHA except that you have
to be a qualified Veteran or military person. back to
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JUMBO LOANS - Offers 30 and 15 year fixed rate
mortgage and competitive ARM products with full document, alternate documentation
and limited documentation.
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. back
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107% DOWN PROGRAMS – 0% Down payment required
and closing costs can be financed up to 107% of the purchase price.
Only single-family homes that will be owner occupied are eligible.
First time homebuyer status not required and there are no income limits. back
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ZERO DOWN PROGRAMS – Same as above only the borrower
pays for closing costs or can have the seller contribute up to 6% towards
closing costs. back to top
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NO DOC/STATED INCOME - 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. Basically 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 even income but select a program
that doesn't 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. back
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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. back to
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A- THRU D LOANS – These mortgages are for the
credit challenged. They can vary from slightly damaged credit to severely
damaged. Whatever the situation we have a mortgage that will get you
back on track. back to top
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2ND MORTGAGE LOANS – Subordinate to the
first mortgage these loans offer the borrower the ability to get money
for home improvement, debt consolidation or many other reasons without
disturbing their first mortgage. Convenient when you have a low interest
first mortgage. back to top
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125% 2nd MORTGAGE – Same as above but
the 2nd mortgage we will lend up to 125% of the value of the
home. back to top
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HIGH DEBT RATIO LOANS - Borrowers having the ratio
of their monthly bills to their monthly income higher than 50% is considered
a high debt ratio. Loan programs are available for these borrowers,
allowing them to finance the purchase of a home or property. back
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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's overly complicated and time consuming. With this
loan we will finance up to 90% of the cost of land plus the costs of
construction. We offer a one time fixed rate closing or the traditional
ARM products. back to top
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INVESTOR LOANS – Used to finance 1-4 family properties
that will be for investment with as little as a 10% down payment. Aggressively
priced these programs have many variations such as NO DOC, LIMITED DOC
and FULL DOC. PROGRAM NOT AVAILABLE IN NEW YORK. back
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 Equal Housing
Lender. |
© 2007 AMAC. Inc. |
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