Home Loan Programs Newport Center Mortgage has a broad array of loan programs. The type of loan requested (fixed rate, adjustable, conforming, jumbo, intermediate fixed etc.) and the loan documentation provided (full documentation, alternative doc, etc.) are both important factors to take into consideration when determining the proper loan program. The method of paying the expenses (points, fees, & costs) of obtaining a new loan is also an important item to consider.
Newport Center Mortgage provides options to cover those expenses. Paying the expenses out of pocket up front at closing. Financing the expenses by adding them to the loan amount. No point, No fee, No costs option by paying a higher interest rate to cover the expenses.
Conventional loan programs:
Conformng, Non-Conforming Jumbo & Super Jumbo Loans - 30 year fixed rate - 15 year fixed rate - 10 year fixed rate
Intermediate fixed/adjustable rate: - 3/1 - 5/1 - 7/1 - 10/1 Fixed rate for specified time period then changes to adjustable rate for remainder of loan term. Interest Only payment option may be available for the fixed rate period.
Adjustable rate: - 1 year adjustable - 6 month adjustable - 1 month adjustable Full Documentation loan - Verify employment income via employer information or tax returns. Verification of assets. See Loan Documentation Checklist for specific details.
Stated Income/Reduced Doc/Quick Qualifier loan - verify income via bank statements, verification of deposits, verification of assets - no tax returns or employer verification of income, only employment. Limited loan programs available at this time. Private lenders only.
No Ratio loan - no income is stated on application. No income verified only employment. Verification of assets for down payment and/or reserves. Limited loan programs available at this time. Private lenders only.
No Income/No Assets loan - no income or assets are verified. The loan is based on equity in the property and a good credit history. Employment is verified only. Limited loan programs available at this time. Private lenders only.
Disclosure of the terms and conditions of the loan type and loan documentation requirements will be provided after a loan program option has been selected.