Loan Programs Available

• Stated Income– No Documentation Loans
• Interest Only Loans
• 100% Financing
• Investor Loans
• Adjustable Rate Mortgages
  
• Stated Income-No Documentation – Loans where your income is not requested or verified with as little as 0% down are stated income loans. There are several varieties of No-Doc loans today. Basically, the type of loan that is best suited for a particular borrower depends on that borrowers 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 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 loans we have available, there is definitely a mortgage program for today’s non-conventional borrower.
• Interest Only – This is actually a feature or variation to the typical principal and interest amortized loans. You are only obligated to pay the interest on the loan monthly. The attraction to this loan today is that it can greatly reduce your monthly payment. These loans also have various triggers for full amortization/pay-offs so we will make sure you understand the details.
• 100% Financing - We have a few different 100% Loan variations. We have a 100% one-loan with no mortgage insurance. You can even get cash-out! This program is available on Purchase, New Construction and Refinances. We also have the 80/20-combo loan that is a 1st and 2nd mortgage. It is usually used to avoid Mortgage Insurance or to keep your first mortgage under the FNMA/FHLMC loan limit to prevent Jumbo pricing Variations typically include 80/15/5, 80/10/10, or 75/15/5.
• Investor Loans – Used to finance 1-4 unit properties that will be for investment purposes. We have programs available with as little as 5% down. We also have great pricing available for a combo loan 70/20/10, which allows the borrower to meet the FNMA/FHLMC 30% down required on investment properties. Aggressively priced these programs have many variations such as No-Doc and Limited-Doc loans with no pre-payment penalty.
• Adjustable Rate Mortgages (ARM’s) – There are many ARM’s available today. They are typically tied to a particular index. Whether it be a LIBOR, TREASURY, MTA, or COFI index. The key factors you must look at when deciding on the type of ARM you want is the history of the index and the margin. Adjustable Rate Mortgage loans have a margin which is added to the index you have chosen. This is called a fully indexed rate and will determine how much your loan will go up at the change date. At Discover Lending we make sure you completely understand the terms of your loan.