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Loan Programs
These programs have a fixed interest rate with all principal and interest payments the same throughout the entire life of the loan.
3/1, 5/1, 7/1, 10/1 ARM Programs
Adjustable Rate Mortgages (ARM) have a fixed rate of interest for a given period and then automatically convert to a 1 year adjustable rate. The loans are amortized over 30 years and generally have a lower initial interest rate than the 30 year fixed rate. After the initial fixed period the mortgage uses an index, usually the 1 year T-bill, plus margin to calculate the new interest rate. A set of caps is also used to avoid a large jump in interest rate and/or payment.
1st Time Homebuyer Programs
These programs are designed to help people become homeowners without needing a large amount of cash. A down payment as low as 3% plus closing costs is all that is required. The income needed to qualify is also lower and more liberal.
No Income Verification
This program allows an individual to qualify for a mortgage without verifying income. The income is stated on the application and the borrower must be able to prove employment. No W-2 forms or pay stubs are included with the application. These programs usually require a higher down payment than fully documented programs.
No Ratio
The No Ratio program is used for borrowers with great credit but who are unable to document income. No income is used in the application and the approval is based on credit and assets.
Non-Conforming/ Credit Problems
Non-conforming loans are used for individuals with unique credit situations. This may involve credit problems, an inability to document employment or an unusual property type. Walter Financial has a wide array of investors to help obtain unusual loan approvals.
Impaired Credit
Please contact us at (215) 794-3247 to discuss your current situation and to find out how Walter Financial can assist you.
Non-Conforming
Non-conforming loans are used for individuals with unique credit situations. This may involve credit problems, an inability to document employment or an unusual property type. Walter Financial has a wide array of investors to help obtain unusual loan approvals.
Refinancing
Refinancing involves replacing a current first mortgage with a new first mortgage. The most common reasons for refinancing are to get a lower rate or take cash out of the equity in your home.
The refinance decision is usually determined by analyzing the costs of the refinance against the monthly savings of a lower interest rate. Many of our lenders today have "low-cost" and "no-cost" programs available which have greatly reduced the traditional costs associated with refinance. The result is more people refinance for lower interest rates and payments.
The most common factors to consider in a refinance are the length of time you plan to live in your home. To determine if refinancing is right for you, take the total cost of the refinance and divide that by the monthly savings. This will determine how many months you will have to remain in your home before recouping the closing costs. If your total cost to refinance was $1500 and you realized a monthly savings of $100 per month you would have to stay in your home 15 months before recouping the refinance costs. This means you would save $ 100 per month for the remaining time you continue to own your home. The costs of a refinance can generally be added into your new mortgage resulting in no out of pocket cash. Many lenders have programs which assist with the costs of a refinance. (These programs may recoup the costs with a slightly higher rate)
Debt Consolidation
Debt consolidation involves the combination of existing loans to reduce the total monthly payments. An individual may have a First and Second mortgage and credit card debt which can be wrapped into a single payment with tremendous savings. The interest paid on a home mortgage is generally tax deductible. By combining higher rate credit card debts and car loans with your lower mortgage interest rate you can reduce payments and deduct the interest. (Check with your accountant for details)
VA Guaranteed Loans
These loans are for qualified veterans. Under current programs it is possible for a veteran with full entitlement intact to obtain 100% financing on a loan up to $ 203,000. The VA does not require a down payment if the purchase price or cost is not more than the reasonable value of the property. Veterans have the flexibility to negotiate the best possible combination of price, interest rate and closing costs. VA credit underwriting criteria are among the most liberal in the industry. Closing costs payable by the veteran are strictly regulated and are generally less than alternative forms of financing.
Construction/Permanent Mortgages
These programs allow borrowers to obtain one loan for the construction and permanent financing all in one. This provides substantial savings on closing costs and allows the borrowers to have the peace of mind to know their permanent mortgage is in place. Usually at the same low interest rate as the construction phase. We can often finance up to 90% of the combined cost of land acquisition and construction. There is only one closing at the time the land is transferred to the buyers. The builder then starts the construction process. Buyers pay interest only monthly payments on the money disbursed until the home is completed. At that time the loan automatically becomes an amortizing permanent mortgage with no extra closing costs.
Investor Loans
These programs are for clients who want to purchase or refinance a property to rent out. Typically the borrower may finance up to 70% of the purchase price. There are however loan programs which may allow up to 90% financing. Call Walter Financial for details.
Home Equity Financing
Walter Financial offers its clients many forms of home equity financing. Our customers usually get interest rates lower than other forms of borrowing and the interest may be fully tax-deductible*. Homeowners can consolidate bills , pay for home improvements, fund educational expenses, make large purchases, or simply obtain cash. We offer our customers an affordable solution which meets their specific, individual needs.
Home Equity Loan
A Home Equity Loan is a 2nd mortgage which can be used to get cash using the house as security. These programs offer low rates and flexibility. Common uses include education, home improvement, and auto purchases.
HELOC
A Home Equity Line of Credit allows a flexible open line of credit against the equity in your home. This program allows a revolving balance with interest only payments during the first 10 years and becomes a fully amortized loan thereafter.
No/Low Equity Loan
If you have recently purchased your home or have not yet built up a large amount of equity you can still get financing for you needs. We can finance up to 125% of the value of your home to qualified clients.
* A professional tax adviser should be consulted regarding the tax deductibility of interest payments.
