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Regal Home Loan Programs
At Regal Home Loans we offer a variety
of loan programs to meet the exact needs of each customer. As we get
to know you better, we will certainly make recommendations and provide
options with explanations. To learn more about what may be available
for you, please explore this list of loan programs.
| • • • • • • • • |
VA MORTGAGES JUMBO LOANS 80/15/5 107% DOWN PROGRAMS ZERO DOWN PROGRAMS HIGH DEBT RATIO LOANS CONSTRUCTION LOANS |
• • • • • • • |
FLEX 97
LOANS NO DOC/STATED INCOME 2ND MORTGAGE LOANS A- THRU D PROGRAMS 125% 2ND MORTGAGE INVESTOR LOANS AND MANY MORE |
VA
MORTGAGE
VA Mortgages are backed by the Veterans Administration and the federal government. These loans are similar to FHA Mortgages but the borrower must be a qualified Veteran or military person.
JUMBO LOANS
Jumbo Loans come in many flavors… 30-year or 15-year fixed rate mortgages or competitive Adjustable Rate Mortgage products with full document, alternate documentation, and limited documentation.
Cash out and No cash out refinance programs are also allowable. Single family detached, Condo’s, PUD’s, and single-family second homes can be financed with no prepayment penalty.
80/15/5
The 80/15/5 loan carries a second mortgage for up to 15% of the property’s purchase price. People use this when they wish to avoid PMI insurance or keep a 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.
107% DOWN PROGRAMS
0% Down payment required and closing costs can be financed up to 107% of the purchase price. Only single-family homes to be owner-occupied are eligible for this program. No requirement to be a first time homebuyer and no income limits.
ZERO DOWN PROGRAMS
This program is the same as the 107% down above except the borrower pays for closing costs or can have the seller contribute up to 6% towards closing costs.
HIGH DEBT RATIO LOANS
Borrowers with a ratio of monthly bills to monthly income higher than 50% are considered to have a high debt ratio. Loan programs are available for these borrowers that allow them to finance the purchase of a home or property.
CONSTRUCTION LOANS
Building a new home can be exciting. You don’t want to get caught up in an overly complicated and time consuming construction loan approval process. With this loan, Regal will finance up to 90% of the cost of land plus construction costs. We offer a one-time fixed rate closing or traditional ARM products.
FLEX 97%
The Flex 97% loan is similar to FHA but without maximum mortgage amount limitations. The home must be single-family and owner-occupied. The borrower must have a credit score over 680.
NO DOC/STATED INCOME
Loans where income is not requested or verified with as little as 10% down are stated income loans. Several varieties of the "no-doc" loan exist today. Basically, the type of loan 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 income but choose a program that doesn't calculate debt-to-income ratios. This would allow those borrowers to exceed the traditional guidelines in order to qualify for a larger mortgage amount. With so many variations of the no-doc loan, even non-conventional borrowers can find a mortgage program.
2ND MORTGAGE LOANS
Second mortgages offer the borrower the ability to get money for home improvement, debt consolidation or many other reasons without disturbing their first mortgage. A second loan is most convenient when someone has a low interest first mortgage.
A- THRU D LOANS
These mortgages are for the credit challenged. They can vary from slightly damaged to severely damaged credit. Whatever the situation, Regal will likely have a mortgage to get you back on track.
125% 2nd MORTGAGE
Same as above. With this program, however, we will lend the 2nd mortgage as up to 125% of the value of the home.
INVESTOR LOANS
Investor Loans can finance 1-4 family properties used 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. THIS PROGRAM NOT AVAILABLE IN NEW YORK.
The loans listed here constitute the more common loan types. Regal Home Loans has other loan programs to meet different needs. Please contact us for more information.
VA Mortgages are backed by the Veterans Administration and the federal government. These loans are similar to FHA Mortgages but the borrower must be a qualified Veteran or military person.
JUMBO LOANS
Jumbo Loans come in many flavors… 30-year or 15-year fixed rate mortgages or competitive Adjustable Rate Mortgage products with full document, alternate documentation, and limited documentation.
Cash out and No cash out refinance programs are also allowable. Single family detached, Condo’s, PUD’s, and single-family second homes can be financed with no prepayment penalty.
80/15/5
The 80/15/5 loan carries a second mortgage for up to 15% of the property’s purchase price. People use this when they wish to avoid PMI insurance or keep a 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.
107% DOWN PROGRAMS
0% Down payment required and closing costs can be financed up to 107% of the purchase price. Only single-family homes to be owner-occupied are eligible for this program. No requirement to be a first time homebuyer and no income limits.
ZERO DOWN PROGRAMS
This program is the same as the 107% down above except the borrower pays for closing costs or can have the seller contribute up to 6% towards closing costs.
HIGH DEBT RATIO LOANS
Borrowers with a ratio of monthly bills to monthly income higher than 50% are considered to have a high debt ratio. Loan programs are available for these borrowers that allow them to finance the purchase of a home or property.
CONSTRUCTION LOANS
Building a new home can be exciting. You don’t want to get caught up in an overly complicated and time consuming construction loan approval process. With this loan, Regal will finance up to 90% of the cost of land plus construction costs. We offer a one-time fixed rate closing or traditional ARM products.
FLEX 97%
The Flex 97% loan is similar to FHA but without maximum mortgage amount limitations. The home must be single-family and owner-occupied. The borrower must have a credit score over 680.
NO DOC/STATED INCOME
Loans where income is not requested or verified with as little as 10% down are stated income loans. Several varieties of the "no-doc" loan exist today. Basically, the type of loan 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 income but choose a program that doesn't calculate debt-to-income ratios. This would allow those borrowers to exceed the traditional guidelines in order to qualify for a larger mortgage amount. With so many variations of the no-doc loan, even non-conventional borrowers can find a mortgage program.
2ND MORTGAGE LOANS
Second mortgages offer the borrower the ability to get money for home improvement, debt consolidation or many other reasons without disturbing their first mortgage. A second loan is most convenient when someone has a low interest first mortgage.
A- THRU D LOANS
These mortgages are for the credit challenged. They can vary from slightly damaged to severely damaged credit. Whatever the situation, Regal will likely have a mortgage to get you back on track.
125% 2nd MORTGAGE
Same as above. With this program, however, we will lend the 2nd mortgage as up to 125% of the value of the home.
INVESTOR LOANS
Investor Loans can finance 1-4 family properties used 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. THIS PROGRAM NOT AVAILABLE IN NEW YORK.
The loans listed here constitute the more common loan types. Regal Home Loans has other loan programs to meet different needs. Please contact us for more information.