Conforming Loans

These loans must meet the minimum income, assets and credit guidelines established by Fannie Mae and Freddie Mac. The Conforming loan limit is currently $417,000.

Fixed Rate Mortgages:
The rate for a fixed rate loan will remain the same throughout the entire term of the loan. The rate will not vary. The most popular fixed rate mortgages are a 30 year, 25 year, 20 year, 15 year and 10 year.

ARM:
(Adjustable Rate Mortgage) the interest rate for an adjustable rate mortgage will adjust at the completion of a specific time period. The interest rates are tied to specific indexes and are best for borrowers who know that they will not be in a home for a long period of time. Adjustable/ variable rate mortgages are usually fixed for three, five, seven or 10-year periods, but may start to adjust after that, in accordance to the index that it is tied to. The main advantage of an ARM is to get an initial lower interest, therefore reducing your monthly payment.

Interest Only Loan:
Only the interest on the loan is required to be paid each month. Any additional payments are applied to the principal amounts of the loan. There are both Interest Only ARM and Interest Only Fixed Rate Programs. These mortgages are ideal for borrowers who would like to minimize their monthly payments.

FHA Loans

Federal Housing Authority insures loans originated by approved lenders to qualified borrowers in accordance with its regulations. These programs are ideal for first-time homebuyers.

$100 Down:
There are certain loan programs where the borrower is only required to put $100 down as a down payment for the home. This is usually an FHA program.

95% Cash Out:
FHA allows certain qualified borrowers to borrow up to 95% of the value of their home to pay off bills or to get cash at closing.

No minimum credit score:
Aasent Mortgage has loan programs that are not credit score driven. We do not look at credit score, so there is no minimum score needed.

Jumbo Loans

Loans in excess of the conforming loan limit (currently $417,000).

VA Loans

Certain veterans of the United States Military are entitled to special loans that allow them preferred terms and less money down. The basic intention of the VA direct home loan program is to supply home financing to eligible veterans in areas where private financing is not generally available and to help veterans purchase properties with no down payment.

Other Loan Programs

Balloon Mortgages - 7/23 and 5/25 Mortgages
Mortgages with a one time rate adjustment after seven years or five years respectively. The main advantage of a Balloon Mortgage is to get an initial lower interest, therefore reducing your monthly payment.

95% Financing Loans
For primary residences, secondary homes and investment properties. This program allows you to finance 95% of the purchase price of the home you are buying.

Payment Option ARM
Also known as a negative amortization loan. The loan balance increases as a result of the less-than-interest-only payments. For example, if your monthly payment is $600 but the actual interest due is $700 then the $100 difference is added to your balance. These programs are ideal for commission or seasonal borrowers who have instant equity in the house they are buying.

Combo Loans (1st and 2nd Mortgages)
"Combo loans" or "Piggyback loans" allow you to avoid mortgage insurance by splitting the loan amount into two separate mortgages, keeping the first mortgage under 80% of the value of the property.

• 95% Loan= 80% first and a 15% second with a 5% down payment (80/15/5)
• 90% Loan= 80% first and a 10% second with a 10% down payment (80/10/10)

Stated Income Loans
Reduces the amount of required paperwork. These programs are ideal for self-employed borrowers, commission borrowers, cyclical borrowers or borrowers who recently started a new job.

• Stated Income- No income documentation is provided, however asset information is provided. The borrower states their income.

Debt Consolidation
Debt Consolidation loans allow you to refinance your property and utilize the equity to payoff other debt (second mortgages, car loans, credit cards…), therefore reducing your total monthly payments.

Cash-out Refinance
Cash-out Refinances allow you utilize the equity (cash) in your home and use it at your discretion (for example: home repairs, college, dream vacation…).

Interest Rate Reduction
You may want to refinance your current mortgage to reduce your current interest rate, reduce the term (payoff your mortgage faster) or maybe your current loan is about to adjust.

Home Equity Line of Credit (HELOC)
A line of credit tied to your house. HELOCs are tied to the prime rate, therefore the interest rate can change. A HELOC may be used for college, debt consolidation, home repairs… also at your discretion. These loans may be paid down and reused throughout the life of the loan.

Home Equity Loan (Fixed second mortgage)
A Home Equity Loan is a fixed second mortgage tied to your house. The interest rate and payment will not change over the life of the loan. Fixed rate second mortgages may also be used at your discretion.

Credit Problem Loans
If you have slow or troubled credit and are thinking about refinancing or purchasing a new home, we have the right loan program for you- guaranteed. Please call or email us for a free mortgage consultation. You have nothing to lose.

Construction Loan
These are open-ended, short term loans used for the purchase of property and building homes. These loans are refinanced after completion of the home and all draws are complete.