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The world revolves around you at Waveland Mortgage. Which is why
we offer great programs, great rates and dedicated loan professionals
to help you.
Fixed Rate Mortgages
The most established of all loans. The rate and payment are fixed
for the term of the loan. 15 and 30 years are most common, but are
available for terms up to 40 years. Rates are usually lower the
shorter the term.
Adjustable Rate Mortgages (ARM)
- Short Term Adjustables – 1, 3 Year ARMs and
- Long-Term Adjustables – 5, 7, 10 Year ARMs
The rate on these loans is fixed for the initial period of 1 to
10 years. After the introductory period, the rate is adjusted according
to a preselected index plus a margin. The most common indexes used
are the 1-Year Treasury Bill and the LIBOR index. These loans typically
have maximum yearly caps over the initial fixed rate of 2% as well
as lifetime caps of 5% or 6%. These loans typically amortize over
a 30-year period.
ARMs have lower start rates compared to fixed mortgages and are
attractive if you intend to sell your home within the initial period.
Also, if your budget is tight, these loans can help you afford a
loan today
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Interest Only Mortgages - Interest
Only Calculator
The Interest Only Mortgages provide for an initial fixed rate period
of 1, 3, 5, 7 or 10 years, and a yearly adjustment period for the
remainder of the term. The Term is 30 years and the maximum loan
amount is $1.5 Million.
During the initial fixed-rate period, the mortgage payment consists
of an Interest Only payment, calculated using the Note Rate and
the principal balance on the loan.
After the initial fixed rate period, payments will be subject to
annual interest rate and principal and interest adjustments for
the remainder of the loan term.
More
information about Interest Only Mortgages
Interest Only Choice
Our Interest-Only-Choice Loan gives you greater control over one
of the largest monthly expenses and can help better manage your
cash flow and tax deductibility. With this loan you have the option
each month of only paying the interest on the loan for the first
15 years. After the initial 15 years, the loan will amortize over
an additional 15-year term and make principal and interest payments.
By taking advantage of the interest-only option each month, the
money that would normally be used for the principal portion of the
mortgage payment can be used for other purposes, such as investing
or paying off higher-cost credit debt. This may also assist in maximizing
tax deductibility, consult your tax advisor.
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Jumbo and Super Jumbo Mortgages
Fixed Jumbo Mortgage
Jumbo programs are designed for borrowers looking for a higher
loan amount with predictable monthly payments and protection against
the possibility of rising interest rates.
The Jumbo Fixed Loan can be applied to loans amounts over $322,701,
with an interest rate that remains fixed for the entire term of
the loan. This product is offered for a 10, 15, 20, 25 or 30-year
terms and is an especially popular product in a low interest rate
environment.
This loan is recommended for borrowers who:
• Are sensitive to fluctuating rates and payments, our Jumbo
Fixed Loans will have a set rate and payment for the life of the
loan.
• Are looking for financing above normal conventional loan
amounts.
Jumbo Adjustable Rate Mortgage (ARM)
1-Year and 10-Year ARMs offer our borrowers the advantage of a
fixed rate loan with a lower rate for an intermediate period of
time. This can be particularly attractive to the borrower who plans
to remain in the home for a limited time. These loans begin at a
lower interest rate, which is fixed for 1 to 10 years. The borrower
benefits from a lower interest rate than a fixed rate loan. In addition,
the 1-Year to 10-Year Arms offer our borrowers an interest only
payment feature. The Jumbo ARM Loan can be applied to loans amounts
up to $5,000,000
The Jumbo Arms are recommended for borrowers who:
• Plan to own their home for a term less than 10 years.
• Want the benefits of a lower rate for an intermediary period
of time.
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Combo Mortgages - When
you need 100% financing or want to save the monthly mortgage insurance
payment.
Common combinations are:
- 80/20 (80% first mortgage and a 20% home equity loan)
for 100% financing.
- 80/15 for 95% financing.
- 80/10 for 90% financing.
By combining a first mortgage and a home equity loan, our borrowers
can bypass the added expense of mortgage insurance (PMI) while making
little or no down payment at all.
When purchasing a larger home with a smaller first mortgage, this
can be an effective strategy to lower the first mortgage interest
rate. With the Combo Loan option, borrowers may avoid the higher
interest rate typically associated with a jumbo loan.
A Combo Loan is recommended for borrowers who:
• Are first-time home buyers and may not have the available
funds to make a large down payment.
• Have investments and would rather use a home equity loan
as a down payment instead of liquidating their investments.
• Look to reduce their overall monthly mortgage payment by
eliminating mortgage insurance requirements.
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The Teacher Mortgage Program, including
Public Safety Officer and Healthcare Worker Programs
Main features are:
- Low or no down payment requirement.
- Average to good credit history required.
- Maximum loan amount $322,700.
- The property must be the primary residence.
Teacher & Educator Program
The borrower must be a full time employee in the following positions:
Public Safety Officer Program
The borrower must be a full-time sworn employee of a:
- Police department
- Fire department or Agency
- Sheriff's office
- Corrections department
- An airport or port authority
- A university, a hospital, or a utility that is responsible for
the prevention and detection of crime, the enforcement of the
penal, traffic, or highway laws, or the incarceration or detention
of offenders.
Healthcare Worker Program
The borrower must be:
- A medical resident or fellow
- A licensed pharmacist or pharmacy technician, who is certified,
licensed, or accredited.
- A registered nurse (RN), licensed practical nurse (LPN), or
licensed vocational nurse (LVN)
- A registered nursing assistance, who is certified, licensed,
or accredited.
- A certified nursing assistance (CNA), advanced unlicensed assistant
(AUA), or unlicensed assistive personnel (UAP)
- A physician's assistance or medical technician, technologist
or therapist who is certified, licensed, or accredited.
Other qualifications apply. Please consult with your loan officer.
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Bankruptcy, Foreclosure, Consumer
Credit Counseling
This program allows borrowers who have had a previous bankruptcy
or foreclosure to apply for a mortgage. In general, the requirements
are very lenient. Borrowers with a Chapter 7 or a Chapter 13 Bankruptcy
are considered within one day after the discharge or dismissal of
the bankruptcy. A copy of the discharge papers must be provided.
Consumer Credit Counseling accounts may remain open.
The Commitment Program
This program provides borrowers with a firm mortgage commitment
based on credit, income, and assets prior to choosing a home or
initiating construction.
The Loan Commitment Program is recommended for borrowers who:
- Are in the home search process, who have not yet selected a
property
- A borrower that is building a new home and requires a loan commitment
from a builder or to initiate construction.
The initial commitment specifies the following:
- Pre-approved loan amount
- Loan Program
- Today's floating interest rate
- Maximum principal, interest, taxes and insurance payment
For home buyers, the loan commitment is contingent upon a sales
contract, property, acceptable appraisal, mortgage insurance approval,
if applicable, and fulfillment of all closing conditions.
For new construction, the loan commitment is contingent upon an
acceptable appraisal, mortgage insurance, as applicable, condominium/co-op/PUD
approval, as applicable, and fulfillment of all prior to closing
conditions
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The 3% and No Down Payment Programs
These mortgage program is designed for borrowers with good credit
profiles who have minimal funds for the down payment and closing
costs necessary to purchase a primary residence.
Borrowers can attain home ownership with little or no funds of
their own by using gifts, grants, and unsecured loans for the down
payment, and closing costs.
The property must be the borrowers' primary residence.
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Blemished Credit Programs
These programs provide mortgage eligibility to borrowers who have
been excluded from traditional sources of financing because their
credit is damaged or do not fit traditional requirements because
of poor credit histories or have had bankruptcies or foreclosures
in the past.
Bankruptcy, Foreclosure, Consumer
Credit Counseling
This program allows borrowers who have had a previous bankruptcy
or foreclosure to apply for a mortgage. In general, the requirements
are very lenient. Borrowers with a Chapter 7 or a Chapter 13 Bankruptcy
are considered within one day after the discharge or dismissal of
the bankruptcy. A copy of the discharge papers must be provided.
Consumer Credit Counseling accounts may remain open.
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Special Mortgage Programs
This programs are specifically designed for creditworthy borrowers
with unique income, asset, and credit situations.
"No Income Verification Program."
With our NIV Program, the income is not verified. Assets must be
listed and should be consistent with the income stated. Employment
and assets must be verified
Borrowers who have been self-employed for at least two years or
who work on commission are good candidates for this program. First-time
homebuyers are also eligible for this program. In addition, the
reduction in paperwork can lead to an even more timely approval.
“No Income No Asset Verification”
Programs
Our “No Income No Asset” programs are ideal for a borrower
with excellent credit who does not wish to disclose income, employment
or asset information. And because there is less information to verify,
“no income no asset” loans often receive faster processing.
This program is also available for first-time homebuyers. Borrowers
who may be self-employed or work on commission and whose income
tax returns do not reflect what they can comfortably afford to pay
on a mortgage may benefit from this program.
"Stated Income Stated Assets."
The borrower's income and assets do not require verification. Employment
must be verified.
Borrowers with excellent credit who have been self-employed for
at least two years or who work on commission are good candidates
for this program. First-time homebuyers are also eligible for this
program. In addition, the reduction in paperwork can lead to an
even more timely approval.
"No Ratio" and "No Documentation"
Programs
With the “no ratio” " No Doc" programs there
are no income or employment verification requirements.
This program is designed for borrowers with strong assets and a
timely payment history, but whose source of income may be complex
or require excessive amounts of documentation. For example, borrowers
who are self-employed or commissioned, as well as retirees may benefit
from a “no-ratio” program.
Our mortgage experts can help determine if this is the right product
for you.
We have a very extensive "niche" programs list.
For more information about our programs, or a specific requirement,
please contact us. We'll be happy to work with you.
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