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Types of Loans |
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BALLOON
- 7-Year Balloon Mortgage:
- Offers monthly payments based on a 30-year amortization, with a rate based on the shorter term of the loan, which is due in full in 7 years.
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- 5- and 7-year Balloon or Resets
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REVERSE
- The Home Keeper Mortgage:
- Serves as an adjustable-rate conventional reverse mortgage that allows homeowners age 62 and above to borrow against the value of their homes and receive the proceeds according to the payment option they select.
FIXED RATE
- Biweekly Mortgage:
- Allows borrowers to make payments every 14 days instead of once a month, providing faster amortization of the loan.
- Expanded Approval with Timely Payment Rewards (EATPR):
- Available via Desktop
Underwriter for consumers who are currently paying more than
fair market value for the credit quality associated with their loan or
for borrowers with minimal funds for a down payment or closing costs who
may have had minor credit problems in the past.
- Fannie 3/2®:
- Offers underwriting flexibilities that include a 3 percent down payment and one month's cash reserves at closing.
- Fannie 97®:
- Requires a 3 percent down payment from the borrower's own funds, requiring cash savings in reserves of only one month's mortgage payment after closing.
- Interest First:
- Allows consumers who want a lower monthly payment with the stability of a 30 year fixed-rate mortgage to make interest-only payments for 10 or 15 years, followed by a fully amortizing period of 15 or 20 years.
- Pledged-Asset Mortgage:
- Enables homebuyers to borrow up to 100 percent of the
sales price of the home when there is a pledge of a stable financial
asset.
- Simultaneous Seconds Mortgage:
- Allows borrowers a payment lower than a high-LTV first mortgage and offers one-stop secondary market execution for both first and second mortgages.

Freddie Mac 100 Streamlined Purchase for Homeowners
A-Minus
Affordable Merit Rate
Affordable Gold
Alt 97
Financed Permanent Buydown
ADJUSTABLE RATE
- Fixed-Period ARM or Hybrid ARM:
- Offers a competitive note rate, plus an initial fixed-rate
-often for a multi-year period, to protect against rapid interest rate increases.
- Interest First Fixed Period ARM:
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- Pledged-Asset Mortgage:
- Enables homebuyers to borrow up to 100 percent of the sales price of the home when there is a pledge of a stable financial asset.
- Six-Month LIBOR-Indexed ARM:
- Offers borrowers a mortgage with an aggressive initial rate plus protection against wide swings in interest payments. Libor in general gets better investor appetite than some other indices due to reduced basis risk to investor funding base.
- Two-step Mortgage:
- Pairs the benefits of shorter term pricing with the stability of longer term financing.
Cost-of-Funds Rate-Capped ARMs
Treasury-Indexed Rate-Capped ARMs
LIBOR Rate-Capped ARMs
LOW or NO DOWN PAYMENT
- Flexible 100:
- Allows a no-down payment option for borrowers with minimal funds for a down payment.
- Flexible 97:
- Permits a low (3%) down payment option for borrowers
with minimal funds for a down payment.
These are a few of the programs that Associate Mortgage can provide. Remember, if you don't see what you are looking for, just ask!
Page Updated: 07/31/2007 |
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Your Broker
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Elise Altergott
Principal Broker |
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