Mortgage Center

Specialized Loan Programs

Program

Advantages

Disadvantages

First Time Buyer

• Lower down payment
• Easier to qualify
• Sometimes you may get lower rates

• May be subject to income and property value limitations
• Some programs which have government subsidies may have a recapture tax if you sell the house too early.

Imperfect Credit

• Potential for reestablishing credit if you pay your mortgage on time.
• When used for debt consolidation, you may be able to reduce your monthly debt payment

• Higher rates
• Terms may not be as favorable
• Harder to get long term fixed loans
• Loans may have prepayment penalties

No Money Down

• No closing costs
• Less money required to close

• Higher rates

Stated Income

• Don’t need to verify income
• Faster approval

• Higher rates
• Higher down payments

Foreign National