The following is a partial list of programs offered by Fidelity First
Financial with a brief description of the key elements. For a complete
list of the programs that we offer, contact us
at 888-800-3688.
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CONVENTIONAL - Traditional loan programs that usually require 5%
down and offer competitive interest rates. Documentation and fair-to-good
credit are necessary.
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NO INCOME VERIFICATION - Loans where your income is not requested
or verified with as little as 10% down are stated income loans. There are
several varieties of the "no-doc" loan today. The type of loan that is 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 select a
program that doesn't calculate debt-to-income ratios, allowing those
borrowers to exceed the traditional guidelines in order to qualify for a
larger mortgage amount. With all the different variations of the no-doc
loan, there is definitely a mortgage program for today's non-conventional
borrowers.
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NO DOWN PAYMENT - 0% Down payment required and closing
costs paid by the borrower (seller can contribute up to 6% towards closing
costs).
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CREDIT PROBLEMS - Troubled credit? Bankruptcy? Been turned down
somewhere else? We offer loan programs for customers with credit problems.
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103% PURCHASE – 0% Down payment required and
closing costs can be financed up to 103% of the purchase price. Only
single-family homes that will be owner-occupied are eligible. First time
homebuyer status not required and there are no income limits.
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80/15/5 - This is a loan which carries a second mortgage for up
to 15% of the purchase price of the property. It is usually used when
wishing to avoid PMI insurance or to keep your 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.
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JUMBO LOANS - Offers 30 and 15 year fixed rate mortgage and
competitive ARM products with full document, alternate documentation and
limited documentation.
Cash out and No cash out refinance are allowable. Single family
detached, Condo's, PUD's and single-family second homes can be financed with
no prepayment penalty.
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A - THRU D LOANS - These mortgages are for the credit
challenged. They can vary from slightly damaged credit to severely damaged.
Whatever the situation we have a mortgage that will get you back on track.
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HIGH DEBT RATIO LOANS - A ratio of monthly bills to monthly
income higher than 50% is considered a high debt ratio. Loan programs are
available for borrowers in this situation, allowing them to finance the
purchase of a home or property.
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2ND MORTGAGE LOANS - Subordinate to the first mortgage
these loans offer the borrower the ability to get money for home
improvement, debt consolidation or many other reasons without disturbing
their first mortgage. Convenient when you have a low interest first
mortgage.
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CONSTRUCTION LOANS - Building a new home can be an exciting
prospect - unless you get caught up in a construction loan approval process
that's overly complicated and time consuming. With this loan we will finance
up to 90% of the cost of land plus the costs of construction. We offer a one
time fixed rate closing or traditional ARM products.
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INVESTOR LOANS - Used to finance 1-4 family properties that will
be 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. Program may not be available in some states.
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FHA MORTGAGE - Backed by the Department of Housing and Urban
Development, this mortgage offers the borrower the ability to put as little
as 3% down payment – and they can even finance “allowable” closing costs.
Seller can contribute up to 6% of the purchase price to the buyer towards
closing costs.
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FLEX 97% - Similar to FHA but without maximum mortgage amount
limitations. Must be a single family, owner occupied home and borrower must
have a credit score of over 680.
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VA MORTGAGES – Backed by the Veterans Administration and the
federal government, it is similar to FHA except that you have to be a
qualified Veteran or military person.
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1042 N. El Camino Real, Suite B 426
Encinitas, CA 92024
Phone: 888-800-3688
Fax: 619-839-3968
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