In This Guide:

• What is a Residential loan?

• Down payment and loan to value ratios

• Types of Residential Loan

• Types of Residential Mortgage
  
   

What is a Residential Loan?

A Residential Loan is a loan secured by a single-family dueling.

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Down Payment and Loan to Value Ratios 

- in order to obtain a loan on a residential property, one needs to put down some money called Down Payment, then get a loan for the remaining balance of the purchase price.

- The ratio, the percentage of the loan needed to the value of the house being purchased is called the loan to value ratio. The best loan can be taken out when the loan to value ratio is at 80% or less. This means the buyer has designated 20% or more as a down payment towards the purchase price. We can accommodate loans with 5% 10% 15% or 20% down payment

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Types of Residential Loans

- Fully amortized loans
- Interest-only loans
- Arm loans

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Types of Residential Mortgage

- Conventional MTGs

- Interest + principal loans     

         a) Conforming
         b) Jumbo
         c) SuperJumbo

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- FHA For people who don't have any mortgage under their credit.

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- Interest-only loans:
  5/1, 7/1, 10/1 Arm Loans 

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  For the fixed period of the loan 5 units and up be designed as interest-only or amortized loan. 

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