Loan Programs
WHICH LOAN IS RIGHT FOR YOU?
There are many loan programs available today, but how do you know which type of financing is your best fit?
THAT’S WHERE PENNIX MORTGAGE COMES IN!
Below is a snapshot of our most popular loan programs and some qualifying factors for each.
However, there’s no substitute for a quick phone call to answer your questions and determine which would truly be your perfectly matched mortgage.
COMPARE LOANS
Fixed Rate
Loans
- 30-, 25-, 20-, 15- and 10-year terms are all available with fixed rate.
- Buy a home with as little as 5% down (primary home).
- Refinance up to 95% of your primary home’s value.
- Monthly payments remain the same for the entire loan term.
Adjustable
Rate Loans
- 3/1, 5/1, and 7/1 ARM’s. Monthly payments based on a 30 year repayment schedule.
- The rate stays fixed for the first 3, 5, or 7 years (depending on chosen term), and then adjusting annually thereafter.
FHA Loans
- 3.50% minimum down payment required on purchase.
- Minimum credit score usually 620.
- Post-bankruptcy qualifying – 2 years after.
- Post-foreclosure qualifying – 3 years after.
VA Loans
- Competitive interest rates that are routinely lower than conventional rates.
- Sellers can pay up to 6 percent of closing costs and concessions.
- Higher allowable debt-to-income ratios than for many other loans.
- Down payment as low as 0%.