Euclid Mortagage Services offers a variety of loan programs to meet your needs. We work with with the leading lenders in the industry to provide: |
|
| Conforming 30/25/20/15/10 Year Fixed Rate Loan |
| ARMs |
| Foreign National |
| Jumbo |
| Reduced Documentation Loans (Low Doc) |
| No Ratio Test Loan (No Doc) |
| No Income/No Asset Loan |
| Second or Vacation Homes |
| Investment Property |
| Home Equity Lines of Credit (HELOC) |
| No Down Payment Loans - 103% Loan to Value (LTV); Zero Down Plus |
| No Down Payment - 80/20 (80% 1st mortgage plus a 20% second mortgage) |
| Low Down Payment Programs - 5% down payment programs |
| Low Down Payment Programs - 3% down payment programs |
|
Conforming 30/25/20/15/10 Year Fixed Rate Loan
- Requires minimum of 5% down
- Fixed principal/interest payment over the life of the loan
- Wide variety of loan terms to fit your home ownership goals (30, 25, 20, 15 or 10 years)
- Owner-occupied primary residence, second home, investment property, 1-4 unit properties
- Conforming loan amounts to $359,650; non-conforming loan amounts anything in excess of $359,650
|
 |
ARMs
- As little as 5% down required on some programs
- Maximum Life caps of 5—6 % on most programs
- Periodic Adjustment caps vary from 1—2 %
- Choice of Treasury, LIBOR and COFI indexes
- Assumable (credit qualification required)
- Conversion option available on some programs
- Owner-occupied, second home and 1-4 unit properties
|
|
Foreign National
- Minimum 20% down payment
- Available for self-employed and salaried borrowers
- 15 and 30 year fixed rate loans
- 1-year Treasury ARM — owner occupied primary residence and second home,
- Minimum 20% down payment
- Owner-occupied primary residence, second home, investment property, 2-4 unit property
- Borrower must have social security number
|
|
Jumbo
- Borrow amounts exceeding the conforming loan amounts ($359,650 allowed by Fannie Mae/Freddie Mac)
- Typically has a slightly higher interest rate and different requirements for down payment than smaller loans due to different underwriting requirements
|
|
Reduced Documentation Loans (Low Doc)
- Minimum 15% down payment
- Available for salaried or self-employed borrowers
- Income and employment stated, but not verified
- 15, 20 and 30 year fixed rate loans
- Owner-occupied primary residence and second home
|
|
No Ratio Test Loan (No Doc)
- Minimum 5% down payment
- Good credit required
- No calculation of debt or income ratios
- No income disclosure or verification
- Available for salaried or self-employed borrowers
- 15 and 30 year fixed rate loans
- 1-year Treasury ARM
- Owner-occupied primary residence and second home
|
|
No Income/No Asset Loan
- Minimum 25% down payment
- Excellent credit required
- No income or employment verification
- Available for salaried or self-employed borrowers
- 15 and 30 year fixed rate loan
- 1-year Treasury ARM
- Owner-occupied primary residence (borrowers may not own other property)
|
|
Second or Vacation Homes
- Minimum 10% down payment (less than industry standard of 20% down payment)
- 15, 20, 25 and 30 year fixed rate loans
- 1-year Treasury ARM
|
|
Investment Property
- Minimum 10% down payment (less than the industry standard of 30% down payment)
- 15, 20 and 30 year fixed rate loans
|
|
Home Equity Lines of Credit (HELOC)
- Combines 2 loans (a 1st mortgage and 2nd mortgage) with your down payment (or zero down) so you can avoid the cost of private mortgage insurance
- Frequently used to avoid jumbo (non-conforming) home loan pricing
- Can provide additional tax advantages (ask your tax advisor)
Builds equity faster
- Choice of variable rate home equity line of credit or fixed rate second
Available on most loan programs
|
|
No Down Payment Loans - 103% Loan to Value (LTV); Zero Down Plus
- 103% Loan to Value (LTV); Zero Down Plus
- Finance up to 100% of the purchase price
- Closing costs financed up to an additional 3% (some state restrictions apply)
- Good credit required
- No maximum income/earnings restrictions
- Available on 30 and 15 year fixed rate programs
|
|
No Down Payment - 80/20 (80% 1st mortgage plus a 20% second mortgage)
- No down payment required
- Eliminates need for private mortgage insurance
- Build equity faster as you pay off second mortgage
- Closing costs may be covered with a slightly higher rate
- Available on 30 and 15 year fixed rate programs
|
|
Low Down Payment Programs - 5% down payment programs
- No income restrictions
- Allowed on all standard fixed rate products
|
|
Low Down Payment Programs - 3% down payment programs
- Source of down payment can come from gifts, grants or unsecured loans
- Expanded qualifying ratios for income and debt
- Available on most fixed rate programs
|
| Apply online or call us at (800) 670-8820 |
