Loan ProgramsThe following is a partial list of programs offered by Equitable Mortgage Corp. with a brief description of the key elements of each. For a complete list of the programs that we offer, please contact us at 417-887-6688.
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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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FHA Mortgage
Backed by the Department of Housing and Urban Development, this mortgage offers the borrower the ability to put as little as 3.5% 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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VA Mortgage
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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USDA
Backed by the United States Dept of Agriculture, this mortgage offers a 30 year fixed rate with no mortgage insurance.
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Reverse Mortgage
Reverse mortgages are loans designed for seniors 62 years or over that enable them to access the equity they've earned in their home and turn it into tax free income. Also seniors get to stay in their homes for as long as they wish, making no monthly mortgage payments throughout the life of the loan. It is repayable only when the home is sold or permanently moves out.
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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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Investor Loans
Used to finance 1-4 family properties that will be for investment with as little as a 15% down payment. Aggressively priced. Program may not be available in some states.
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Challenged Credit Loans
These mortgages are for borrowers with less-than-perfect credit. They can vary from slightly damaged credit to severely damaged.
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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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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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Credit Problems
Troubled credit? Bankruptcy? Been turned down somewhere else? We offer loan programs for customers with credit problems.
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