Loan Programs
The following is a partial list of programs offered by LenderKey, with a brief description of the key elements of each. For a complete list of the programs that we offer, please contact us at 817-804-4900.
- Conventional
- VA Mortgages
- Flex 97%
- FHA Mortgage
- Investor Loans
- Jumbo Loans
- 80/15/5
- USDA/Rural Development
Conventional
Traditional loan programs that usually require 5-10% down and offer competitive interest rates. Documentation and fair-to-good credit are necessary.
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.
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.
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.
Investor Loans
Used to finance 1-4 family properties that will be for investment. Program may not be available in some states.
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.
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.
USDA/Rural Development
This program is designed to stimulate rural development in America. 100% financing is available. Home must be in a designated USDA rural development area, income limitations apply.