American Apple Mortgage Loan Programs and Loan Options
Today there are many options to choose. Sometimes the
differences are subtle but significant. We offer a variety
of programs designed to meet your needs. This page provides,
an overview.
• FHA Mortgage 203K FHA
• Conventional Loan Construction Loan
• VA Mortgage
Jumbo Loan
• 2nd Mortgage loan
Reverse Mortgage
FHA – Guarantees thru the Department of Housing and
Urban Development, this mortgage requires as little as 3.5%
down payment, and can finance “allowable” closing costs; and
sellers can contribute as much as 3% of the Buyer’s closing
costs.
203K FHA MORTGAGE – Similar to the FHA Program above
but Buyer can finance improvements that are needed. One
mortgage is given based on the value and the improvements up
to 115% of the after value. The improvements must be over
$5,000 and can be for repairs, a new kitchen, or bathroom,
add a garage, etc.
CONFORMING LOANS – Regular conventional loans up to
$625,000(loans over this amount are considered jumbo).
Conforming loan in some cases can be up to 95% of the
purchase price.
VA MORTGAGE – Guaranteed thru the Veterans
Administration and the federal government, the loan can be
up to 100% of the purchase price. The program is similar to
the FHA program except it is available only to veterans of
the armed forces.
JUMBO LOANS – Offers 30 and 15 year rates mortgage
and competitive Adjustable Rate Mortgage products with no
prepayment penalty.
CONSTRUCTION LOANS – Can be exacting and time
consuming. With our loan, we can finance up to 90% of the
cost of land plus the costs of construction. We can offer a
one time fixed rate closing or the traditional ARM products.
REVERSE MORTGAGE – Those who are retired or on a
fixed income get the monthly cash they need from the equity
in the property. Call us today for information and details
regarding this program.
2nd MORTGAGE – This mortgage which is 2nd behind the
first mortgage can be obtained to get money for home
improvement, debt consolidation, student loans, etc.
TRUST SERVICE
HONESTY - AMERICAN APPLE MORTGAGE
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