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| CONVENTIONAL LOANS (PURCHASE AND REFINANCE FINANCING) |
| FHA LOANS (PURCHASE AND REFINANCE) |
| REFINANCING/DEBT CONSOLIDATION |
| VA GOVERNMENT FINANCING (PURCHASE AND REFINANCE LOANS) |
| JUMBO LOANS Fixed and ARMS (5/1 & 7/1) |
| INVESTOR LOANS |
| USDA (Rural) |
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CONVENTIONAL LOANS (PURCHASE AND REFINANCE FINANCING)
These are traditional loans offered at 10, 15, 20, 25, 30 and 40 year terms. Fixed and Adjustable products are available. Documentation and fair to good credit are necessary, and interest rates are very competitive. Quite often, Polaris Funding Group will be able to beat your local bank's rate!
Loans above 80% loan to value require PMI (Private Mortgage Insurance).
Term: 30 years
Maximum Amount: $417,000
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FHA LOANS (PURCHASE AND REFINANCE)
FHA loans are a very powerful tool for potention home-owners to attain financing. The are mortgage loans backed by insurance provided by the Federal Housing Administration. The government does not make these loan to borrowers, but rather allows sponsored lenders to do so, with relaxed credit-score and down-payment requirements.
Borrowers may finance 96.5% of the loan amount (3.5% down). A monthly mortgage insurance premium (MIP) is required (with the exception of a 15 year fixed in certain cases), and an up-front mortgage insurance premium (UFMIP) of the loan amount is added to the loan amount, or may be paid at the closing, as is standard with all FHA loans.
Loans limits are those defined by current FHA loan-limit guidelines:
https://entp.hud.gov/idapp/html/hicostlook.cfm
(just enter the state and county name)
MIP payments are not permanent, however. Once the borrower has reached a 22% equity position in the home (78% LTV), mortgage insurance will be removed, as is standard on conventional loans. However, a minimum mandatory period of 5 years is required of insurance payments.
Term: 30 years
Maximum Amount: $417
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REFINANCING/DEBT CONSOLIDATION
Whether you are trying to reduce your current rate/payment, or consolidating debt, Polaris Funding Group has a variety of products available. Terms, conditions, and product availablitly will vary on each unique scenario
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VA GOVERNMENT FINANCING (PURCHASE AND REFINANCE LOANS)
Whether purchasing or refinancing with the VA's IRRR loan, this is a wonderful program for our Veterans! 100% financing is available without mortgage insurance payments! A very powerful program for those who qualify. These are full doc loans, and applicants must have their DD-214 and Certificate of Eligibility (C.O.E may be ordered through lender as well). For more information, please contact Polaris Funding Group, or visit the V.A. online at www.VA.gov.
Term: 30 years
Maximum Amount: $417,000
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JUMBO LOANS Fixed and ARMS (5/1 & 7/1)
Loans above current conforming limits. Generally requires 20% down, fair to excellent credit, and full documentation.
Term: 30 years
Maximum Amount: $3,000,000
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INVESTOR LOANS
A variety of products and loan terms are available for investors purchasing 1-4 family buildings for investment purposes.
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USDA (Rural)
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Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $417,000 for the contiguous states, District of Columbia, and Puerto Rico or below $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $8,340. Jumbo Loans (whose maximum loan amount exceed $417,000 for the contiguous states, District of Columbia, and Puerto Rico or exceed $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.
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