New Program for Cash Buyers Seeking to Recoup Some of their Capital Investment

This program just rolled out, may be of some use to you or someone you know.

Borrowers who purchased the subject property within the past six months are eligible for a cash-out refinance if all of the following requirements are met:

• The new loan amount is not more than the actual documented amount of the borrower's initial investment in purchasing the property, plus the financing of closing costs, prepaid fees, and points (subject to the maximum LTV, CLTV, and HCLTV ratios for the transaction).
• The purchase transaction was an arms-length transaction.
• The purchase transaction is documented by the HUD-1, which confirms that no mortgage financing was used to obtain the subject property.
• The source of funds for the purchase transaction can be documented (bank statements, personal loan documents, HELOC on another property). Any loans used as the source for the purchase transaction will be required to be repaid on the new HUD-1.
• All other cash-out refinance eligibility requirements are met and cash-out pricing is applied.

Note: The preliminary title search must not reflect any existing liens on the subject property. If the source of funds to acquire the property was an unsecured loan or HELOC (secured by another property), the new HUD-1 must reflect that source being paid off with the proceeds of the new refinance transaction.

Please contact us with any questions, thanks!

HARP Loans – Fannie Mae/Freddie Mac Refinance Loans

If you currently have a Fannie Mae or Freddie Mac loan, you can take advantage of our HARP program. This program allows you to quickly and easily refinance your loan at up to 105% LTV (Loan To Value). What makes the HARP program special is that, while your loan must be Fannie Mae or Freddie Mac, you can still qualify for the program is it is serviced by another source.

• Up to 105% LTV (Loan To Value)
• Owner occupied, 2nd Home, and investment properties are all ELIGIBLE
• Must currently be Fannie Mae or Freddie Mac loan, but may be serviced by another source

If you are looking to refinance your current Fannie Mae or Freddie Mac loan, contact us immediately. Let NSB Mortgage put together a complete mortgage program for you – remember we always have some of the most competitive rates available.

The Fannie Mae Home Path Program

This is a brand new program available to home buyers and is a real winner. The program was established to absorb some of the home inventory out there and allow potential buyers to take advantage of those great deals with a loan program to match.

• Up to 97% LTV (Loan To Value) on primary residences
• Up to 90% LTV on 2nd homes and 90% on investment properties
• Specifically for the purchase of a REO Fannie Mae Home (property must be registered with Homepath)
• Owner occupied, 2nd Home, and investment properties are all ELIGIBLE
• Fixed rate mortgages, adjustable rate mortgages and even interest-only mortgages are available
• High balance loans and expanded approvals ELIGIBLE
• No Mortgage Insurance Required!
• No Appraisal Required (LTV based on sales price)
• Up to 6% contributions towards closing costs and pre-paid loans allowed

If you want to take advantage of this program, do not hesitate to contact us immediately.

Canadian/International Borrower Loans

NSB Mortgage is a market leader for Canadian Borrower Loans. We have a variety of programs set up that will make purchasing a US property an easy and straightforward process. Rates on our loans are not dependent on credit score, rather on property location and loan size.

Highlights:

2nd Residence Loans:

• 75% LTV (Loan To Value)
• Rate based on loan size and property location – not credit score
• Fast processing times

Investment Properties:

• 65% LTV (Loan To Value)
• Rate based on loan size and property location – not credit score
• Fast processing times

Owner Occupied - (Available to all international buyers):

• 75% LTV (Loan To Value)
• Rate based on loan size and property location – not credit score
• Must be New to the US
• Must be employed in the US

Contact us today to discuss your unique situation and let us present you with a complete loan package at the most competitive rate available.

USDA - Rural home loans - 100% financing

Highlights:

• Can be used for Owner Occupied Primary Residence purchases and existing USDA refinances
• No down payment required - 100% financing with no MI/PMI
• No cash reserve requirement
• Low minimum credit score requirement
• Not just for 1st time home buyers, anyone could qualify
• Loans up to 102% of appraised value
• 100% gift/down payment assistance allowed on purchases
• Repairs could be included in the loan
• Loan may be assumable

*All Special Programs are subject to change without notice.