Specialty Lending Programs

In today's housing markets, the home prices have risen to levels never before seen, making it harder for anyone to purchase a home. Traditional mortgages with fixed-rates and standard adjustable mortgages may not be able to get it done for some buyers. This has created a demand for "specialty mortgages" that let them qualify for a larger home mortgage on their income. These can have great benefits, but there are potential risks that we want to help you understand.

Some specialty mortgage programs have a low introductory interest rate or payment plan.  These are good for getting into a home, however, the monthly mortgage payments are likely to increase in the future and you should be prepared for this. Other specialty lending offers include "stated" or "no" documentation underwriting. Again, these types of loans are very useful if you do not have sufficient income to qualify.  With a good credit score, the lenders are willing to give a little more trust on their part in giving you the loan.  This comes, usually, at the price of a slightly higher interest rate or a cost at closing.

Take advantage of the information on our site and the tips below to understand more about how specialty lending works and can work for your next home mortgage.  If you are in the Jacksonville, Florida area and are looking for specialty lending programs available to you, please contact us and one of our representatives will help you find the right program.

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Option Payment ARM Mortgages
You have the option to make different types of monthly payments with this mortgage. For example, you may make: * A minimum payment that is less than the amount needed to cover the interest and increases the total amount of your loan * An interest-only payment, or * Payments calculated to pay off the loan over either 30 years or 15 years

Negative Amortization Mortgages
Your monthly payment is less than the amount of interest you owe on the loan. The unpaid interest gets added to the loan's principal amount, causing the total amount you owe to increase each month instead of getting smaller. These should be used only if you expect to be able to make major principal payments in the future.

Interest-Only Mortgage Programs
Your monthly mortgage payment will cover the interest owed on the loan for the first 3,5,10 or more years of the loan. After the interest-only period, you start paying higher monthly payments that cover both the interest and principal that must be repaid over the remaining term of the loan. Interest only loans are great if you want a minimal payment. Just because they are called 'interest only' that does not mean that you cannot also pay the principal. Most lenders will allow you to pay as much as 20% of the principal per year towards your loan without any penalty.

Know Your Credit Score
Knowing your credit score will save you time and give you a better estimate on your loan.