Conventional Loans

• These loans include 30, 25, 15 and 10-year terms, adjustable and fixed rates, variable loan limits and payment options, and more.
• American Home Funding typically assembles "packages" of loans that are sold to investors worldwide on the secondary market, bringing new funds to be loaned to other borrowers.
• Conventional 30 year fixed 5.125% with APR 5.206% Fico 740 with 1 point

FHA Loans

• A 3.5% down payment, as opposed to a 5% down on traditional loans
• Low monthly mortgage insurance
• Low closing costs, which are regulated by HUD
• No credit score requirements
• FHA is 96.5% Loan to Value (LTV)--Currently, the rate is 4.75% for a 30 yr. fixed and the APR is 5.172 with Fico score of 640 and 1 point

VA Loans

• No down payment unless the purchase price is higher than the VA-appraised value of the home.
• No mortgage insurance premiums.
• VA mortgages are assumable (transferable) to non-veteran individuals with approved credit.

ARM Loans

The initial fixed-rate period can be as short as a month and as long as 10 years. One-year ARMs, which have their first adjustment after one year, used to be the most popular and were the bench mark. Recently the standard has become the 5/1 ARM, which has an initial fixed-rate period that lasts five years; the rate is adjusted annually thereafter. That type of mortgage, which mixes a lengthy fixed period with an even lengthier adjustable period, is known as a hybrid. Other popular hybrid ARMs are the 3/1, the 7/1 and the 10/1. Conventional ARM is 80% LTV loan to value rate term, 3.875% 5/1 ARM Fico 740 caps 5/2/5 with an 2.5 Margin, Rate Term with 1 point.

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.
• Jumbo ARM 75% Loan to Value (LTV)--4.125% with a 5/1 ARM and a Fico score of 720--Caps 5/2/5 with a 2.50 Margin and 1 point.