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Alternative Mortgage Program Summary

Alternative Mortgage Program Summary

    The table below outlines multiple programs that are alternatives to traditional mortgage programs.  These programs may be useful for borrowers who have special financial circumstances or who are unable to qualify for a traditional mortgage with a traditional lender.

    Just like with a traditional mortgage, borrowers should review proposals from three-to-four lenders to make sure they select the mortgage with the lowest rate and fees.  The table below summarizes the programs. Click on the program title to learn more about each program.

  • Great Mortgage IdeaBorrowers should be aware that alternative mortgage programs almost always charge a higher interest rate and closing costs than traditional mortgage programs. You should review the terms of these programs very carefully before moving forward.
Alternative Mortgage Program Summary
Alt-A Mortgage
  • An alt-a mortgage is a term used in the lending industry to describe a category of mortgages that fall in between prime mortgages and sub-prime mortgages
Asset Depletion Mortgage
  • Asset depletion mortgages enable borrowers to use liquid assets to qualify for a mortgage
  • Asset depletion mortgages are good for borrowers with relatively minimal income but significant liquid assets
Bridge Loan
  • A bridge loan is a short term loan used to purchase a property
  • A bridge loan is typically refinanced or paid off when the property is sold, prior to the end of the loan term
Hard Money Mortgage
  • A hard money lender lends money to people who cannot get a mortgage from traditional lenders such as banks, mortgage banks, mortgage brokers or credit unions
No Documentation Mortgage
  • With a no documentation mortgage, borrowers are not required to submit any personal financial documents to verify their income, assets or employment
  • No documentation mortgages are typically used by self-employed borrowers or borrowers who primary source of income is from assets or investments
Second Mortgage
  • A second mortgage, also known as a second trust deed, is a second mortgage on a property that uses the existing equity in the property as collateral for the loan
  • The second mortgage is subordinate, or junior, to the first mortgage on the property
Stated Income Mortgage
  • A stated income mortgage does not require borrowers to provide personal financial documents such as tax returns and pay stubs to verify their income
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    Rate Details*
    Loan Program:  
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    Points  More Info:
    Points: Fees you are willing to pay in order to get a lower interest rate. The number of points refers to the percentage of the loan amount that you would pay. For example, "2 points" means a charge of 2% of the loan amount.
     
    Total Lender Fees:  
    Loan type:  
    Property Value:  
    Loan to Value:  
    Credit Rating:  
    Date Submitted:  
    Monthly Housing Payments
    P & I More Info
    Principal & Interest: A periodic payment, usually paid monthly, that includes the interest charges for the period plus an amount applied to the reduction of the principal balance.
    Mortgage Insurance More Info
    Mortgage Insurance: The monthly cost for a policy that protects the lender in case you’re unable to repay the full amount of the loan. It is typically required for loans that have a loan-to-value ratio between 80% to 100%.
    (Estimated)
    Property Tax More Info
    Property Tax: (Also called "Real Estate Tax.") Property taxes are government assessments on real estate property. With mortgage financing, the local, county or state tax assessment on real estate property is considered part of the monthly housing obligation and typically collected and set aside by the lender ...
    (Estimated)
    Homeowner Insurance More Info
    Homeowner Insurance: or also commonly called hazard insurance, is the type of property insurance that covers private homes. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one’s home, its contents, loss of its use, or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory.lender ...
    (Estimated)
    Homeowner Association Fee More Info
    Homeowner Association fee: (HOA) fees are funds that are collected from homeowners in a condominium complex to obtain the income needed to pay (typically) for master insurance, exterior and interior (as appropriate) maintenance, landscaping, water, sewer, and garbage costs.
    (If Any)
    Total Monthly Housing Payments
    Lender Fees
    Points More Info
    Points Fees you are willing to pay in order to get a lower interest rate. The number of points refers to the percentage of the loan amount that you would pay. For example, "2 points" means a charge of 2% of the loan amount.
    Origination Fee More Info
    Origination Charge: A loan origination charge is a fee charged by the lender for evaluating, processing, and closing the loan.
    Credit Report Fee More Info
    Credit Report Fee: Fee charged to obtain an applicant’s credit history prepared by one or all of the three major credit bureaus. Used by lender to determine the borrower’s creditworthiness.
    Tax Service Fee More Info
    Tax Service Fee: A fee charged by the lender to cover the cost of retaining a tax service agency. These agencies monitor the property tax payments on the property and report the results to the lender.
    Processing Fee More Info
    Processing Fee: A processing fee is a charge by the lender for clerical items associated with the loan. Examples of processing include loan set up, organization of loan conditions for underwriting, and preparing required disclosures for the borrower.
    Underwriting Fee More Info
    Underwriting Fee: A fee charged by the lender to verify information on the loan application, authenticate the property’s value, and perform a risk analysis on the overall loan package.
    Wire Transfer Fee More Info
    Wire Transfer Fee: In most cases lenders wire funds to escrow companies to fund a loan. Commercial banks that perform this function will charge the lender so the fee is generally passed on to the borrower.
    (If Any)
    FHA Upfront Premium More Info
    FHA Upfront Premium: A fee paid in cash at the close of escrow or more commonly it is financed into the loan. These premiums are pooled together by the FHA and are used to insure the risk of borrower default on FHA loans. FHA upfront premiums are prorated over a five year period, meaning should the homeowner refinance or sell during the first five years of the loan, they are entitled to a partial refund of the FHA upfront premium paid at loan inception.
    (If any)
    VA funding Fee (If any)
    Flood Fee
    Other Fees More Info

    Other fees could be either additional Administrative Fees that a lender charges or it could be a Flat Fee to cover all lender charges such as: (Origination Fees, Points, Underwriting and Processing Fees, Credit Reports and Tax Service Fees)

    The flat fee does not include prepaid items and third party costs such as appraisal fees, recording fees, prepaid interest, property & transfer taxes, homeowners insurance, borrower’s attorney’s fees, private mortgage insurance premiums (if applicable), survey costs, title insurance and related services.

    Total Lender Fees
    *Actual rates and other information may vary. Sponsored results shown only include participating lenders. The information you enter on this page will only be shared with lenders you choose to contact, either by calling the phone number or requesting a quote.
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    Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. Click here for more information on rates and product details.
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