Less than Perfect Credit
One Source
Mortgage has a vast array of loan programs for every type of
borrower. We understand not everyone will have a perfect credit
history and life situations happen that cause credit problems.
We are here to help!! We have programs for purchasing a new
home, refinancing the one you’re in to take cash out to
consolidate those debts, for home improvements or just about
anything. We allow higher loan to values than most lenders and
will even do the loans on low doc type loans. If the loan makes
sense- we are usually able to approve it.
Adjustable Rate Mortgage
This
program enables you to purchase more house for your money by
offering lower payments, easier loan approval, and specified
adjustment periods so you can anticipate changes in your payment
schedule.
Long-term
Rate Lock
Lock in
today’s rate for up to 360 days while your new home is under
construction
No –
Income/No- Asset Verification
This
program features attractive rates, cash-out refinancing and low
down payments without having to verify income or assets.
(Employed, self employed or retired are acceptable).
No Money
Down
Lock in
today’s low fixed rate with no money down. Borrow up to 100% of
the purchase price of your new home (owner occupied only) with
no down payment.
No Points.
No Closing Costs.
Lock in at
a low rate and pay no points or closing costs. Let us pay your
closing costs for you.
First Time
Homebuyers Programs
One Source
Mortgage offers many programs for First Time Homebuyers. Enjoy
loan features such as no money down programs on Fixed or
Adjustable loan programs. Depending on your credit score, we
will allow higher qualifying ratios so you can afford that new
home today. We even offer programs for less than perfect credit
with attractive rates.
My Community
Mortgage
This is a
“new affordable home loan solution” that can be beneficial for
the needs of first-time homebuyers, lower income households or
people who don’t want to take money out of their bank accounts
for their down payment or closing costs. This program will allow
you to save money on your monthly payments, reduce mortgage
insurance.
Second
Mortgage Programs
As
mortgage rates go up and down, some client prefer not to
refinance the first mortgage they may have. At One Source, we
realize that and offer Fixed Rate and Home Equity Line of Credit
loans to give you access to the equity in your home for just
about any purpose. In most cases the interest you pay on these
second mortgages are tax deductible (consult your financial
advisor as to IRS rules on tax deductibility). Most Second
Mortgages have little or no closing costs options.
Fixed
Rates
Fixed Rate
programs offer you the security of a fixed monthly payment each
month that will not change for the term of the loan. You get
all your money at once and pay a secure fixed rate until the
loan is paid off in full.
Hard – To
– Prove Income/Low Document Loans
One Source
Mortgage offers many types of Low Doc Programs for all types of
borrowers and situations. We have programs where income could
be stated, but not verified, programs where no ratios are
calculated so the amount of debt you have does not matter, loans
which we do not verify any income or assets and even some that
allow no need to verify income, assets or employment.
No Income
Verification/Stated
This
program is typically for a borrower who is self-employed or
commission only. You can state your income but it is not
verified. A great way for borrowers to go who make the money
but just cannot show it all.
No Ratio
This
program is for a borrower who may be employed, self employed or
even retired who has good assets but who may have a lot of debt
or rental properties that do not want to show tax returns or
income. No ratios are calculated so it does not matter how much
debt you have or what ratios would be for a typical loan.
No Income/No Asset
Loans
This
program allows a client to qualify for a loan without verifying
income or assets. You do not need to show your income or
assets at all so you can just about qualify for any loans if you
meet the credit/loan to value guidelines.
No
Document Loans
This
program is for just about anyone who does not want to verify
income, assets or employment. It is only based on your credit
score and the loan to value of the loan. You can be employed,
self employed, retired or not working at all. It is a great
way to go for someone who just cannot show anything but has good
credit.
Portfolio
Loan w/ No Money Down
One Source
Mortgage understands not all borrowers have the best credit or a
high down payment for a home. That’s why we created our own
Portfolio loan programs, which allow for higher borrowing, no
down payments in some cases and programs which also all-low doc
programs for those who may need it. We underwrite these
programs based on a “common sense” approach. If you think that
you may not be able to get into a new home or refinance due to
some past credit problems- ask us about our flexible portfolio
loan programs- you will be glad you did.
80/20
Financing
This no
money down program allows for borrowers to do two loans to avoid
costly PMI premiums. You get an 80% First Mortgage and a 20%
Second Mortgage at attractive programs and it keeps your payment
low.
Multi-Family Financing
One Source
Mortgage offers many programs for Multi-Family Financing. This
program allows you to purchase or refinance an income producing
property, which will help you make your mortgage payments each
month. Some borrowers usually will start out buying a
multi-family home to live in and have the tenants pay for the
mortgage. Eventually down the road, they will keep that home
for rental purposes and purchase another home later on to live
in. We offer low down payment loans for both owner occupied and
investment loans.
Second
Homes
How about
that vacation home to get away to when you just need some time
away. One Source offers Second Home loans with low down
payments and flexible terms such as Fixed and Adjustable rate
programs.
Investment
Property
This
program allows you to purchase or refinance a rental home. The
tenants pay for your mortgage, you enjoy the benefits of
developing equity over the years and an investment property will
allow in some cases a tax write off. Many homeowners invest in
rental property for there retirement and to help them supplement
future retirement income. One Source has some very attractive
programs with as little or no money down programs even on
investment property if you qualify based on credit and income.
Land Loans
Land loans
are the perfect way to buy a piece of land now and build later.
With the rises prices of real estate in general, land has also
seen a dramatic increase in equity over the years. You may be
ready to build a new home now or maybe 2-3 years down the road.
One Source Mortgage can provide financing for land loans with
attractive terms and low down payments.
Construction Loans
Building a
new home? The home will not be ready for 6-12 months. Rates
are on the rise? We have the solution One Source Mortgage
offers many long-term lock programs that range from 90-450
days. You can take your time making sure the home of your
dreams is just right for you and not worry about rates going
up. We lock your rate in for you and your protected. With some
programs we even have a “float down” option that if rates do
fall while your locked in, you can float down to the lower
rate. We have attractive construction loan programs that can
help you with the financing to build that new dream home with
flexible terms and draw periods.
Commercial
Loans
One Source
understands the need for financing real estate outside of a
conventional loan. That’s why we offer commercial loans too.
Loans for residential or mixed units over 4 units, commercial
office buildings, restaurants or any type of real estate secured
financing. We offer attractive loans programs and even have
some with No Verification of Income or Assets if needed. Call
us today to find out about the “One Source Commercial Financing”
programs.
Pay Option
Arm Program
Need
flexibility in your mortgage payment approach. We now have a
pay option arm program. It’s a flexible program that gives you
four different options on how to pay your monthly mortgage.
This is great for customers who have seasonal or commission
based cash flow.
Condo
Conversion
The
nationwide appeal of condo conversions is hitting New England.
There is no large down payment requirement for these properties
and you will be able to enjoy a beautiful new condo at a
reasonable price.
Adult
Housing Communities (55+)
One Source
Mortgage can accommodate financing for the 55+ Adult Housing
Communities. We offer all types of financing from Fixed to low
adjustable rate programs. While many companies are not
financing these types of loans, One Source does!
Permanent
& Non-Permanent Resident Aliens
One Source
Mortgage offers many programs for borrowers who may not be U.S.
Citizens. If you’re a permanent resident alien with a green
card or a Non-Permanent Resident Alien and do not have the green
card, we can find a loan for you. We have many Fixed and
Adjustable Rate Programs and even have the One Source Portfolio
Loans that will fit these types of borrowers.
Foreign
National Programs
One Source recognizes the
importance of lending in a global community and that not all
borrowers meet the traditional residency qualifications.
Therefore we have come up with a plan that allows International
borrowers to buy any home in the United States they desire.
Jumbo Loan
Any loan amount above 417K.
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