Secure One Capital offers borrowers a high LTV financing with a reduced monthly mortgage insurance premium
COSTA MESA, Calif., Dec. 18, 2014 — Secure One Capital, a HUD approved lender, is helping homeowners qualify for a new low-down payment mortgage program that requires only 3% down at closing. This program which Fannie Mae debuted December 11th, 2014, is an unnamed extension of the MyCommunityMortgage (MCM) program. This new program, not to be confused with the Conventional 97, is also referred to as the “expanded LTV” program because it can help homeowners who do not qualify for a traditional HARP refinance.
This programs comes as a response to the discontinuation of the Conventional 97 program that was discontinued by Fannie Mae in 2013. The program is only available as a 30 year fixed rate loan and is limited to loan sizes of $417,000 or less. Only single family homes qualify for the program, but this does include condominiums and townhomes.
This program offers a substantial advantage to borrowers and it gives them an alternative to an FHA loan. An FHA loan yields a high upfront mortgage insurance premium that makes the cost of owning a home prohibitive. The new program minimizes these restrictions opening up the possibility of homeownership to more borrowers who require high loan-to-value financing with a reduced monthly mortgage insurance premium. Secure One Capital is excited to be on the forefront and be one of the Fannie Mae approved lenders to offer this program to current and potential homeowners.
Secure One Capital has been a direct lender since 1995 and truly underwrite all their loans to HUD, Fannie Mae and Freddie Mac guidelines with no investor overlays. This means that borrowers who may have been declined in the past may qualify because they will face fewer restrictions and limitations. Secure One Capital is able to be more flexible because the company lends its own money in order to allow qualified homeowners to take advantage of low rates. Secure One Capital caters to the consumer and allows FICO scores as low as 500, previous bankruptcies and foreclosures and past delinquencies. Secure One Capital has the ability to originate and fund all loans in house in order to expedite financing and has been recognized for outstanding service.
Secure One Capital seeks to help as many homeowners as possible while rates remain low. Mortgage rates have been hovering near their lowest levels in 19 months, but the trend is not expected to continue. Janet Yellen, the Federal Reserve Chairwoman announced on Wednesday, December 17th 2014, that the Federal Reserve plans to start raising interest rates next year, but it will be patient and not begin the process any earlier than April. This announcement may begin an upward trend in mortgage rates so borrowers are encouraged to begin a refinance as soon as possible.
As a Mortgage Bank we have the ability to underwrite and fund with our own money allowing us to be more flexible than your traditional mortgage broker or small lending institution. For a Free Benefits analysis you can contact Secure One Capital by applying online at www.secureonecapital.com or call (877) 810-8587 to speak with a licensed Account Executive.