Parkmont Loan Programs

Learn More About Loan Programs Below

Fifteen-Year Fixed Rate Mortgage
Fifteen-Year Fixed Rate Mortgage This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you'll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn't that great.
 
Thirty-Year Fixed Rate Mortgage
Thirty-Year Fixed Rate Mortgage The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.
 
FHA Loan
FHA Loan Low down payment, easy to qualify credit, low closing costs. No cash reserves, cash out refinance up to 85% without higher rate.
 
Veterans Loan
VA Loan No down payment for qualified veterans. No monthly mortgage insurance.
 
203(k) Rehab
203(k) / FHA Single-close provides loan proceeds to fund home repairs and improvements without obtaining a second lien, considering the future value of the home after the rehab is completed.
 
Adjustable Rate Mortgages (ARM)
When it comes to ARMs there's a basic rule to remember...the longer you ask the lender to charge you a specific rate, the more expensive the loan.
 
Annual ARM
Annual ARM This loan has a rate that is recalculated once a year.
 
USDA
USDA Rural Development¹s Single Family Housing Guaranteed Loan Program provides zero down payment home financing for borrowers whose income is no more than 115% of the median income of their area and whose chosen home is in designated qualifying areas. The home does not need to be what many would consider a truly rural area, so be sure to ask your AFN loan officer if you may benefit from a USDA loan. Check here to determine if a property is eligible for USDA financing.
 
HARP
HARP (Home Affordable Refinance Program)

The government¹s Home Affordable Refinance Program (HARP) has been expanded to help more homeowners qualify for refinancing their mortgage. Even those with little or no equity available may take advantage of low interest rates, and other refinancing benefits.

Even if you were turned down for a HARP loan before, call your AFN loan officer now to check if you qualify under the updated requirements that allow refinancing even if you are ³underwater² or owe more on your mortgage than your home¹s current value. You can also take this 30 second quiz to see if you may qualify!

HARP may be an option if:

-You have had a good payment history for the past 12 months. That means having no late payments in the last 6 months and no more than one 30-day late payment from 6 to 12 months ago.
-Your home is your primary residence, 2nd home or investment property.
-Your home value has decreased.
-You have limited equity or your first mortgage exceeds the current market value of the home (i.e., your loan-to-value ratio must be > 80% to be eligible).
-Your loan is owned or guaranteed by Fannie Mae or Freddie Mac. Check the Fannie Mae Loan Lookup tool and/or the Freddie Mac Loan Lookup tool..
-Your loan was closed on or before May 31, 2009 (this date can be found using the loan lookup results).

Take the HARP Eligibility Quiz
Click here to see if your loan is owned by Fannie Mae