A selection of Mortgage Products from Vanguard Mortgage in 2008

Common sense in 2008:

 With the national real estate market decline, the contraction of mortgage credit, and Maine’s new lending laws (effective Jan. 1), mortgage programs today are more restrictive than loan products offered previously.  As the follow list shows, however, many programs are available, including many not offered at the local bank.  Every loan program has unique (and new) features.  Please call me for a mortgage consultation to discuss the best product for you.

 *Purchase mortgages

                All credit types A+ to C-, including fixed rate, adjustable rate, and interest-only.

            10 to 40-year terms.

*Refinances

                Refinance the rate and term, or

            Get cash-out for owner-occupied and investor owned.

 * USDA Guaranteed Rural Housing mortgages

Made for Maine! Up to 100% financing, no first-time buyer requirement, no monthly mortgage insurance, no recapture, no rental prohibition. Low Rates.

 *First-time homebuyer mortgages

            “My Community” up to 100% financing for low to moderate income.       

            Vs MSHA: No recapture; no rental prohibition.

 *Veterans Administration mortgages

                Great for active-duty, retired military, and many reservists; fixed or variable.

 *Jumbo loans to $3.0 million

*Reverse mortgages

                A way for seniors to stay in their homes while enhancing their income. 

 *No income verification loans/ Limited documentation loans

            Solutions for the self-employed borrower. 

*Construction & Renovation loans

                One time close, construction to permanent, with as little as 5% down.

            Self-build programs/ Contractor spec home construction.

 *Mobile Home loans