Bank Statement Loans
We offer bank statement loans for your business or personal needs on all properties!
Traditional loan programs that usually require 5% down and offer competitive interest rates. Documentation and fair-to-good credit are necessary.
Backed by the Department of Housing and Urban Development, this mortgage offers the borrower the ability to put as little as 3% down payment - and they can even finance "allowable" closing costs. Seller can contribute up to 6% of the purchase price to the buyer towards closing costs.
Stated Income Loans
A Stated Income Loan is a mortgage where the lender does not verify the borrower's income by looking at their w-2 forms, pay stubs, tax returns, or other income records. Instead, the borrower is asked to state their income, and their word is taken.
This type of loan is offered on investment properties or second homes.
Backed by the Veterans Administration and the federal government, it is similar to FHA except that you have to be a qualified Veteran or military person.
Used to finance 1-4 family properties that will be for investment with as little as a 10% down payment. Aggressively priced, these programs have many variations, including: No Doc, Limited Doc, and Full Doc. Program may not be available in some states.
Building a new home can be an exciting prospect - unless you get caught up in a construction loan approval process that is overly complicated and time consuming. With this loan, we will finance up to 90% of the cost of land plus the costs of construction. We offer a one-time fixed rate closing or traditional ARM products.
Second Mortgage Loans
Subordinate to the first mortgage, these loans offer the borrower the ability to get money for home improvement, debt consolidation, or many other reasons without disturbing their first mortgage. Convenient when you have a low interest first mortgage.
High Debt Ratio Loans
A ratio of monthly bills to monthly income higher than 50% is considered a high debt ratio. Loan programs are available for borrowers in this situation, allowing them to finance the purchase of a home or property.
Offers 30 and 15 year fixed rate mortgage and competitive ARM products with full document, alternate documentation and limited documentation.
Cash out and No cash out refinance are allowable. Single family detached, Condo's, PUD's and single-family second homes can be financed with no prepayment penalty.
Troubled credit? Bankruptcy? Been turned down somewhere else? We offer loan programs for customers with credit problems.
No Down Payment
0% down payment required and closing costs paid by the borrower (seller can contribute up to 6% towards closing costs).
Ace Mortgage still provides purchase money second mortgages to allow the buyer/borrower to avoid the need for PMI insurance while only contributing 10% towards the transaction.