As no two people are alike, Equity Prime Mortgage LLC offers a variety of government, conventional and niche loan programs to meet your specific needs. Click on the links below to learn more about our mortgage products.
Start with us for #theprimedifference!
- Equity Prime Mortgage LLC is a Fannie Mae direct seller/servicer. Conventional loans are available to borrower that meet guidelines set by Fannie Mae & FreddieMac. Fixed and adjustable rate mortgages are available under this product for the following purposes
- Purchase Loans up to 95% Loan to value
- Rate & Term refinance loans up to 90% Loan to value
- Cash out loan up to 80% Loan to value
- Investment properties up to 75% loan to value
The primary expectation for Home Affordable Refinance is that refinancing will put responsible borrowers in a better position by reducing their monthly principal and interest payments, reducing their interest rate, reducing the amortization period, or moving them from a more risky loan structure (such as an interest-only mortgage or a short-term ARM) to a more stable product (such as a fixed-rate mortgage).
Here are the key highlights:
- Loan must be owned by Fannie Mae or Freddie Mac (click links to look up loan ownership for your loan)
- Borrower must have been current for last 6 months (no more than 1 x 30 day late in last 12)
- Must have received your current loan before June 2009
- Borrower may qualify for refinance regardless of LTV
- Most loans do not require an appraisal
Click here to read or download the entire Fannie Mae/HARP FAQs and Guidelines.
(NOTE: All HARP loan approvals and other loan product approvals are subject to credit qualifications and other requirements. Speak to your licensed mortgage loan originator for details).
Zero Down Payment Loan Products
VA Loans– VA Loans are government insured loans issued specially for military veterans or active duty personnel. Purchase loans typically require no down payment and they typically have better than average interest rates and favorable terms, rewarding men and women for serving their country.
You may qualify for a VA loan if you are a veteran, active duty military personnel, reservist/national guard member, surviving spouse. You will need a Certificate of Eligibility (COE) before you can get a VA-backed loan. If you do not have a Certificate of Eligibility, in most cases we can get it for you through what is known as the Web LGY System. This Internet based application can establish eligibility and issue an on line Certificate of Eligibility in a matter of seconds. Whether purchasing a new home or refinancing an existing home, a VA loan is possible in both scenarios.
- Equity Prime is direct lender on VA Loans. If you are Veteran, Reservist or Active duty you can qualify for a VA loan. Listed below are the VA loan programs
- Purchase loans up to 100% loan to value
- Cash out loans up to 100% Loan to value
- VA IRRRL – Non income qualifying refinance
- VA High Balance loan up to $625,500.00
USDA Loans– USDA Loans (also referred to as Rural Housing Direct Loans) are loans that are directly funded by the U.S. government. In some cases, no down payment is required. Applicants may obtain 100% financing to purchase an existing dwelling, purchase a site and construct a dwelling, or purchase newly constructed dwellings located in rural areas. Mortgage payments are based on the household’s adjusted income In order to be eligible for many USDA loans, household income must meet certain guidelines.
Click here to determine your income eligibility. Also, the home to be purchased must be located in an eligible rural area as defined by USDA.
Click here to determine property eligibility.
Low Down Payment Loan Products
FHA Loans– FHA loans are the most popular of the First Time Homebuyer options. The reason is that FHA loans require a very low down payment, usually only 3.5% of the purchase price. FHA requires down payments be made by the buyer however that money can also be a gift from a relative or family member. The seller is allowed to offer concessions such as paying closing costs or other expenses related to selling the home (max of 6% of purchase price), but the seller is prohibited from contributing a down payment.
FHA insured loans require mortgage insurance to protect lenders against losses that result from defaults on home mortgages. FHA lending limits vary based on a variety of housing types and the state and county in which the property is located. Whether purchasing a new home or refinancing an existing home, an FHA loan is possible in both scenarios.
- Equity Prime Mortgage LLC is a FHA full Eagle Lender. This allows is to underwrite government loans in house. It is designed for low to moderate income borrowers with flexible underwriting requirements. Listed below are FHA loan programs
- Purchase loans up to 96.50% Loan to value
- 620 Min score requirement
- Gift funds allowed for down payment
- Seller can pay closing costs
- 203K Rehabilitation Loans
- FHA Streamline Refinance (non- income qualifying)
- FHA High balance loan up to $729,750.00
USDA Rural Home Loans
- 100% Financing Loan can be based on Appraised Value vs. Sales Price
- Closing costs can be rolled into the loan
First-Time Home Buyer Loans
- 97% Conventional loans
- Fannie Mae HomePath – 3% down payment with no appraisal and no mortgage insurance
Investor Loans – Investor loans are for individuals who are purchasing or refinancing a property that they do not intend to occupy, but use to generate income by renting it to another individual or family. Contrary to public perception, investor loans are still very much available. Investor loans typically require a higher down payment amount, usually 20% minimally or higher, as well as a strong credit score due to the increased risk of lending money on a property that is not owner occupied. Interest rates on investor loans are also higher because of this risk. We offer a wide variety of investor loans.
- We offer Jumbo loans of up to $5,000,000 with competitive rates
- We offer FHA Jumbo loans in High Cost areas with a down payment of just 3.5%
- Super conforming loans- above GSE limit in designated areas
- For borrowers 62 years old – can be used for purchase or refinance
- Funds can be received in a lump sum, set monthly amount or a combination of both
- No income or credit check
If you are looking for a lower payment or lower interest rate, Equity Prime Mortgage LLC has many mortgage options available!
- Conventional – Lower your payment or pull cash out for home improvements
- FHA Streamline – Allows you to refinance your current FHA loan with no income documentation
- DU Refi Plus /Freddie Mac Relief – Refinance your current Fannie Mae or Freddie Mac loan with no appraisal
- FHA Jumbo – Refinance your high mortgage balances in high cost areas.
- VA Interest Rate Reduction Loan – Refinance your current VA loan with no income documentation
Tel: (407) 455-6800