Platinum Home Mortgage Corp

OUR LOAN PROGRAMS Platinum Home Mortgage offers a variety of mortgage programs to meet the varying needs of our valued customers. Our Mortgage Consultants will carefully analyze your short- and long-term financial goals and help you determine which program makes the best sense for you. Every program has differing guidelines and restrictions, so what may be suitable for one customer may not be for another. PAYMENT OPTIONS Fixed-Rate A mortgage with a fixed interest rate provides the borrower with the security of a stable, predictable monthly payment for the life of the loan. Adjustable-Rate A mortgage with an adjustable rate offers a lower initial interest rate and monthly payment. After the initial period of the loan, the interest rate and monthly payment are subject to gradual increases or decreases based upon a market-sensitive index plus a fixed margin. The changes to the interest rate are limited by periodic and lifetime caps. Buydowns A mortgage with a temporary buydown in the first one-to-two years provides the borrower with the security of a fixed interest rate, but with lower initial payments. CONVENTIONAL FINANCING PROGRAMS Conforming Mortgages Conforming mortgages meet the guidelines establish by Fannie Mae and Freddie Mac. These are typically fixed or adjustable rate mortgages with a loan term of between 10 and 30 years. 2009 Stimulus Package Increased Loan Limits are available. Jumbo Mortgage Jumbo mortgages exceed the loan limits established for conforming and government mortgages. These are typically fixed or adjustable rate mortgages with a loan term of between 10 and 30 years. Interest-Only Options A mortgage is “interest only” when the monthly mortgage payment consists of interest only. The option to pay interest only lasts for a specified period. Borrowers have the option to pay more than interest if they want to. If the borrower exercises the interest-only option every month, the payment will not include any repayment of principal with the result that the loan balance will remain unchanged. GOVERNMENT FINANCING PROGRAMS Government Insured Financing provides for loan to value financing up to 100% through insurance and guarantees provided by Federal Government Agencies. Platinum Home Mortgage offers both Federal Housing Administration (FHA) and Department of Veteran Affairs (VA) loans. FHA Mortgages FHA mortgage loans provide loans with the assistance of insurance from FHA. These loans can be fixed rate loans, adjustable rate loans or buydown loans with lower payments than most other mortgage loan programs. Maximum loan amounts vary depending on the location of the home you are purchasing and are reflective of the 2009 Stimulus Bill Increased Loan Limits. VA Mortgages The mission of VA mortgage loans is to help veterans and active duty personnel purchase and retain homes in recognition of their service to the Nation. In most cases, no down payment is required for a VA mortgage loan; however, the borrower will need to pay certain closing costs. The borrower may choose a fixed rate loan with a term of between 10 and 30 years. Maximum loan amounts vary depending on the location of the property and are reflective of the 2009 Stimulus Bill Increased Loan Limits. SPECIAL FINANCING PROGRAMS Platinum Home Mortgage offers several programs designed specifically to help homebuyers with unique financial situations purchase a home. FHA 30 Year Fixed for Lower Credit Scores As a result of our positive relationship with Ginnie Mae and Direct Ginnie Mae Issuer approval, when much of the marketplace has tightened their credit requirements for FHA, we can continue offering 30-year fixed mortgage loan options to borrowers with bruised credit. This program is available to first time home-buyers, allows gifts from close relatives and offers Job Loss Insurance. FHA 30 Year Fixed 203K Home Renovation Through this FHA program, borrowers can purchase or refi...