Exceptional Mortgage is capable of originating a wide range of mortgage loans. A direct lender and approved with over 30 conventional and private lenders, offering preferred wholesale pricing, and favorable loan terms tailored specifically to each client. With what we have to offer, it is not a surprise that our clients are never dissatisfied!
Conventional Loan
A mortgage loan not insured by any government program, conventional loans are the most common type of mortgage. Conforming conventional loans follow the loan amount guidelines set by Fannie Mae and Freddie Mac. Nonconforming loans don’t meet those qualifications, but are also considered conventional. Conventional mortgages may be fixed-rate or adjustable-rate mortgages.
Term: 30 years Maximum Amount: $417,000
FHA Loan
A mortgage issued by federally qualified lenders and insured by the Federal Housing Administration (FHA). FHA loans are designed for low to moderate income borrowers who are unable to make a large down payment. FHA loans allow the borrower to borrow up to 97% of the value of the home. The 3% down payment requirement can come from a gift or a grant, which makes FHA loans popular with first-time buyers.
Term: 30 years Maximum Amount: $697,000
Commercial Loan
Hard Money Loan
A loan of “last resort” or a short-term bridge loan. Hard money loans are backed by the value of the property, not by the credit worthiness of the borrower. Since the property itself is used as the only protection against default by the borrower, hard money loans have lower loan-to-value (LTV) ratios than traditional loans. Hard money loans carry interest rates even higher than traditional subprime loans. Since traditional lenders, such as banks, do not make hard money loans, hard loan lenders are sometimes private individuals, such as Exceptional Mortgage, that see value in this type of potentially risky venture. Hard money loans are used in turnaround situations, short-term financing, and by borrowers with poor credit but substantial equity in their property that wish to stave off foreclosure.
Term: 5 years Maximum Amount: $10,000,000
Jumbo Loan
A mortgage with a loan amount exceeding the conforming loan limits set by the Office of Federal Housing Enterprise Oversight (OFHEO), and therefore, not eligible to be purchased, guaranteed or securitized by Fannie Mae or Freddie Mac. OFHEO sets the conforming loan limit size on an annual basis.
Maximum Amount: $10,000,000
Reverse Mortgage
A type of mortgage in which a homeowner can borrow money against the value of his or her home. After accounting for the initial mortgage amount, the rate at which interest accrues, the length of the loan and rate of home price appreciation, the transaction is structured so that the loan amount will not exceed the value of the home over the life of the loan. A reverse mortgage provides income that people can tap into for their retirement. Because the home serves as collateral, it must be sold in order to repay the mortgage when the borrower dies (in some cases, the heirs have the option of repaying the mortgage without selling the home). These materials are not from HUD or FHA and were not approved by HUD or a government agency.
Stated Income Loan
Stated Income / Stated Asset Mortgage (SISA) A type of reduced documentation mortgage program which allows the borrower to state on the loan application what their income and assets are without verification by the lender; however, the source of the income is still verified. SISA loans usually fall into the Alt-A classification, and may carry a higher interest rate than a prime mortgage. Self-employed borrowers often use SISA loans because their tax returns might not reflect that actual cash flow they have available to pay their mortgage. Other borrowers might use a SISA loan because their income comes from sources which are hard to document (such as tips in the food service industry). Email for product details.
VA Loan
A mortgage loan program established by the United States Department of Veterans Affairs to help veterans and their families obtain home financing. The Department of Veterans Affairs does not directly originate VA loans; instead, they establish the rules for those who may qualify, dictate the terms of the mortgages offered and insure VA loans against default. VA loans offer up to 100% financing on the value of a home. To qualify for a VA loan, borrowers must present a certificate of eligibility, which establishes their record of military service, to the lender. VA loans, FHA loans and other loans insured by departments of the United States government are securitized by the Government National Mortgage Association (Ginnie Mae). These securities carry the guarantee against default of the Untied States government.
Term: 30 years Maximum Amount: $1,000,000
VOE Loan (Verification of Employment Only)
No tax returns, no W2’s, no paycheck stubs and no 4506 tax transcripts required. Available for 1-4 Units, Owner Occupied, Investment or 2nd Homes.Minimum FICO of 620. Up to 9% Seller contribution. Lender paid or Borrower financed MI to 95% LTV.
Maximum Amount: $625,000
Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $484,350 for the contiguous states, District of Columbia, and Puerto Rico or below $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $8,340. Jumbo Loans (whose maximum loan amount exceed $484,350 for the contiguous states, District of Columbia, and Puerto Rico or exceed $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.
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