Mortgage Loan Programs

The following is a partial list of programs offered by AFFORDABLE FUNDINGwith a brief description of the key elements.

"Construction Perm (manufactured/modular homes)"

100% RHCD- This program will provide 100% financing for borrowers who have not owned a home for the previous three years. The maximum loan amount is 100% of the appraised value not to exceed HUD limitations for the geographical area. There is no mortgage insurance requirement, however a one time fee is paid at closing which goes to a fund which guarantees these loans. In addition, homes financed must meet certain construction and thermal qualities.

97% FNMA- Designed to assist low to moderate income buyers with income levels up to 100% of the area median income. This program affords more underwriting flexibility to help borrowers qualify. Maximum loan amount is $150,000.

Second Home Financing- A wide variety of plans are available to assist buyers with the purchase of a vacation home, providing up to 90% of the purchase price, depending on the amount. Loan amounts from $20,000 to $10,000,000. Payment terms include 15 and 30 year fixed rate, balloon loans and a typical selection of ARM programs.

Investor/Rental Property- Some buyers of vacation property intend to place the property in a seasonal rental program to generate income during periods the property is not in use. In addition to traditional products for this purpose AFFORDABLE FUNDING, INC. offers programs which will advance 90% up to $500,000 and allow the use of the projected rental income to offset the payment for qualifying purposes. Higher amounts are available with differing equity requirements and certain programs will allow multiple property ownership.

95% Rate or Term Re-financing- If you financed your home during a period of higher interest rates we can place you in a lower rate program of up to 95% of the appraised value.

No Income Verification- AFFORDABLE FUNDING, INC. offers financing to self-employed borrowers or special situation individuals who do not wish to provide tax returns, pay stubs or company P&L's to confirm income. We accept income as stated and only confirm employment to the extent of position and length of time. These programs will advance up to 80% of the appraised value.

NO Program- The term NO is often confused with No Income Verification. There is significant difference in the program requirements for each. Our NO program requires no proof of income and does not require the borrower to provide any information regarding employment. These loans are suitable for people with a down payment of 30-40% who are making changes in residency which will impact the analysis of stable income.

Fixed Rate Home Equity Loans- AFFORDABLE FUNDING, INC. can provide equity financing for up to 85% of the appraised value at fixed interest rates as opposed to variable rates offered by most banks. Payment terms are available up to 180 months with no Origination or Brokers Fees.

For more Information on any of the above send email toAFFORDABLE FUNDING
Or phone us at Toll Free: 800-611-5998