Programs

Conventional Loan Programs 

We encourage you to contact a loan officer for details regarding this program.

Conforming fixed Rate
* 10, 15, 20 and 30 year terms
* Alternative Documentation
* Purchase a home or Refinance

Conforming Balloons
* 5- and 7-year with 30 payment schedule
* Alternative Documentation
* Purchase or Refinance

Jumbo Fixed
* 10, 15, 20 and 30 year terms with buy-down options
* Alternative Documentation
* Reduced Documentation
* Purchase or Refinance

Jumbo 5-year Balloon
* Alternative Documentation
* Purchase or Refinance

ARM's
* 1-year, 3-year, 5-year ARM for Conventional or Jumbo Loans.
* Alternative Documentation
* Purchase or Refinance

Guidelines:

PMI:
Private Mortgage Insurance is required on loans exceeding 80% of the property value.  The amount of insurance required varies according to the program & and amount borrowed.  Some programs require PMI when the loan exceeds 75% of value.

Occupancy: 
To be considered owner-occupied, the owner must occupy the property 15 days from the loan closing.    Occupancy may affect the following:

Program Availability: 
Program options may by limited if the applicant will not occupy the property as primary residence.

Loan-to-Value: 
Applicant may have to contribute a substantially greater down payment if the property is not the primary 
residence. The amount required varies according to the program.

Interest Rate: 
The interest rate or note rate for a non-owner occupied property is higher than the rate charged for an 
owner-occupied property. The fees may also be higher for loans on non-owner occupied properties.

Ratios: 
Total Housing Expense:  The relationship of the total housing expense (principal, interest, taxes and insurance ) to the applicant's gross monthly income.  This ratio should not exceed 28% (25% for investment property).  The relationship of total monthly debt (housing expense and all other loans and revolving debt to the gross monthly income should not exceed 36% (33% for investment properties).

Compensating Factors:
Recognizing that there can be some justifications for exceeding the underwriting ratio limits, Bremen Financial Corporation will offer flexibility with the underwriting guidelines based on the following compensating factors, which must be fully documented 
in writing:
* Applicant has demonstrated ability to devote greater portion of income to housing expense
* Applicant has demonstrated ability to manage financial affairs conservatively and not use credit heavily
* Down payment in excess of 20%
* Applicant has potential for increased earnings and advancement due to education, training or job history
* Assets held such as stocks, 401K, mutual funds, savings or other valuable holdings

Borrowers With Less Than Perfect Credit

Bremen Financial has a broad range of programs available for applicants with previous credit difficulty.  We will review you application and offer the best options available to you today and we will also advise you on how to repair your credit so we can place you into a more traditional mortgage in a short period of time.  Contact a loan officer today and we will put you on the right path to financial freedom!

 

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