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Loan Programs
Click the following programs to get more information
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No Money Down Program
At Patriot Mortgage of America, we've taken the "no money down" mortgage and made it even better! Besides providing 100% financing for a new home, we can help with additional funds to cover many of the closing costs as well, eliminating another barrier to home ownership. Moving in and starting to build equity can happen sooner than ever before.
Other Loan Programs
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Fixed Rate Loans
Fixed Rate
This is the most basic type of home mortgage loan. Choose from 15-, 20- or 30-year terms. Your monthly principal and interest payment, established at closing, remains the same through the life of the loan.
30 Year Fixed Rate Loan
Payments on 30-year loans are calculated over a period of 30 years and have a fixed interest rate and payment for the life of the loan.
15 Year Fixed Rate Loan
Payments on 15-year loans are calculated over a period of 15 years and have a fixed interest rate and payment for the life of the loan. Payments are higher for this loan than the 30-year fixed rate loan, but builds up equity quicker.
Other Loan Programs
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Adjustable Rate Loans
ARM
An Adjustable Rate Mortgage (ARM) loan gives you a lower initial interest rate and monthly payment. Your interest rate is adjusted at a specific prearranged period or annually, based on a predetermined financial index. As your interest rate changes, so does your monthly payment. ARMs may be "capped," meaning you are protected against significant fluctuations in your index.
1-Year Adjustable Rate Mortgage (ARM)
A 1 year ARM has payments that adjust once each year and the payments are calculated over a 30-year period. Typically, this type of loan has the lowest initial start rate and can therefore help you qualify for a larger loan amount.
3/1 ARM
This loan type has fixed payments for the first 3 years and then turns into a 1-year ARM, adjusting every year thereafter. The loan payments are calculated over a period of 30 years.
5/1 ARM
This loan has fixed payments for 5 years and then turns into a 1-year ARM, adjusting every year thereafter. The loan payments are calculated over a period of 30 years.
7/1 ARM
This loan has fixed payments for 7 years and then turns into a 1-year ARM, adjusting every year thereafter. The loan payments are calculated over a period of 30 years.
Other Loan Programs
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Balloon Loans
A balloon mortgage loan generally gives you a lower monthly payment for a five- or seven-year period. These are short-term, partially amortized loans which are payable in full at the end of their terms. Balloon mortgages are amortized up to 30 years providing you with affordable and stable monthly payments for the 5 year or 7 year period.
5-Year Balloon
The loan payments on a 5-year balloon are calculated over a 30-year period, but the loan has a life of only 5 years. At the end of 5 years, the balance of the loan is due. Borrowers have a conversion option if some conditions are met.
7-Year Balloon
The loan payments on a 7-year balloon are calculated over a 30-year period, but the loan has a life of only 7 years. At the end of 7 years, the balance of the loan is due. Borrowers have a conversion option if some conditions are met.
Other Loan Programs
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Jumbo Loans
Patriot Mortgage of America provides customized jumbo loans for amounts over $300,700 at competitive interest rates. For additional information regarding jumbo loans call 1-800-772-6101.
A Jumbo Mortgage is a mortgage with a loan amount above conventional loan limits. Jumbo Mortgages apply when agency/lender limits don't cover the full loan amount. They set a limit on the maximum dollar value of any mortgage which they will purchase. Currently, this limit is $300,700. This leaves a portion of the market to look elsewhere for placement. Other large investors, such as insurance companies and banks, step in to fill the need with maximum mortgage amounts over the current conforming limit. The average interest rates are typically greater than normal for conforming mortgages, and vary depending on property types and mortgage amount.
For the No PMI loan
Our No PMI program is available at a very competitive rate. It also avoids the extra expense of PMI, which is not tax deductible, does away with the hassles of making two payments and eliminates the need for a second lien on the property. This program is best for first time buyers with a 10% to 15% down payment and those who want to avoid PMI.
Add No Doc loans:
No Doc Programs are designed for borrowers whose income may be more difficult to verify (self employed, tips, bonuses, commissions, rental income, etc). These people often have good assets and good earning potential, but they have minimal documentation. These programs are typically based on credit rating only and the borrower won't be questioned about income or assets.
Other Loan Programs
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