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Dear Mr. Noble,

I just wanted to thank you for all of your hard work on our recent closing. I was aware that my client had serious credit problems as well as some building violations on her property. Great Northern Mortgage was able to get her a loan when nobody else could. I will recommend you in the future to all my clients. You are the best.

James W. Neilson, Esq.

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Loan Programs

CONVENTIONAL - Conventional loans are viewed as the most secure loans because their loan-to value ratios are often lowest. Traditionally the ratio is 80 percent of the value of the property or less because the borrower makes a down payment of at least 20 percent

To qualify for a conventional loan under Fannie Mae guidelines, the borrower's monthly housing expenses, including Principal Interest must not exceed 28 percent of total monthly gross income. Also, the borrower's total monthly obligations, including housing costs plus other regular monthly payments must not exceed 36 percent of his or her total monthly gross income. Loans that meet these criteria are called conforming loans.

Conforming loan limits for first mortgages are the following:

One-family loans: $729,750
Two-family loans: $934,200
Three-family loans: $1,129,250
Four-family loans: $1,403,400
Note: Maximum original loan amounts are 50 percent higher for first mortgages on properties in Alaska, Hawaii, Guam and the U.S. Virgin Islands.

Documentation and fair-to-good credit are necessary.
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NO INCOME VERIFICATION - Loans where your income is not requested or verified are limited to 70% Loan to Value. The borrower has to bring at least 30% down payment.  The type of loan that is best suited for a particular borrower depends on that borrower's situation. Great Northern Mortgage deals with several lenders that still provide no income verification loans (no income check loans) for W2 and self employed borrowers. Read more about these programs on No Income Check/Special Niche Loan Program and Special Offers pages of our website. 
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IMPERFECT CREDIT - Bankruptcy? foreclosure? Been turned down somewhere else? We offer loan programs for customers with credit problems.
Many people are under the false assumption that it takes perfect credit to get a home loan.
It would be great to have perfect credit but people are human and so many life circumstances can affect your credit score.
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95% PURCHASE – On conventional loans, 5% Down payment is required and closing costs can be financed up to 3% of the purchase price. First time homebuyer status not required. This program is available only if the borrower can provide to the lender income and assets documentation. If you would like to buy a condominium, Great Northern Mortgage will help you to get a loan with as little as 5% down (usually 10% down payment is required to purchase a condo). 
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JUMBO LOANS - Offers 15, and 30 year fixed rate mortgages as well as competitive ARM products with stated and full documentation of income and assets.

Great Northern Mortgage also offers SUPER JUMBO LOANS UP TO $3,000,000. This product is a perfect choice for New York home loans and New York mortgage refinance.

Cash out and No cash out refinance are allowable.  Single family detached, Condo's, PUD's and single-family second homes can be financed with no prepayment penalty. 
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HIGH DEBT RATIO LOANS - A ratio of monthly bills to monthly income higher than 36% is considered a high debt ratio.  Loan programs are available for borrowers in this situation, allowing them to finance the purchase of a home or property. Great Northern Mortgage will help you with your financing even if your debt to income ratio is as high as 57%.
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HOME EQUITY LOANS - Subordinate to the first mortgage these loans offer the borrower the ability to get money for home improvement, debt consolidation or many other reasons without disturbing their first mortgage. Convenient when you have a low interest first mortgage.
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CONSTRUCTION LOANS - Building a new home can be an exciting prospect - unless you get caught up in a construction loan approval process that's overly complicated and time consuming. With this loan we will finance up to 75% of the cost of land plus the costs of construction. We offer a one time fixed rate closing or traditional ARM products.
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INVESTOR LOANS - Great Northern Mortgage will help you to finance 1-4 family properties, condos and coops that will be for investment with as little as a 25% down payment (down payment varies depending on the type of property). Most of these programs are Full Income and Assets Documentation loans, except 12 month bank statement program for self employed borrowers. For more details see No Income Check/Special Niche Loan Programs page of our website.   
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FHA MORTGAGE - Backed by the Department of Housing and Urban Development, this mortgage offers the borrower the ability to put as little as 3.5% down payment – and they can even finance “allowable” closing costs. Seller can contribute up to 6% of the purchase price to the buyer towards closing costs. Read more
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3 - 2 - 1 BUYDOWNS -As we all know, the mortgage industry is in the middle of a major shift where high fico's and full doc rule the day. A temporary buydown allows you to reduce the initial rate (or start rate) of a loan and, over time, the rate will increase to the normal note rate.  How does it work?  Depending on the specific buydown (the typical buydowns are 2-1 or 3-2-1 buydowns), your start rate will be 2 or 3 percent lower than your note rate.  Every year, the rate increases by 1% until you've reached the note rate.  The payment difference between the fully amortized payment on the note rate and current buydown rate is calculated up front and is placed in an escrow account at closing.  That escrow account is accessed with every monthly payment and the difference between the payments is taken from the account.  Benefits:  A borrower is qualified at a lower percentage rate and therefore needs less income to qualify for the loan.  In addition, the money to be put in the escrow account can come from any source other than the lender. It can come from the borrower themselves, from the seller (if it's a purchase), from the mortgage broker or from an interested third party (like your real estate agent who wants to close the deal).  It is not required to be sourced or seasoned.

Here's an example:  Suppose a loan amount of $350,000 with a rate of 6.5% and $400 a month in taxes and insurance. At 6.5% (note rate), the borrower would need to make $5000 a month ($60k a year) to qualify.  But with a 2-1 buydown, the borrower would qualify at 4.5% and would only need to make $4000 a month ($48,000).  During the first year, the difference in payment between a fully amortized payment at 6.5% and a fully amortized payment at 4.5% is about $435 a month ($5226 a year). During the second year, the difference in payment between a a fully amortized payment at 6.5% and a fully amortized payment at 5.5% is about $225 a month ($2700 a year).  The escrow account would need to have $7926 in order to cover the difference.  So for approximately $8k, a borrower is qualified at a lower percentage rate and therefore needs less income to qualify for the loan.
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VA MORTGAGES – Backed by the Veterans Administration and the federal government, it is similar to FHA except that you have to be a qualified Veteran or military person.
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