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Dear Igor,
I wanted to thank you for all your help with my refinance. I almost gave up after being dragged on for more than two months by my own bank, but you found a lender that closed my loan with the certificate of occupancy violations. I needed this money very much and you made this happen. Thank you again.

Sary Papowitz

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HOME / Residential Loans  

Residential Home Loans            


Purchase Home Loans Bad Credit Home Loans
Mortgage Refinance Investor Programs
Home Improvement Construction Loans
Debt Consolidation Loans HARP 2.0 Refinance Program
Coop and Condop Loans Foreign National Loans

Purchase Home Loans

Great Northern Mortgage can help you find a mortgage that fits your needs and circumstances – however large or small.  One loan definitely does not fit everyone.  That is why we offer many loan programs for you to choose from, such as our 96.5% FHA purchase loan program, interest only, up to a 40 year fixed rate option, No Income Verification program, or New York SUPER JUMBO loans up to $3,000,000, which are still available especially for Manhattan New York mortgages.  With No Income Verification  program you will be able to purchase a property without showing your income, but you have to show your assets. Let our specially trained Loan Consultant match up the right loan for you and your family’s needs.

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Mortgage Refinance

Are you paying too much for your mortgage? When refinancing your home you can accomplish many things such as lowering your monthly payments, cashing out on the equity in your home, converting an adjustable loan to a fixed loan with one low monthly payment, reducing the term of your loan and building equity faster. Refinancing your mortgage may save you hundreds of dollars every month and thousands of dollars over the life of the loan.  We offer fast, cost-effective solutions and provide you with a complementary financial analysis to ensure your economic success.  Our Loan Consultants will customize a program for you and qualify you for the best possible rate.

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Home Improvement Loans

For many people, their home is their biggest investment and source of savings. When they need to borrow money for major expenses they can use their home value to borrow money. Generally, there are two ways to use your home equity to borrow money. You can either refinance with a new mortgage that is larger than your remaining balance (a cash-out refinance) or get a home equity loan. Whether you're adding on a room, remodeling your kitchen, or completing several different households’ improvements, our Loan Consultants will help you to finance the project.

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Debt Consolidation Loans

If you have credit card or other consumer loans, it is often less expensive to consolidate these expensive loans with your mortgage. Credit card interest rates are usually much higher than mortgage interest rates. Also, the interest on your mortgage is tax deductible, while the interest on your credit card is not. If you have enough home equity, you may be able to pay off your pricey credit card debts and save money. Debt Consolidation Program designed by Great Northern Mortgage is an excellent option to save hundreds and sometimes thousands of dollars a month.  Let a Great Northern Loan Consultant customize a debt consolidation product for you.

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Coop and Condop Loans

Cooperatives (coops) are an increasingly popular living alternative in highly populated areas. Purchasing shares in a corporation that owns a building happens to be more affordable compared to purchasing a condo or a house. When a buyer borrows money to buy a house, the loan is typically secured by a mortgage on the real estate. The borrower in New York State has to pay a substantial mortgage tax. With a coop, however, the shareholder pledges the stock he or she owns, along with the proprietary lease for the apartment, as security. There is no mortgage tax on coop loans.

Great Northern Mortgage originated hundreds of coop loans. Below is just the summary of some loan programs for individual cooperative apartments. We can also help you if you are looking to finance a condop, which is a condominium building that has separate commercial and residential units, with the residential units controlled by a co-op corporation. Complete our online application or call us 888-9-LOAN-99 to get more details on your coop or condop loan transaction. We have multiple lenders, and programs vary depending on the lender.

Type of Transaction

Purchase, Refinance (Cash out and No cash out)


Primary, Second Home, Investment

Type of Property


Property State

New York, New Jersey

Max LTV Primary
Max LTV Primary
Max LTV Primary
Max LTV 2nd Home
Max LTV 2nd Home
Max LTV Investment

80% to $2,000,000 (Purchase and No cash out)
65% to $1,500,000 (Cash out)
60% to $3,000,000 (Purchase and No cash out)
80%/90% to $417,000 (Purchase)
75% to $750,000 (Purchase and No cash out)
65% to $750,000 (Purchase and No cash out)

Maximum Loan Amount

See above

Type of Documentation

Full Documentation

Expected Interest Rate

Mid to High 4%

Minimum Credit Score

620, 680, or 720 depending on a program


12-16 months for Non Conforming Loans

Self-Employed or W2


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Bad Credit Home Loans

Your credit report may be full of derogatories, such as charge-offs, collections, tax liens, or late payments, compounded with a history of foreclosure and bankruptcy. However, you may still get a loan for home purchase, refinance, or even cash out of your current home as long as you can meet the specific guidelines for loan approval by a multitude of lenders specialized in the credit-damaged borrower.

Banking general industry guidelines help a lender to make a judgment on the borrower's loan application. However, there are no hard-and-fast rules of separating the borrower on the border line between one credit category and another. Compromising variations between one lender to the next depends on the degree of subjectivity involved in underwriting and how much each lender wants to commit their funds.

Down payment requirements
Typical lenders in the market of credit-damaged borrowers usually lend only up to 80% of the appraised value of the home, so the borrower often has to have 20% equity or come up with a 20% down payment for a purchase.

Stated Income or No Income Programs are available
A-minus and B-credit borrowers are often allowed to allocate 50% of their income to pay for combined monthly debt (compared to the standard 36% guideline used for A credit borrowers), while the bottom rung of the credit ladder can be stretched to 55%. As for proof of income, some lenders do have Stated or No Income programs, which do not require tax returns, W-2s, or pay stubs.  In these cases the loan to value ratio will be limited to 60-70%, and the minimum credit score required is around 700.

Depending on the extent of the blemishes, borrowers with less-than-perfect credit histories can expect to pay higher than market interest rates for their home loan. But if getting into a home or refinancing out of a difficult situation is someone's goal, there are some lenders out there among whom our Loan Consultant can shop around to get the appropriate financing. Let our specially trained Loan Consultant find a lender that caters to borrowers with less than perfect credit.  

For information on how you should rate your credit Click Here.

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Investor Programs

Put your money to work for you in an investment property, which provides a vehicle to enjoy the potential for market appreciation while building equity each month. Whether you are purchasing or refinancing a home, condo, or piece of land, Great Northern Mortgage can help you find the right investment property financing option.
We have access to programs for single family homes, duplexes, three and four unit non-owner occupied homes. We also have several resources to provide up to 75% investment property loans.

We can help with:

  • Great low rates for the life of your investment property mortgage, or take advantage of the low monthly payment of an interest only loan.
  • Fair and reasonable closing costs.
  • Fixed rate mortgage and adjustable rate investment property financing solutions.
  • Programs available for self employed borrowers, owners of numerous properties, and those with less than perfect credit.
Programs for 1-4 unit properties, and condos. Programs for 1-4 unit properties, and condos.

We will take the time to find out what your goals are and tailor your financing to meet these goals. We don't just offer short term financing to get one deal done, but strong and aggressive long term financing that will still work in the long run and avoid unnecessary refinancing costs. This allows you to begin working on a retirement plan that will include monthly rental income.

Contact us to find out what mortgage investors programs will work best for you. Complete our online application or call us 888-9-LOAN-99 and get pre-qualified now.

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Construction Loans

Whether you're planning to build your dream home or just thinking about it, we can help. We can answer your questions, and guide you through the loan process. We'll be with you every step of the way from framing your front door to turning the key. At Great Northern Mortgage, we're home construction lending experts. We can answer your questions and your builder's questions so your project keeps moving smoothly from groundbreaking to housewarming. A Construction-to-Permanent Loan is based on ordering an appraisal based on the future value of the home. Through our mortgage company you can obtain a loan up to 75% of the future appraised value of a primary home, and 65% of the future appraised value for a spec home. The construction loans are based on the actual cost, which can include the purchase of the land.

You can obtain new construction loans on the following property types:

  • Primary Homes
  • Second Homes
  • Modular Homes
  • Spec. Homes for Builders
  • Complete Rehabilitation

This means with one application, you get all the financing you need in two easy processes: your construction and permanent loan. All fees and points will be built into both mortgages. Based on the project if it has enough value you can finance your land and wrap your closing cost into your construction loan up front. Below you will find the list of items you will need to get your construction loan started.

  • Plans and Specifications
  • Plot Plan
  • Proof of a Land contract or a Deed
  • Proof the Land is buildable from your local Building Inspector
  • Title Commitment
  • Homeowners Insurance
  • Line item list of all cost to build your project
  • Builder’s resume
To get started please complete our online application
or call us 888-9-LOAN-99.

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