Purchase



Whether you are a first-time homebuyer or an owner of multiple properties, choosing the proper loan program that best fits your needs is a big decision. Below is a general "Rule of Thumb" to use when deciding which Lincoln Mortgage Company loan program suits your needs. Let’s get started.

Which loan is right for you?

There are many things to take into consideration when choosing a home loan:

· How long you intend to keep the home you are planning to buy?
· Do you plan to live in the home?
· What’s the best way for you to qualify for the home loan based on your situation?
· What are your financial goals for your future?

Use the information below to help you determine which loan program might be the best for your situation, and then apply. A mortgage loan specialist will contact you, examine your loan needs more fully, and assist you in choosing a loan program that fits.



Years you plan to stay in the house


Recommended program
One to Three
2/28, 3/27, 3/1 ARM, 3 year Interest Only
Three to Five
5/25, 5/1 ARM, 5 year Interest Only, OPTION ARM
Five to Seven
7/1 ARM, 7 year Interest Only
Seven to Ten
10/1 ARM, 30 yr fixed, 15 yr fixed
Ten Plus Years
30 year fixed, 20 year fixed, 15 year fixed

Loan Programs
Key Points
Fixed Rate Mortgages
(FRM's)
· Monthly payments are fixed over the life of the loan
· Interest rate does not change
· 15-year, 20-year, and 30-year terms
Adjustable Rate Mortgages
(ARM's)

· Lower initial monthly payment
· Lower payment over a specified period of time
· Rates and payments may go down if rates improve
· May qualify for higher loan amounts
Balloon Mortgages
· Lower initial monthly payment
· Lower payment over a specified period of time
· Many balloon mortgages offer the option to convert to a new loan after the initial term.
Interest Only
Mortgages
· Lower monthly payment for a certain period
· Qualify for higher loan amounts
Option ARM
· Have 3 or 4 payment options each month
· Qualify for higher loan amounts
How will you qualify for a purchase loan?
 
Full Income
Documentation
Requires previous 2 years W2s and tax returns, one (1) month of pay stubs, and 2 months of bank statements to document income.
 
Lite Documentation
Show income through twelve(12) or twenty-four(24) months’ of bank statements
Stated Income, Documented Assets
State you income with your good credit with no Verification. Show assets with bank statements, investment quarterly statements, etc
Stated Income, Stated Assets
With your good credit, you can simply state your income and assets
No Income, No Asset
With your excellent credit, you simply sign the application without any
mention of income or assets.
Lincoln Mortgage Company has many unique programs to serve your needs:
· Purchase a house with $0 down – just pay closing costs
· Closing costs can be financed with your good credit in some cases
· No PMI at all on Our Non-Prime on our programs
· Debt Consolidation programs You may be able to get qualified with Lincoln Mortgage Company even if you’ve been turned down before!


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