Conventional residential mortgages come in two distinct categories: Conforming and Non-Conforming.  Both types of mortgages have many features available to the borrower.

Conforming Mortgages are all standard Fixed rate mortgages up to $417,000.  The terms can be from 40 year term to 10 year term.  The Loan to Value can be up to 100%.  These loans can also be 1/1, 3/1, 5/1, 7/1 ARMS.  Some features also include Interest-Only loans, Bi-weekly payment loans, and Flex payment loans.  

Non-Conforming Mortgages are all standard loans above $417,000.  These type of mortgages also have 30 year to 10 year terms.  They include Fixed rate mortgages, 1/1, 3/1, 5/1, 7/1 ARMS.  They also can have the same features of conforming loans: Interest-Only, Bi-weekly payments, and Flex payments.

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Primary Homes - Second Homes

Building a home? We have a number of construction-perm fixed and adjustable rate programs.

Up to 95% financing including lot.

One closing only. Simple and less costly than a separate construction loan.

Interest rate remains the same from the time of application, during construction, and for the life of the loan.

Pay interest only during the construction phase. Once home receives certificate of occupancy, your permanent financing begins which could include principal payments, real estate taxes and homeowner’s insurance.

Banks and other lenders offer the current prime interest rate during construction; and then offer another rate when the home is completed. Our rate is the same from beginning to end.

Interest rate can be locked-in at time of application. This will protect you from rising interest rates.
Residential lot financing available. If lot is currently owned for 12 months or longer, we can use the appraised value of the lot. Otherwise, original purchase price of lot will be used.

Foreign National construction program available.

Mortgage Financial Network is the builder's choice. 
 
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A residential property that has more than four units is considered a commercial property.
 
Typical down payments on commercial property are 15%-20%.
 
The Small Business Administration offers programs with as little as 10% down. The owner must occupy 51% of the space in order to be eligible.
 
While a residential appraisal will cost $300-$350 and take about a week to complete, a commercial property appraisal can cost $500-$5,000 and take up to six weeks. Environmental studies (Phase I, Phase II) and/or environmental insurance may be required depending upon the history of the property and its location.
 
Typical Loan Amortizations: 10yr, 15yr, 20yr, 25yr 
 
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