LOAN PROGRAMS

Conventional Loan Programs
Conventional loans are mortgages that are not covered by any government program of insurance or guarantee. Such loans may be eligible for purchase by the major secondary market agencies Fannie Mae and Freddie Mac which offer standardized underwriting guidelines for conforming loan amounts up to $417,000. These loans can offer fixed or variable (ARM) rates and a variety of repayment terms that can be tailored to your individual needs. Down payment requirements may be as low as 0%, although loans with less than 20% down may require mortgage insurance.

Non-Conforming "Jumbo"
Non-conforming jumbo loans are those with loan balances in excess of $417,000 and can be either fixed or adjustable rate mortgages. Underwriting guidelines may vary depending on the program selected, down payment and actual loan amount. Repayment options also vary, enabling you to select a mortgage that fits your budget.

Fixed Rate Mortgage
Fixed rate mortgages offer the borrower the security and peace of mind knowing that their mortgage rates and payments will not change. These loans are especially attractive to those borrowers planning on staying in their homes for many years.

ARM - Adjustable Rate Mortgage
An Adjustable Rate Mortgage (ARM) features a variable interest rate which is periodically adjusted. ARMs may provide the security, flexibility and affordability prospective home buyers desire. These loans are especially attractive to home buyers who plan to "trade up" in future years. Generally, initial interest rates are lower than on fixed rate mortgages which may help a borrower looking to purchase a property qualify easier.

Specialty Loan Programs
Community Pacific Mortgage understands that not all borrowers are alike. Each is unique with unique financial needs. Because of this fact, we have tailored our underwriting guidelines to include the following types of loan programs:

• Hard to verify income: Perfect for those who are self employed. We offer low documentation and no-documentation programs.
• High Debt-to-Income Ratios: We can underwrite loans with debt-to-income ratio's as high as 60% while offering a competitive interest
• rate. In some cases we can exceed this to 100%.
• Derogatory Credit: Community Pacific Mortgage specializes in helping borrowers with less-than-perfect credit.
• Bankruptcy: Current and Previous bankruptcies. We help you re-establish your credit and get you the cash you need.
• Foreclosure: We can help save your home and help you get back on track.