Loan ProgramsThe following is a partial list of programs offered by Urban Mortgage Bancorp with a brief description of the key elements of each. For a complete list of the programs that we offer, please contact us at 626-683-0110.
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Conforming Loans (FNMA/FHLMC)
Traditional loan programs that usually require 5% down and offer competitive interest rates. Documentation and fair-to-good credit are necessary.
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Conforming "Jumbo" Loans to $729,750
Offers 30 and 15 year fixed rate mortgage and competitive ARM products with full documention.
Cash out and No cash out refinance are allowable. Single family detached, Condo's, PUD's can be financed with no prepayment penalty.
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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% 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.
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High Debt Ratio Loans
A ratio of monthly bills to monthly income higher than 65% 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 as long as they have excellent credit histories and full income and asset documentation.
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Problem Credit Loans
Troubled credit? Bankruptcy? Been turned down somewhere else? We offer loan programs for customers with credit problems.
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Investor Loans
Used to finance 1-4 family properties that will be for investment with as little as a 10% down payment. Aggressively priced, these programs have many variations, including: No Doc, Limited Doc, and Full Doc. Program may not be available in some states.
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