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Don't
Qualify For FHA? (Because you are not ready to
go full doc, or the property you want to buy
exceeds FHA loan limits) We have other
competitive rate low fico mortgage programs as
well. Our rates are very competitive with
other subprime lenders and we treat borrowers
with less than perfect credit with respect. We
realize your credit may have been hurt for a
variety of reasons, some which may have been
beyond your control. Below is an outline of
some of our in house programs on which we lend
our own money. We are both direct lenders and
brokers. If you do not fit one of our direct
lender programs or another bank has a better
rate for a specific situation we can broker
the loan also. You have the best of both
worlds, banker and broker. Rates change
frequently so you must call to be quoted a
rate based on your particular situation.
Good Credit Programs for borrowers who do not
fall within FHA loan limits (620 Fico or
better) can receive up to 100% Financing (100%
for Full Doc -- Stated and No Income Checks up
to 90 to 95% financing) - Call for more
details.
Click
here for special programs, for police,
teachers, firefighters, and medical workers
NYMC has many direct lender programs for
borrowers with less than perfect credit (Fico
scores of less than 620). Including some of
the following:
Full Documentation Direct Lender, Less Than
Perfect Credit Loan Programs.
100% Financing, Purchase or Refinance, with
580 Fico Score and One 30 Day Late, No
Mortgage Insurance required
(No Down Payment or Seasoning of funds
required; 6% seller's concession allowed; 1-4
Family and condos)
90% Financing, Purchase or Refinance with 500
Fico Score and Two 30 Day lates, No Mortgage
Insurance required
(No Seasoning of funds required; 1-4 Family
and condos)
85% Financing, Purchase or Refinance with 500
Fico Score and One 60 Day late, No Mortgage
Insurance required
(No Seasoning of funds required; 1-4 Family
and condos)
80% Financing, Purchase or Refinance with 560
Fico Score and One 90 Day late, NoMortgage
Insurance required
(No Seasoning of funds required; 1-4 Family
and condos)
75% Financing, Purchase or Refinance, with 500
Fico Score and One 90 Day late, No Mortgage
Insurance Required
(No Seasoning of funds required; 1-4 Family
and condos)
Stated Income/Stated Asset Direct Lender
Programs
90% Financing, Purchase or Refinance with 581
Fico score and One 30 Day Late
(Fixed Income Eligible; Non Owner Occupied up
to 80%, 1-4 Family, Condos, PUD with 601
score)
85% Financing, Purchase or Refinance with 540
Fico Score and One 30 Day late, No Mortgage
Insurance required
80% Financing, Purchase or Refinance with 500
Fico Score and Two 30 Day lates
75% Financing, Purchase or Refinance with 500
Fico Score and One 60 Day Late
Rates change often due to market conditions,
for rates for your specific situation, contact
an FHA Loan
Specialist.
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