Loan Programs
The following is a partial list of programs offered by EDGE
Mortgage and Lending, Inc. with a brief description of
the key elements of each. For a complete list of the programs that we offer,
please contact us at 763-235-3366.
CLICK HERE for the mortgage glossary
• Conventional
• Flex 97%
• Investor Loans
• Construction Loans
• Second Mortgage Loans
• High Debt Ratio Loans
• Challenged Credit Loans
• Jumbo Loans
• 80/15/5
• 103% Purchase
• Credit Problems
• No Down Payment
• No Income Verification
Conventional
Traditional loan programs that usually require 5% down and offer competitive
interest rates. Documentation and fair-to-good credit are necessary.
back to top
Flex 97%
Similar to FHA, but without maximum mortgage amount limitations. Must be a single
family, owner occupied home and borrower must have a credit score of over 680.
back to top
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.
back to top
Construction Loans
Building a new home can be an exciting prospect - unless you get caught up in
a construction loan approval process that is overly complicated and time consuming.
With this loan, we will finance up to 90% of the cost of land plus the costs
of construction. We offer a one-time fixed rate closing or traditional ARM products.
back to top
Second Mortgage Loans
Subordinate to the first mortgage, these loans offer the borrower the ability
to get money for home improvement, debt consolidation, or many other reasons
without disturbing their first mortgage. Convenient when you have a low interest
first mortgage.
back to top
High Debt Ratio Loans
A ratio of monthly bills to monthly income higher than 50% 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.
back to top
Challenged Credit Loans
These mortgages are for borrowers with less-than-perfect credit. They can vary
from slightly damaged credit to severely damaged. Regardless of your situation,
we have a mortgage that will get you back on track.
back to top
Jumbo Loans
Offers 30 and 15 year fixed rate mortgage and competitive ARM products with
full document, alternate documentation and limited documentation.
Cash out and No cash out refinance are allowable. Single family detached, Condo's,
PUD's and single-family second homes can be financed with no prepayment penalty.
back to top
80/15/5
This is a loan which carries a second mortgage for up to 15% of the purchase
price of the property. It is usually used when wishing to avoid PMI insurance
or to keep your first mortgage under the FNMA/FHLMC limit to avoid Jumbo rates.
The borrower puts down a 5% down payment and then finances a first mortgage
up to the FNMA/FHLMC limit and a second mortgage of up to 15% of the purchase
price. Other variations are 80/10/10 or 75/15/5.
back to top
103% Purchase
0% down payment required and closing costs can be financed up to 103% of the
purchase price. Only single-family homes that will be owner-occupied are eligible.
First time homebuyer status not required and there are no income limits.
back to top
Credit Problems
Troubled credit? Bankruptcy? Been turned down somewhere else? We offer loan
programs for customers with credit problems.
back to top
No Down Payment
0% down payment required and closing costs paid by the borrower (seller can
contribute up to 6% towards closing costs).
back to top
No Income Verification
Loans where your income is not requested or verified with as little as 10% down
are stated income loans. There are several varieties of the "no-doc"
loan today. The type of loan that is best suited for a particular borrower depends
on that borrower's situation. Some borrowers choose not to disclose employment,
income, or asset information, while others may be willing to disclose employment
and asset information but not income. Still others might be willing to disclose
income but select a program that does not calculate debt-to-income ratios, allowing
those borrowers to exceed the traditional guidelines in order to qualify for
a larger mortgage amount. With all the different variations of the no-doc loan,
there is definitely a mortgage program for today's non-conventional borrowers.
back to top