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
• 100%
Purchase USDA
• Credit
Problems
• No
Down Payment
Conventional
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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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.
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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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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.
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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.
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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.
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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.
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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.
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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.
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100% Purchase
0% down payment required and closing costs can be financed
up to 100% 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. USDA
guidelines apply.
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Credit Problems
Troubled credit? Bankruptcy? Been turned down somewhere
else? We offer loan programs for customers with credit
problems.
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No Down Payment
0% down payment required and closing costs paid by the
borrower (seller can contribute up to 6% towards closing
costs).
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Member of the
National Association of Mortgage Brokers
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Member of the
Better Business Bureau
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Member of the
Minnesota Mortgage Association
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