The following is a partial list of programs offered by Ideal Home Loans with a brief description of the key elements of each. For a complete list of the programs that we offer, please contact us at 801-722-9784.
CONVENTIONAL: Programs available for the borrower who needs 95% financing. 97% loans are available under specific limits.
95% RATE OR TERM Re-FINANCING: For the customer wanting to obtain a lower interest rate. Loans are based on a maximum of 90% of appraised value.
CONSTRUCTION/PERM: Offers a one time closing for those who are building their homes themselves. During construction the loan is at a floating rate, which is converted to a fixed or adjustable rate after completion.
DOWN PAYMENT ASSISTANCE: First time homebuyers who meet the income requirements can qualify for the following: Bond Money, Down Payment Assistance, and Mortgage Credit Certificate.
100% RHCD: This program provides 100% financing for homebuyers who have not owned a house in the past three years. HUD has limitations on the loan amount due to geographical location. The loan amount can be for 100% of the appraised value. Income limits do apply.
SECOND HOME: A program for the homebuyer wishing to purchase a vacation home. This purchase can be financed up to 90% depending on the loan amount.
INVESTOR/RENTAL PROPERTY: Buyers who are looking to generate rental income by purchasing these types of properties. Multiple property ownership is allowed under certain programs. Financing up to 90% is available.
NO INCOME VERIFICATION: This offers the self employed borrower or special borrower who wish not to provide tax returns, P&L's, or pay stubs to finance 80% on a refinance or 90% on a purchase.
BALLOON/ARM'S: These programs are intended for the homebuyer who feels they will only occupy the property for a short period of time.
NON-CONFORMING: For customers with bruised credit or debt ratios up to 50%. Loans with LTV's of 90% and over $500,000 are available.