Countrywide Home Loans

Most people look forward to owning their own homes. It’s the American Dream! However, for some, the dream does not become a reality due to financial considerations. For the time being, most young couples may rent and save until they can afford the home of their dreams. When the time is right, you can apply to Countrywide Home Loans for assistance in making that dream comes true.

Countrywide Home Loans has several types of loans available. Let’s take a look at what they have to offer. The PayOption Arm is one that has a low start rate and allows for monthly payment options. Utilizing a 30 or 40 year amortized payment, this payment option equals the principal and interest due for that month, calculated at the then-current interest rate and principal balance and remaining loan term.

The 5/1 Adjustable Rate Mortgage is a 30-year loan with fixed payments for the first five years. This serves as a gateway for those of you who plan to refinance or sell your home within a five year period. The lower initial payments mean qualified borrowers can qualify for a more expensive house and/or can lower their monthly payments by refinancing into a 5/1 ARM. This includes: as little as 5% down payment required for qualified borrowers; no and low documentation programs available for qualified borrowers; the interest rate adjusts annually, but cannot adjust more than 2% at any one adjustment period except for the first adjustment which can be as high as 5%, but never to exceed the lifetime cap; and lifetime adjustment cap is 5% over the note rate.

The Fast and Easy loan is for borrows who have superb credit. No traditional application is required and includes: fixed rate, interest only, and fixed-period ARMs available; as little as 5% down payment for a primary residence; and no cash reserves.

The House America Loan is for those who feel they do not qualify, but working with this type of loan may just be the answer you need. This is a versatile home loan designed to address a variety of financial situations, whether it's lack of cash for a down payment, lack of traditional credit history, or non-traditional sources of income.

The 80/20 No Down Loan requires no down payment, and qualified borrowers can also use the stated asset option to help them get that dream home faster. This allows qualified borrowers with excellent credit to get an 80% first mortgage and a 20% Home Equity Line of Credit to equal 100% financing on their home, not counting closing costs. Qualified borrowers don't even need to provide W-2's, tax returns, or any documentation of income.

Finally, there is the Interest Only Loans in which qualified borrowers can make interest only payments for a limited period with the option to pay higher amounts to pay down the principal. This helps qualified borrowers have more available cash each month.