Arizona Home Loans by Desert Canyon Mortgage

Loan Programs

JUMBO LOANS
80/15/5
107% DOWN PROGRAMS
ZERO DOWN PROGRAMS
HIGH DEBT RATIO LOANS
CONSTRUCTION LOANS
FLEX 97 LOANS

NO DOC/STATED INCOME
2ND MORTGAGE LOANS
A- THRU D PROGRAMS
125% 2ND MORTGAGE
INVESTOR LOANS
AND MANY MORE

	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
	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
	107% DOWN PROGRAMS – 0% Down payment required and closing costs can be financed up to 107% 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
	ZERO DOWN PROGRAMS – Same as above only the borrower pays for closing costs or can have the seller contribute up to 6% towards closing costs. back to top
	NO DOC/STATED INCOME - 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. Basically 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 even income but select a program that doesn't 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
	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
	A- THRU D LOANS – These mortgages are for the credit challenged. They can vary from slightly damaged credit to severely damaged. Whatever the situation we have a mortgage that will get you back on track. back to top
	2^ND 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
	125% 2^nd MORTGAGE – Same as above but the 2^nd mortgage we will lend up to 125% of the value of the home. back to top
	HIGH DEBT RATIO LOANS - Borrowers having the ratio of their monthly bills to their monthly income higher than 50% is considered a high debt ratio. Loan programs are available for these borrowers, allowing them to finance the purchase of a home or property. 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's 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 the traditional ARM products. 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 such as NO DOC, LIMITED DOC and FULL DOC. PROGRAM NOT AVAILABLE IN NEW YORK. back to top