Want to reduce monthly payments? Pay off your home faster?
   
Use your equity for remodeling or college tuition?  
  Purchase a new home?


orangecoastequity offers a wide range of refinance and purchase loan options for

  • primary residences

  • second/vacation homes

  • investment properties
 
Read the information here about the special features of the most common loan programs:
       

fixed
Fixed Rate Loans
Loan Program Reason to Choose It Key Feature Program Detail
Basic 30/25/20/15/10-Year Fixed Rate Loans

You want the stability of a fixed principal/interest payment over the life of the loan.

 Loans on up to 95% of your home's current value.
    Fixed principal/interest payment over the life of the loan
  Wide variety of loan terms to fit your home ownership goals (30, 25, 20, 15 or 10 years)
  Owner-occupied primary residence, second home, investment property, 1-4 unit properties
  Conforming loan amounts to $333,700; non-conforming loan amounts to $2 million
Reduced Rate Option

You plan to stay in your home for a long time and want a lower rate.

 Reduced rate in exchange for limits on refinancing and early principal reduction for the first 5 years.
    Provides a reduced rate in exchange for limits for the first 5 years on refinancing and early principal reductions greater than 20% of the loan balance per year
  Can sell home at any time without penalty
  Available on selected ARM programs
  Available on 30 year fixed rate programs (some state restrictions apply)
  Loan amounts up to $1 million
No Equity Loans

You don't have much equity or want to avoid upfront costs.

 Loans on up to 100% of your home's current value.
    No equity in your home required
  Eliminates need for private mortgage insurance
  Build equity faster as you pay off second mortgage
  Closing costs may be covered with a slightly higher rate
  Available on 30 and 15 year fixed rate programs
  Loan amounts up to $500,000
Low Equity Programs You have just 3% or 5% equity in your home No maximum income/earning restrictions and loan amounts up to $333,700.
  No income restrictions
  Flexible underwriting guidelines
  Allowed on expanded fixed rate products up to $333,700
Low Documentation You have excellent credit and want to avoid paperwork. Very little paperwork; loans up to 95% of your home's current value.
    As little as 10% equity required
  Excellent credit required
  Speeds process, reduces paperwork hassles
  Stated income only — no income, employment or asset verification required
  Available on fixed rate programs
  Owner-occupied homes only
  Loan amounts up to $333,700

Excellent Credit program requirements are tougher. Examples of disqualifying factors may include:
  Late payments
  Balances on accounts too high (e.g., credit cards are all at the limit)
  Credit history too short (<2yrs)
  Too many accounts with balances
If you apply, we will order your credit report (and any co-applicants) to confirm excellent credit history and timely account payment, particularly for the past 12 months.

Adjustable Rate Mortgages
Basic ARM You want to start with a low payment. As little as 5-10% equity in home; rate adjustments each 6 months or 1 year.
  As little as 5 — 10% equity required on some programs
  Adjustment periods each 6 months or 1 year
  Maximum Life caps of 5—6 % on most programs
  Periodic Adjustment caps vary from 1—2 %
  Choice of Treasury, LIBOR and COFI indexes
  Assumable (credit qualification required)
  Conversion option available on some programs
  Owner-occupied, second home and 1-4 unit properties
  Loan amounts up to $2 million
Basic ARM with Reduced Rate Option You want to start with an extra low rate. Reduced rate in exchange for limits on refinancing and early principal reduction for first 5 years.
  As little as 5 — 10% equity required on some programs
  Good way to get a reduced rate
  Restricts refinance for the first 5 years and limits early principal reductions greater than 20% of the loan balance per year
  Can sell home at any time without penalty
  Adjustment periods each 6 months or 1 year
  Maximum Life caps of 6%
  Periodic Adjustment caps vary from 1—2%
  Assumable (credit qualification required)
  Conversion option available on some programs
  Owner-occupied home only
  Some state restrictions apply
  Loan amounts up to $2 million
Fixed Period ARM You plan to move or refinance again in a few years and want the security of a fixed rate for that period of time. Fixed rate for 3, 5, 7 or 10 years, then adjusts annually based on a financial index.
  As little as 5% equity required
  Interest rate and payment stay the same until end of fixed period (3, 5, 7 or 10 years)
  Annual adjustments after fixed period
  Maximum Life caps 5—6%
  Periodic adjustment caps vary
  Assumable during adjustable period (credit qualification required)
  Owner-occupied primary residence, second home and 1-4 unit properties
  Loan amounts up to $1 million
Fixed Period ARM with Reduced Rate Option You want to start with an extra low rate, plus have the security of a fixed rate for a set number of years. Reduced rate in exchange for limits on refinancing and early principal reduction for first 5 years.
  As little as 5 — 10% equity required on some programs
  Good choice for a reduced rate during the fixed period
  Restricts refinance for the first 5 years and early principal reductions greater than 20% of the loan balance per year
  Sell home at any time without penalty
  Interest rate and payment stay the same until end of fixed period (3, 5, 7 or 10 years)
  Annual adjustments after fixed period
  Maximum Life caps 5—6%
  Periodic Adjustment caps vary
  Assumable during adjustable period (credit qualification required)
  Owner-occupied home primary residence, second home and 1-4 unit properties
  Some state restrictions apply
  Loan amounts up to $1 million
Home Equity Line of Credit (HELOC) Maximum financial flexibility Revolving account with low interest rate. You pay interest only on the outstanding balance. Similar in use to a credit card. The interest, however, may be tax deductible.

Loans Exceeding Government Agency Limits

Jumbo

(non-conforming loan)

 You need to borrow more than $333,700
 
 

Loans up to $2 million.

Wide variety of options

  • Reduced Documentation Loans
  • No Ratio Test Loans
  • No Income/No Asset Loans
  • Expanded Exception Programs
  • Expanded Cashout Refinances
  • Second Homes
  • Investment Properties
  • Condominiums
  • Foreign Nationals

 
General
  Borrow amounts exceeding the conforming loan amount ($333,700 allowed by Fannie Mae/Freddie Mac)
  Typically has a slightly higher interest rate and different requirements for equity than smaller loans due to different underwriting requirements
  Excellent product mix — Lenders work with a number of investors to meet all your borrowing needs
  Loan amounts up to $2 million

Reduced Documentation Loans
  Minimum 15% equity required
  Available for salaried or self-employed borrowers
  Income and employment stated, but not verified
  15, 20 and 30 year fixed rate loans
  1-year Treasury ARM maximum loan $1.5 million, 20% equity
  Owner-occupied primary residence and second home
  Maximum loan up to $1.5 million; loan amounts below $333,700 allowed

No Ratio Test Loan
  Minimum 5% equity required
  Good credit required
  No calculation of debt or income ratios
  No income disclosure or verification
  Available for salaried or self-employed borrowers
  15 and 30 year fixed rate loans
  1-year Treasury ARM
  Owner-occupied primary residence and second home
  Maximum loan amount up to $1.5 million; loan amounts below $333,700 allowed

No Income/No Asset (NINA) Loan
  Minimum 30% equity required
  Excellent credit required
  No income or employment verification
  Available for salaried or self-employed borrowers
  15 and 30 year fixed rate loan
  1-year Treasury ARM
  Owner-occupied primary residence (borrowers may not own other property)
  Maximum loan amount up to $1 million; loan amounts below $333,700 allowed

Excellent Credit program requirements are tougher. Examples of disqualifying factors may include:
•  Late payments
•  Balances on accounts too high
(e.g., credit cards are all at the limit)
•  Credit history too short (<2yrs)
•  Too many accounts with balances
If you apply, we will order your credit report (and any co-applicants) to confirm excellent credit history and timely account payment, particularly for the past 12 months.

Expanded Exception Program
  Minimum 5% equity required
  Excellent credit required
  Maximum required debt to income ratio 50% (higher than the industry standard of 36% debt ratio)
  30 year fixed rate loans
  Owner-occupied primary residence, second home and investment property
  Maximum loan amount up to $1 million; loan amounts below $333,700 allowed

Excellent Credit program requirements are tougher. Examples of disqualifying factors may include:
•  Late payments
•  Balances on accounts too high
(e.g., credit cards are all at the limit)
•  Credit history too short (<2yrs)
•  Too many accounts with balances
If you apply, we will order your credit report (and any co-applicants) to confirm excellent credit history and timely account payment, particularly for the past 12 months.

Expanded Cashout Refinance Loans
  Minimum equity of 15% to loan amounts of $500,000 with maximum cash out $50,000
  Maximum loan amount $1 million, maximum cash out $400,000
  15, 20 25 and 30 year fixed rate loans
  1-year Treasury ARM
  Owner-occupied primary residence and 2-unit properties
  Maximum loan amount up to $1 million; loan amounts below $333,700 allowed

Condominiums
  Low-rise less than 5 stories
  High-rise 5 stories or more
  Expanded condominium enhancement (allows financing of condominiums in a project where less than 50% of the units are sold and closed - which is higher than the industry standard)
  Condotel*
*Condominium property that offers many of the special services available at hotels such as food service and maid service. It is operated as a commercial hotel even though the units are individually owned.

Second or Vacation Homes
  Minimum 10% equity required (less than industry standard of 20% equity)
  Borrower may finance a maximum of 4 properties and may own a maximum of twenty 1-4 unit properties
  15, 20, 25- and 30 year fixed rate loans
  1-year Treasury ARM
  Maximum loan amount up to $1.5 million; loan amounts below $333,700 allowed

Investment Property
  Minimum 10% equity required (less than the industry standard of 30% equity)
  Borrower may finance a maximum of 4 properties and may own a maximum of 20 1-4 unit properties
  15, 20 and 30 year fixed rate loans
  Maximum loan amount $1.5 million; loan amounts below $333,700 allowed
  Reduced Documentation Programs available

Foreign National
  Minimum 20% equity required
  Available for self-employed and salaried borrowers
  15 and 30 year fixed rate loans
  1-year Treasury ARM — owner occupied primary residence and second home, maximum loan $, minimum 20% equity
  Owner-occupied primary residence, second home, investment property, 2-4 unit property
  Borrower must have social security number
  Maximum loan amount up to $1 million; loan amounts below $333,700 allowed
Restrictions apply. Program terms are subject to change. Some products not available in all states.