Loan Programs
The following is a partial list of programs offered by Covenant Mutual Mortgage with a brief description of the key elements of each. For a complete list of the programs that we offer, please contact us at 661-295-7030.
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Conventional
Traditional loan programs that require 5% or more down and offer competitive interest rates. Documentation and good credit are necessary.
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FHA Mortgage
Backed by the Department of Housing and Urban Development, this mortgage offers the borrower the ability to put as little as 3.5% down payment . The seller can contribute up to 6% of the purchase price to the buyer towards closing costs.
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VA Mortgages
Backed by the Veterans Administration and the federal government, it is similar to FHA except that you have to be a qualified Veteran or military person.
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Investor Loans
Used to finance 1-4 unit properties that will be for investment with as little as a 20% down payment.
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Jumbo Loans
Offers 30 and 15 year fixed rate mortgage and competitive ARM products.
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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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 80% 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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