OGI offers a fixed rate for most of our loan products. Conventional fixed rate loans are available for purchases of up to $424,100 (or more, in high-cost areas; see loan limits) for as little as 5% down or refinance an existing mortgage and get up to 85% loan-to-value with a competitive interest rate and take cash out. Fixed rate loans are ideal for individuals with good to excellent credit who can comfortably afford a higher monthly payment. Pay off your mortgage faster with a fixed rate loan and possibly save thousands on interest at the same time, while enjoying fixed monthly payments over the life of your loan.
Adjustable Rate Mortgage (ARM)
These products are offered at an initial low interest rate for a limited time. An ARM can be an ideal loan for those who plan on remaining in their home for less than seven years, or for those expecting an increase in their income down the road. The more common loan terms are 5/1, 7/1 and 10/1 ARM’s where the loan is fixed for the initial term and then converts to an annual adjustment. Borrow up to $424,100 (or more, in high-cost areas; see loan limits), no penalty to refinance at a later date. An annual ARM (1/1) where the interest rate is recalculated each year is also available.
A great choice for first time homebuyers and individuals with less than excellent credit, this federally backed loan for up to $424,100 (or more, in high-cost areas; see loan limits) is offered at competitive rates with fixed terms available from 10-30 years. Down payment assistance may also be available. For those looking to purchase a new home, a 3.50% down payment is available (Mortgage Insurance will apply), and for those looking to refinance, borrow up to 85% loan-to-value at a lower rate and own your home sooner by choosing a shorter term loan.
Veterans and surviving spouses finance up to 100% of your new home’s value up to $424,100 (or more, in high-cost areas; see loan limits), or refinance, with no money down, no appraisal fee, and no private mortgage insurance premium (PMI). You can even fold closing costs into your loan. Refinance with minimal paperwork in as little as 21 days. Lower credit scores accepted from qualified buyers.
With a USDA Rural Development Home Loan, qualified borrowers can purchase or refinance a designated U.S. Department of Agriculture rural property up to 100% loan-to-value with a 30 year fixed rate mortgage. These loans are not limited to first time homebuyers, and no down payment is required. Flexible credit guidelines apply.
Reverse Mortgages (HECM)
OGI offers an array of Home Equity Conversion Mortgage (HECM) programs, also known as Reverse Mortgages. If you are 62 years of age or older, you can tap into the equity of your home with this unique mortgage. If you own your property outright, or have considerable equity, and will occupy the home and have financial resources for property related expenses such as property taxes and insurance, you can receive monthly payments or a line of credit while retaining ownership of your home.
Down Payment Assistance Programs (DAP &MCC)
Do you have the income to afford monthly mortgage payments, but are struggling to come up with the cash needed for a down payment and closing costs? Now you can take advantage of historically low interest rates instead of paying rent that only goes up. If you’re a first-time homebuyer, a Veteran, or haven’t owned a home in the past three years, don’t get locked out of a fixed low interest rate loan because you don’t have the cash to close. These programs may often have income or credit limitations so contact OGI to see if you qualify.
The CalHFA program is an FHA- insured loan featuring a CalHFA fixed interest rate first mortgage. This loan is fully amortized for a thirty (30) year term and can be combined with either the MyHome Assistance Program. The program is available for both first-time and non-first-time homebuyers. The maximum loan-to-value is 96.5% and a maximum CLTV of 105%.
FHLMC Home Possible
Home Possible mortgages offer low down payments for low-to moderate income homebuyers (income limits may apply), or buyers in high-cost or underserved communities. The Home Possible program offers a 95% loan-to-value, with fixed rate and ARM programs and no credit score is required. The Home Possible Advantage offers a 97% loan-to-value, with fixed rate loan terms to 30 years), and a maximum CLTV of 105%.
FNMA Home Ready
With Home Ready, borrowers are looking to purchase a new home using a 3% down payment, or refinance their existing home. The program is offered to low-to-moderate income borrowers, (income limits may apply), who may also have supplemental boarder or rental income; and have limited cash for a down payment. There are no first time home buyer restrictions and no personal funds are required.
The current trend for those borrowers that have credit score issues or have a really creative accountant, where using bank statements is a viable alternative to help document income. These programs offer a one month, 12 month, and 24 month bank statement option as well as loan amounts to $3,000,000 and credit scores in the 500 range. It is a common sense approach where loan to value is as important as credit and income.
Condor – Prime The program allows for conforming or high balance loans up to $3 million, a debt-to-income ratio of 43% or less, and offers two qualification options. With option one, qualification is based on verified liquid assets, (asset depletion); and option two appeals to self-employed borrowers who can provide 12 months bank statements and traditionally documented assets (asset amortization formula may be used to derive additional qualifying income).
Condor – Investor If you are an experienced real estate investor looking to purchase or refinance investment properties, this could be a perfect fit. Qualification is based on cash flows of the property for this ideal investor’s loan, which allows for credit scores as low as 500 and cash out for business purposes.
Condor – Non Prime The program is designed for those with lower credit scores (500 and above) who seek conforming or high balance loans up to $3 million. Low loan-to-value is preferred, own multiple financed properties, and/or are Foreign Nationals. If your needs fall under any of those specs, this could be the mortgage financing you seek. One month, 12 month, and 24 month bank statement programs are available.