The following is a partial list of programs offered by Cardinal Financial with a brief description of the key elements of each. For a complete list of the programs that we offer, please contact us at 702-483-8122 .
Traditional loan programs that allow for a 3% down payment as a first time home buyer and 5% down otherwise. .
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( conventional) limit and a second mortgage of up to 15% of the purchase price. Other variations are 80/10/10 or 75/15/5.
A ratio of monthly bills to monthly income higher than 55.9% is considered a high debt ratio. Loan programs are available for borrowers in this situation, allowing them to finance the purchase of a home or property.
Used to finance 1-4 family properties that will be for investment with a 20% down payment. .