Loan Programs

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 .

Conventional

Traditional loan programs that allow for a 3% down payment as a first time home buyer and 5% down otherwise. .

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( conventional) limit and a second mortgage of up to 15% of the purchase price. Other variations are 80/10/10 or 75/15/5.

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.

Challenged Credit Loans FHA FICO 550

These mortgages are for borrowers with less-than-perfect credit. They can vary from slightly damaged credit to severely damaged. Regardless of your situation, we have a mortgage that will get you back on track.

High Debt Ratio Loans

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.

Second 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.

Construction Loans

On hold.

Investor Loans

Used to finance 1-4 family properties that will be for investment with a 20% down payment. .

FHA Mortgage

Backed by the Department of Housing and Urban Development, this mortgage offers the borrower the ability to put as little as 3% down payment – and they can even finance “allowable” closing costs. Seller can contribute up to 6% of the purchase price to the buyer towards closing costs.

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.