Specialized loan programs are available to suit the needs of many home buyers. From grant and down payment assistance programs, to the specialized financing of the "Jumbo" buyer. Whatever your needs, contact a Draper and Kramer Mortgage Corp. Mortgage Planner to find the right program for your financial goals.

Down Payment Assistance Programs - Many opportunities are available to help families and individuals who would like to buy a home, but do not believe they have sufficient funds or would simply like assistance with the down payment requirements. Through various sponsors, ranging from state-supported programs to non-profit organizations, and even government-sponsored programs, the process leading to home ownership can be facilitated with a down payment assistance program. To discover the many opportunities we have available to assist you, contact a Draper and Kramer Mortgage Corp. professional.

No Down Payment Programs - The Zero Down Payment Mortgage is designed to offer home ownership opportunities to individuals with good credit, but who lack the ability or desire to make a down payment on a home. It provides an option for those who wish to invest their savings in assets other than their home. The fixed-rate loan is available for purchase, construction, or purchase/home improvement of an owner-occupied primary residence. While not required to make a down payment, you must have 3% in the transaction. These funds are applied toward your closing costs and may come from your own funds, a gift from a relative, grant, or sale of assets you own.

Interest-Only Loan Programs - Draper and Kramer Mortgage Corp. has the solution for you to achieve your long-term goals by offering you more flexibility with your cash flow. With our innovative Interest-Only loan programs, your monthly payment can consist of interest alone with no principal payment. Interest-only payments will make your monthly payment lower. That means greater cash flow each month that can be redirected toward other long-term goals, such as investments, tuition, higher interest debt, supplement your savings or your 401(k) contributions, or other particular financial planning purposes. And because required payments are interest only, you may benefit from certain maximum potential tax deduction advantages. We strongly advise anyone considering apply for this loan program to discuss the tax deduction advantages with an accountant to determine if this or any other securitized home lo pan will qualify as a tax deduction.

Local Non-Profit Organizations - As an excellent source for financial assistance in purchasing a home, there are many loan programs that have provisions to allow funds to be granted to a home buyer to purchase a home. Under the FHA loan program, borrowers can use grants from Non-Profit Organizations to pay for 100% of the required investment to purchase their home. Whether applying for a grant for the funds to close or 100% of the down payment, non-profit organizations represent an excellent tool to leverage your purchasing power.

Family Gifts or Loans - FHA loan programs offer an option for home buyers to have family members gift or loan up to 100% of the funds necessary to complete a home purchase.

Bridal Registry - Since 1996, FHA has allowed couples planning to get married the opportunity to establish a bridal registry savings account in order to help them accumulate the down payment necessary for purchasing their first home. As a significant and positive impact for new families, you may elect to open up a bridal registry account where family and friends can deposit their gifts directly into the registry account. Through a lender-supervised account, the money will be available and documented upon the purchase of your new home.

Fannie Mae Flexible 97™ Program - The Fannie Mae Flexible 97™ is a fixed-rate mortgage program designed for borrowers with good credit who either need or want to make a minimal down payment. It requires a down payment of only 3%. To qualify for this loan, you must earn no more than the area median income.

Community Solutions - Draper and Kramer Mortgage Corp. and Fannie Mae, a leader in the housing finance industry, have partnered to provide low- and moderate-income borrowers the dream of home ownership. Community Solutions™ is a suite of low down payment mortgage options designed especially for home buyers who are full-time Healthcare workers, Police Officers, Firemen, and Teachers. Community Solutions™ may be right for you if you require a low down payment and greater flexibility on your credit history, have not yet had time to create a full credit history, or need to have a greater portion of your income go towards housing in order to afford home ownership.

Sub-Prime Financing - For borrowers whose loans do not fall within the "cookie-cutter" criteria for traditional loan programs, sub-prime financing loans are offered for fixed rates and ARMs. Considered to be a best-fit program for the "challenged" borrower, we offer a large menu of loan programs to fill the gaps of conventional financing.

No Equity Seconds - This loan program provides potential tax-deductible financing for debt consolidation, home improvements, and/or cash withdrawal from homes that have little or no equity. The program is frequently referred to as a 125% second program and is an extremely easy application process. The possibility to lower your expense by converting your debt into a tax-deductible expense clearly indicates that this program should not be overlooked. Again, when considering applying for this loan program, the services of an accountant to determine tax deduction eligibility should be sought.

Jumbo Financing - For loans that exceed the conventional loan limits are referred to as a Jumbo loan. These loan amounts can go up to $4 million dollars with LTVs ranging from 60% to 95% depending upon the loan amount. Many features are available with Jumbo financing, including extended locks, no ratio/no income qualification, no documentation, reduced documentation, etc.