Franklin Mortgage Loan Programs

"A" Paper Loan
Even with poor credit, it is almost always possible to get a mortgage, but the key is to get a an "A paper loan." This is a loan with carries with a much more favorable loan terms and is reserved for good credit risk people. A lender may try to convince you that you can only qualify for less than an "A paper loan" (B, C or D paper loans). By acquiescing to this you are likely to be get a loan with a substantially higher interest rate, larger down payment and more point to the mortgage broker. Keep in mind that a fractionally higher interest rate over the life of a loan can add up to thousands of dollars. Obviously, you should try and resist non-A paper loan if at all possible.

The lending industry will rate your credit or qualifications based on the overall credit risk of the loan you are applying for. In this circumstance an “A” credit rating is better than an “A-“ credit rating, and “B” is better than “C”, and so forth. Your circumstances can cause your loan to be called Sub-Prime or “B/C” loans simply due to the different aspects of the loan you are asking for.

Any loan that falls outside of the parameters of “Conforming” financing would be considered Alternative Financing. This should not be a concern for the consumer, as frequently our A+ borrowers also have needs for little or no down payment loans for second homes or investment properties. Self-employed borrowers may have a substantial and unverifiable swing in income from year to year that would not allow them to fall into the conforming marketplace.

We have many products available to our borrowers and below are listed some, which may fit your circumstances:

Low/No Down Payment
No Income, No Asset Verification
Bankruptcy
Divorce
High Debt Load
Consumer Credit Counseling
Late Mortgage Payments
Collection Accounts


Conventional Loans

Conventional loans are secured by government sponsored entities or GSEs such as Fannie Mae and Freddie Mac. Conventional loans can be made to purchase or refinance homes with first and second mortgages on single family to four family homes.

As an example, Fannie Mae and Freddie Mac's single family, first mortgage loan limit was $333,700 in 2004. This limit is reviewed annually and, if needed, changed to reflect changes in the national average price for single family homes. The current loan limit applies to all conventional mortgages delivered after January 1, 2005.

Note: Maximum original loan amounts are 50 percent higher for first mortgages on properties in Alaska, Hawaii, Guam and the U.S. Virgin Islands.

In addition to common loan structures such as fixed rate, adjustable rate and balloon loans, Fannie Mae and Freddie Mac also have loan programs for low to no down payments, community lending and affordable housing initiatives, construction to permanent, home improvement and reverse mortgages.

Jumbo Loans

Jumbo Loans are categorized by loan amount size for the mortgage you are requesting. Any mortgage loan that exceeds Fannie Mae and Freddie Mac's first mortgage loan limit is defined as a Jumbo Loan. Jumbo Loans usually have higher closing costs associated with them as some lenders require not one, but two appraisals. In most cases the interest rate is higher simply due to the fact that the larger amounts of money cost more to lend.

Franklin Mortgage also offers a loan which does not have a pricing adjustment for the borrower if the loan amount exceeds Fannie Mae and Freddie Mac's first mortgage loan limit. Franklin Mortgage can offer you a 1.00% Introductory Rate on a loan with the following 4 payment options:

Minimum Payment

Interest Only Payment

30 Year Payment

15 Year Payment

Refinance your Current Home Loan

Looking to Refinance your current home loan or buy a new Home? We offer a wide variety of Loan Programs and options. We offer every home loan program available nationwide, and also 100% Financing on Refinances and Purchase Loans.