Great Northern Mortgage can help you find a mortgage that fits your needs and circumstances – however large or small.  One loan definitely does not fit everyone.  That is why we offer many loan programs for you to choose from, such as our 106% purchase loan program, interest only, up to a 50 year fixed rate option, or No Doc program.  With No Doc program you will be able to purchase a property without showing your income, assets, and even your employment. Let our specially trained Loan Consultant match up the right loan for you and your family’s needs.

Your credit report may be full of derogatories, such as charge-offs, collections, tax liens, or late payments, compounded with a history of foreclosure and bankruptcy. However, you may still get a loan for home purchase, refinance, or even cash out of your current home as long as you can meet the specific guidelines for loan approval by a multitude of lenders specialized in the credit-damaged borrower.

Banking general industry guidelines help a lender to make a judgment on the borrower's loan application. However, there are no hard-and-fast rules of separating the borrower on the border line between one credit category and another. Compromising variations between one lender to the next depends on the degree of subjectivity involved in underwriting and how much each lender wants to commit their funds.

Down payment requirements are being reduced
Typical lenders in the market of credit-damaged borrowers usually lend only up to 80% of the appraised value of the home, so the borrower often has to have 20% equity or come up with a 20% down payment for a purchase. We can offer 90-95% financing in many cases.

Stated Income or No Income Programs are available
A-minus, B and C-credit borrowers are often allowed to allocate 50% of their income to pay for combined monthly debt (compared to the standard 36% guideline used for A credit borrowers), while the bottom rung of the credit ladder can be stretched to 60%. As for proof of income, some lenders do have Stated or No Income programs, which do not require tax returns, W-2s, or pay stubs. 

Depending on the extent of the blemishes, borrowers with less-than-perfect credit histories can expect to pay higher than market interest rates for their home loan. But if getting into a home or refinancing out of a difficult situation is someone's goal, there are some lenders out there among whom our Loan Consultant can shop around to get the appropriate financing. Let our specially trained Loan Consultant find a lender that caters to borrowers with less than perfect credit.  

Put your money to work for you in an investment property, which provides a vehicle to enjoy the potential for market appreciation while building equity each month. Whether you are purchasing or refinancing a home, condo, or piece of land, Great Northern Mortgage can help you find the right investment property financing option.
We have access to programs for single family homes, duplexes, three and four unit non-owner occupied homes. We also have several resources to provide 100% investment property loans. That’s right! You may be able to purchase an investment property with no money down.

We can help with:

• Great low rates for the life of your investment property mortgage, or take advantage of the low monthly payment of an interest only loan.
• Fair and reasonable closing costs.
• Fixed rate mortgage and adjustable rate investment property financing solutions.
• Programs available for self employed borrowers, owners of numerous properties, and those with less than perfect credit.

We will take the time to find out what your goals are and tailor your financing to meet these goals. We don't just offer short term financing to get one deal done, but strong and aggressive long term financing that will still work in the long run and avoid unnecessary refinancing costs. This allows you to begin working on a retirement plan that will include monthly rental income.

Whether you're planning to build your dream home or just thinking about it, we can help. We can answer your questions, and guide you through the loan process. We'll be with you every step of the way from framing your front door to turning the key. At Great Northern Mortgage, we're home construction lending experts. We can answer your questions and your builder's questions so your project keeps moving smoothly from groundbreaking to housewarming. A Construction-to-Permanent Loan is based on ordering an appraisal based on the future value of the home. Through our mortgage company you can obtain a loan up to 90% of the future appraised value of a primary home, and 80% of the future appraised value for a spec home. The construction loans are based on the actual cost, which can include the purchase of the land.

You can obtain new construction loans on the following property types:

• Primary Homes
• Second Homes
• Modular Homes
• Spec. Homes for Builders
• Complete Rehabilitation

This means with one application, you get all the financing you need in two easy processes: your construction and permanent loan. All fees and points will be built into both mortgages. Based on the project if it has enough value you can finance your land and wrap your closing cost into your construction loan up front. Below you will find the list of items you will need to get your construction loan started.

• Plans and Specifications
• Plot Plan
• Proof of a Land contract or a Deed
• Proof the Land is buildable from your local Building Inspector
• Title Commitment
• Homeowners Insurance
• Line item list of all cost to build your project
• Builder’s resume