Dear Igor, I wanted to thank you for all your help with my refinance. I almost gave up after
being dragged on for more than two months by my own bank, but you found a
lender that closed my loan with the certificate of occupancy violations.
I needed this money very much and you made this happen. Thank you again.
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 96.5% FHA purchase loan program, interest
only, up to a 40 year fixed rate option, No Income Verification program, or New
York SUPER JUMBO loans up to $3,000,000, which are still available
especially for Manhattan New York mortgages. With No Income Verification program you will be able to purchase a property without
showing your income, but you have to show your assets. Let our
specially trained Loan Consultant match up the right loan for you
and your family’s needs.
Are you paying too much for your mortgage? When refinancing
your home you can accomplish many things such as lowering your monthly
payments, cashing out on the equity in your home, converting an adjustable
loan to a fixed loan with one low monthly payment, reducing the term
of your loan and building equity faster. Refinancing your mortgage
may save you hundreds of dollars every month and thousands of dollars
over the life of the loan. We offer fast, cost-effective solutions
and provide you with a complementary financial analysis to ensure
your economic success. Our Loan Consultants will customize
a program for you and qualify you for the best possible rate.
For many people, their home is their biggest investment
and source of savings. When they need to borrow money for major expenses
they can use their home value to borrow money. Generally, there are
two ways to use your home equity to borrow money. You can either
refinance with a new mortgage that is larger than your remaining
balance (a cash-out refinance) or get a home equity loan. Whether
you're adding on a room, remodeling your kitchen, or completing several
different households’ improvements, our Loan Consultants will
help you to finance the project.
If you have credit card or other consumer loans, it
is often less expensive to consolidate these expensive loans with
your mortgage. Credit card interest rates are usually much higher
than mortgage interest rates. Also, the interest on your mortgage
is tax deductible, while the interest on your credit card is not.
If you have enough home equity, you may be able to pay off your pricey
credit card debts and save money. Debt Consolidation Program designed
by Great Northern Mortgage is an excellent option to save hundreds
and sometimes thousands of dollars a month. Let a Great Northern
Loan Consultant customize a debt consolidation product for you.
Cooperatives (coops) are an increasingly popular living alternative in highly populated areas. Purchasing shares in a corporation that owns a building happens to be more affordable compared to purchasing a condo or a house. When a buyer borrows money to buy a house, the loan is typically secured by a mortgage on the real estate. The borrower in New York State has to pay a substantial mortgage tax. With a coop, however, the shareholder pledges the stock he or she owns, along with the proprietary lease for the apartment, as security. There is no mortgage tax on coop loans.
Great Northern Mortgage originated hundreds of coop loans. Below is just the summary of some loan programs for individual cooperative apartments. We can also help you if you are looking to finance a condop, which is a condominium building that has separate commercial and residential units, with the residential units controlled by a co-op corporation. Complete our online application or call us 888-9-LOAN-99 to get more details on your coop or condop loan transaction. We have multiple lenders, and programs vary depending on the lender.
Type of Transaction
Purchase, Refinance (Cash out and No cash out)
Primary, Second Home, Investment
Type of Property
New York, New Jersey
Max LTV Primary
Max LTV Primary
Max LTV Primary
Max LTV 2nd Home
Max LTV 2nd Home
Max LTV Investment
80% to $2,000,000 (Purchase and No cash out)
65% to $1,500,000 (Cash out)
60% to $3,000,000 (Purchase and No cash out)
80%/90% to $417,000 (Purchase)
75% to $750,000 (Purchase and No cash out)
65% to $750,000 (Purchase and No cash out)
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
Down payment requirements 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.
Stated Income or No Income Programs are available A-minus and B-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 55%. 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. In
these cases the loan to value ratio will be limited to 60-70%,
and the minimum credit score required is around 700.
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
For information on how you should rate your credit Click
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 up to 75% investment property loans.
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
Fair and reasonable closing costs.
Fixed rate mortgage and adjustable rate investment property
Programs available for self employed borrowers, owners of numerous
properties, and those with less than perfect credit.
Programs for 1-4 unit properties, and condos. Programs for 1-4 unit
properties, and condos.
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.
Contact us to find out what mortgage investors programs will work
best for you. Complete our online application or call us 888-9-LOAN-99
and get pre-qualified now.
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 75% of the future
appraised value of a primary home, and 65% 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:
Spec. Homes for Builders
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
Proof of a Land contract or a Deed
Proof the Land is buildable from your local Building