Loan Program Breakdowns
Province Mortgage Associates has evolved extensively over the years, especially when it comes to the enormous number of mortgage options available to our clients.
The expansion of our product line is ongoing as we are committed to helping as many borrowers as possible achieve the dream of being successful homeowners. What follows is an overview of just some of our many lending options. We encourage you to call a Province Mortgage Advisor today so we can tailor the right mortgage to your needs!
For more on these products, simply click the links below each program for a full breakdown.
Director of Capital Markets
Government Mortgage Products
- 3.5% minimum downpayment
- Lenient underwriting guidelines
- Highest DTI (Debt to Income) threshold
- Minimum FICO score: 580
- 100% financing
- No minimum downpayment
- Reduced mortgage premiums
- Known as “rural development” loan
- Minimum FICO score: 640
Conventional Mortgage Products
- Competitive rates for higher credit scores
- Loan amortization up to 30 years
- Financing up to 4 units
- Shorter term options available
- Up to 97% of home’s value
- Lower interest rate options
- Pricing options based on LIBOR index
- Short term options available
- 5, 7, and 10 year fixed periods available
Other Mortgage Products
Reverse Mortgage Loans
- Also known as “home equity conversation mortgage”
- Allows homeowner to access equity
- No mortgage payments required
- Increase cash flow for fixed income
- Minimum age of borrower: 62 years
Which Program Is Best for Me?
Our award winning staff is waiting to answer any questions you may have. If you already have a mortgage advisor in mind, or if you would like to look through them all in greater detail, we welcome you to do so now!