The following is a partial list of programs offered by FM Mortgage Corp with a brief description of the key elements of each. For a complete list of the programs that we offer, please contact us at 701-234-9000
Traditional loan programs that usually require 5% down and offer competitive interest rates. Documentation and fair-to-good credit are necessary.
No Down Payment
0% down payment required and closing costs paid by the borrower (seller can contribute up to 6% towards closing costs).
Troubled credit? Bankruptcy? Been turned down somewhere else? We help customers with credit problems.
103% Purchase Only
0% down payment required and closing costs can be financed up to 103% of the purchase price. Only single-family homes that will be owner-occupied are eligible. First time homebuyer status not required and there are income limits.
Offers 30 and 15 year fixed rate mortgage and competitive ARM products with full document.
Cash out and No cash out refinance are allowable. Single family detached, Condo's, PUD's and single-family second homes can be financed with no prepayment penalty.
Challenged Credit Loans
Regardless of your situation, we can work with you to get you back on track.
High Debt Ratio Loans
A ratio of monthly bills to monthly income higher than 45% is considered a high debt ratio. Loan programs are available for borrowers in this situation, allowing them to finance the purchase of a home or property.
Second Mortgage Loans
Subordinate to the first mortgage, these loans offer the borrower the ability to get money for home improvement, debt consolidation, or many other reasons without disturbing their first mortgage. Convenient when you have a low interest first mortgage.
Used to finance 1-4 family properties that will be for investment.
Backed by the Department of Housing and Urban Development, this mortgage offers the borrower the ability to put as little as 3.5% down payment – and they can even finance “allowable” closing costs. Seller can contribute up to 6% of the purchase price to the buyer towards closing costs.
Backed by the Veterans Administration and the federal government, it is similar to FHA except that you have to be a qualified Veteran or military person.
Want to buy a fixer up home? This may be the loan for you.