McKinney & Company offers a wide range of mortgage products to meet the needs of our clients. Below is a list of some of our most popular programs:

Conforming 30, 20, and 15 year fixed rate mortgages

Conforming loans are less than $333,700 that meet the underwriting guidelines of Fannie Mae and/or Freddie Mac. These loans typically can be underwritten within 24 hours through an automated system such as Desktop Underwriter (DU) or Loan Prospector (LP) Rates for these mortgages are some of the most competitive.

Jumbo Fixed Rate Mortgages

Jumbo loans are greater than $333,700 and are either underwritten through the automated system (within 24 hours) or manually depending on investor guidelines. Rates are typically.25 to .375 higher than the conforming loan rates.

Intermediate Arms Programs

Intermediate Arms are adjustable rate products with a fixed rate period of usually 3 years. 5 years, 7 years, or 10 years. You will see these products advertised as 3/1 Arm. 5/1 Arm, 7/1 Arm, or 10/1 Arm. The initial number is the number of years the loan rate will not change, and the second number signifies what the loan program will be after the fixed loan rate periods. All of the above loans change to a 1-year adjustable rate mortgage meaning the rate can change once per year after the fixed rate period. These loans are a great savings for those clients who do not plan on keeping a loan for more than a few years.

100% Financing

A mortgage loan which allows borrowers to finance 100% of the purchase price of the property.

Interest Only

A conventional mortgage whose required monthly payment is interest only, calculated at the note rate on the outstanding principal balance. Interest only payments are allowed during the initial term of the mortgage for a period of three to ten years with principal lump sum reductions allowed any time. Upon completion of the initial term, the principal balance is amortized (principal and interest payments) over the remaining term of the loan.

Sub-Prime mortgages

Loan provided to clients with credit challenges. A sub-prime loan may also be appropriate for borrowers with good credit but have unique circumstances that make it difficult to secure more favorable financing. Usually require more down payment/equity and offer a higher rate and fees than conforming loans.

Construction to Permanent

A mortgage loan which provides funds for the construction or renovation of a residential property. During the construction/renovation phase, funds are disbursed based on completion of the construction. The construction phase may be up to twelve months in duration and requires payment of interest only on the outstanding balance. Upon completion, the mortgage is modified to a fixed rate or adjustable rate mortgage amortized for 30 or 15 years. A benefit of this product is the only one closing is required, therefore elminating the cost of duplicate closings.

Non-Owner Occupied

Loans utilized to either purchase or refinance one to four unit investment property. This is one of our specialties.

No-Doc Loans

For those borrowers that require a loan program whereby employment, income, or source of down payment do not have to be verified. Good credit and verification of mortgage/rental history required.