Every person’s home buying needs are not the same, therefore every loan is not designed the same. Not everyone fits in the traditional fixed rate or adjustable rate mortgage, that is why there are a variety of special circumstance loans available designed to suit anyone and everyone’s needs.

The first type of mortgage is a jumbo mortgage. This brand of mortgage is for those whose needs require they borrow more than the average loan limit causing them to incur more risk. When someone is looking for a home that is larger than those covered by the standard loan limits, they incur higher interest rates thus needing a larger loan.

The next type of loan is the balloon mortgage. The payment is set up like a balloon. Upfront the rate is fixed, but at the end of the introductory period the sum of the balance must be paid off, causing the balloon to pop. If you are unable to pay off the loan at this time, you can refinance the terms or if you sell the house before the loan is finished, the buyer may assume the terms.

Another mortgage option is the No Doc program. It is essentially what it describes, a loan with very little documentation. If you work for yourself or in a service industry that requires you earn your income on commissions or tips, it may be hard to document your income. Therefore, this type of mortgage solely relies on your credit rating.

The final loan is for our valued customers. If you already have a loan with National City, you can get another with little paperwork through our Streamlined Purchase Mortgage. The only requirement is that the current loan must be at least 12 months old to allow you to qualify for the streamlined version.

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