Community Home Buyers
FHLMC Expanded Guidelines for
Katrina 8/28/05 Federally Designated Disaster Areas
*Louisiana Housing Finance Agency Lenders
*Qualified borrowers may purchase or repair
*Loan must close by 1/1/2008
*140% of area's medium income
*Purchase price 100% of the area average area
price
*Estimated at 1% below market rate
Second Mortgage- Interest Only Program
We offer seconds at time of close for purchase transactions, no mortgage insurance
required first mortgage 80%
0% down 80/20/0
5% down 80/15/5
10% down - 80/10/10
second mortgage terms: interest only, monthly,
rate based on prime + margin (margin contingent
on
FICO score, better score, lower margins)
call for more details regarding this program,
10 years interest only......
Additional feature for borrower's ...
Interest only line of credit, five year window to draw funds,
can be used for present or future
renovation, second mortgage available up to 100% value of home, contingent upon
borrower's FICO score
TERMITE CERTIFICATES ARE NOT REQUIRED ON CONVENTIONAL LOANS, APPRAISALS "AS IS"
RATES SUBJECT TO CHANGE AT ANYTIME.
"Sheila Langeman helped us with the financing for our new home and followed
through from start to finish during the year. She took the time to explain the process and
answer questions we had regarding appraisals and closing costs."
Chef John and Laulie Folse, Donaldsville, La.
"Sheila Langeman, the owner of Avenue Mortgage, helped me buy my home in the
French Quarter and I called her when it was time to refinance. She advised me of the
different options and explained the costs and payback periods. I highly recommend
her."
Dr. William Sholes, Chief of Surgery, New Orleans, La.
"When we were buying a second home in New Orleans, La, Avenue Mortgage made
everything easy. The application was over the phone and the loan application was federal
expressed to our home. You would never know that they were not in the same city. We even
closed a few days before our purchase contract deadline."
Ray and Mindy Riso, Baton Rouge, La.
"Sheila Langeman, Avenue Mortgage, made my move from San Francisco to New Orleans
easy. She explained that there were no additional costs and that she would match my
situation to a lender that would offer me the best rate and program. The independent
mortgage broker can offer better services than a big bank and their rates were
better."
Patrick Graham, By water purchaser, formerly San Francisco, Ca.
Avenue Mortgage || 322 Lafayette Street, New Orleans, LA 70130 ||
504-525-4663
Home Financing & Loan Programs Financed Property What's Ahead / Testimonials