Loan Programs

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Choices That Relate to Your Needs

When it comes to finding the right loan for your situation, you definitely need options. But you also need the guidance that comes from someone who has had many years of experience in the home loan industry.

Caddy Mortgage not only provides the choices and options you want and need when it comes to a loan, but backs those choices up with clear, informative insight based on helping many others through the process.

Purchase Loans

  • Excellent for 1st time home buyers because of low down payment
  • Maximum Loan Amount/Maricopa County — $271,050
  • Minimum FICO score — 580
  • Down Payment: 3.5%
  • Gifts allowed for down payment
  • Seller concessions allowed up to 6%
  • Term: 15 / 20 / 25 / 30 years,
  • Mortgage Insurance: Up-Front and Monthly
  • Must be primary residence
  • DTI: 50%

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  • Excellent for 1st time home buyers because of low down payment
  • Maximum Loan Amount/Maricopa County — $271,050
  • Minimum FICO score — 580
  • Down Payment: 3.5%
  • Gifts allowed for down payment
  • Seller concessions allowed up to 6%
  • Term: 5 / 7 / 10-years, then adjust to current market rates
  • Mortgage Insurance: Up-Front and Monthly
  • Must be primary residence
  • DTI: 50%

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  • Allows for repairs and renovations by General Contractor, up to $30,000. Home must appraise for value after improvments
  • Maximum Loan Amount/Maricopa County — $271,050
  • Minimum FICO score — 620
  • Down Payment: 3.5%
  • Gifts allowed for down payment
  • Seller concessions allowed up to 6%
  • Fixed Rate only. Term: 15 & 30 years
  • Mortgage Insurance: Up-Front and Monthly
  • DTI: 50%

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  • Maximum Loan Amount — $417,000
  • Minimum FICO score: 640
  • Down Payment: Minimum 5%, w/Monthly Mortgage Insurance. Larger DP will reduce or eliminate MI
  • Seller Concessions allowed up to 6%
  • Term: 10 / 15 / 20 / 25 / 30-years
  • Mortgage Insurance: Monthly, but may be avoided with 20% down payment or lender paid
  • DTI: 45%

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  • Rates: Starting rates significantly lower than ‘fixed rate’ loans, but may adjust to rates higher than currently available for fixed rate loans.
  • Maximum Loan Amount — $417,000
  • Minimum FICO score: 640
  • Down Payment: Minimum 10%, w/Monthly Mortgage Insurance. Larger DP will reduce or eliminate MI
  • Seller Concessions allowed up to 6%
  • Terms: 5 / 7 /10-years before adjusting to fixed rate at current market rates
  • Mortgage Insurance: Monthly, but may be avoided with 20% down payment, or lender paid MI, which increases interest rate slightly.

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  • 3% or 5% of the 1st mortgage total loan amount (Great Rates!)
  • Down Payment Assistance GRANT — no repayment required, no silent second
  • DPA GRANT can be used for down payment and/or closing costs
  • Seller Credit of up to 6% is allowed, making the zero out of pocket a reality
  • Gift Funds are allowed from family members
  • Borrowers are NOT required to be 1st time home-buyers
  • NO min amount of time to stay in home
  • Income limit is based on qualifying income, NOT household income

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  • Maximum Loan Amount — $417,000
  • Minimum FICO score: 660
  • Equity Required: 5%
  • Term: 10 / 15 / 20 / 25 / 30-years
  • Mortgage Insurance: NONE — however, interested rate is slightly higher to compensate for MI

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  • Loan is based on value of home after improvements for repairs, cosmetic updates, and complicated projects, and even for the addition of luxury items. Increase value and equity, while living a better life style
  • Maximum Loan Amount — $417,000
  • Minimum FICO score — per automated approval (probably around 640)
  • Down Payment — 5% of the lesser of Purchase Price Plus the total cost of rehabilitation, or After-Improved value.
  • Seller concessions — allowed up to 6%
  • Term — 15 and 30-years
  • Mortgage Insurance — applies, unless down payment is equal to or greater than 20%
  • DTI — 45%
  • Eligible for primary (95% ltv), second home (90% ltv), and investment properties (80% ltv)
  • Structural, non-structural, cosmetic and luxury additions allowed (including swimming pools and extensive interior remodeling), but they must add value to the property and be permanently affixed.
  • Application must be accompanied by estimate from General Contractor, and the work must be started within 30 days of closing and completed within 6 months. Feasibility study may be required by lender.

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  • Maximum Loan Amount — $417,000
  • Minimum FICO score: 640
  • Down Payment: Minimum 20%
  • Seller Concessions allowed up to 2%
  • Term: 10 / 15 / 20 / 25 / 30-years
  • Mortgage Insurance: NONE
  • DTI: 45%
  • Rates are slightly higher than homes for primary or second residence

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  • Only available on homes owned and listed by Fannie Mae.
  • Max Loan Amount: $417,000
  • Minimum FICO: 660
  • Down Payment: 5%
  • Fixed Rate Only — 15 and 30-year
  • Gifts: allowed but 5% must come from borrowers personal funds
  • Seller Concessions: 6% for primary / 2% for inventment
  • NO Mortgage Insurance (MI)
  • NO appraisal necessary
  • DTI: 45%
  • Rates: Interest rates are higher for this quasi- government loan

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  • Must be active military or veteran
  • Max Loan Amount: $417,000
  • Minimum FICO: 580
  • Down Payment: ZERO
  • Seller Concession: 6%
  • Mortgage Insurance: ZERO
  • Fixed Rate Term: 15 / 20 / 30-year
  • Adjustable Rate Term: 3-year and 5-year, then adjusts to market fixed rate
  • DTI: 50

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  • Only available for approved rural properties.
  • Maximum Loan Amount: $417,000
  • Minimum FICO: 620
  • Down Payment: ZERO
  • Seller Concession: 6%
  • Gift Allowed
  • Mortgage Insurance: NONE
  • Term: 30 Year / fixed rate only
  • DTI: 44%

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  • Loan Amount: $417,001 – $3,000,000
  • Minimum FICO: 700
  • Down Payment: 20%
  • Term for Fixed Rate: 15 & 30 Years
  • Term for Adjustable Rate: 5 / 7 / 10-years, adjusting to fixed market rates after term
  • Mortgage Insurance: NONE
  • DTI: 41%

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  • No income required — equity from home is loaned back to the owner and no payments are made until the last owner leaves the property. Payments to home owner may be lump sum, monthly or line of credit.
  • Credit: No specific FICO score but clean credit required. Previous short sale, foreclosure and BK are not allowed.
  • Equity: Minimum 35%
  • Minimum Age: 62

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  • Terms and rates are subject to review of borrower’s credit and portfolio, and the property. Call for details.

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  • Manufactured Home Loans are available in Arizona. Call Deon Caddy for details and for more information.

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  • Loans are available specifically for properties that are to be “flipped”. Call for details.

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Refinance Loans

  • Maximum Loan Amount — $417,000
  • Minimum FICO score: 660
  • Equity Required: 5%
  • Term: 10 / 15 / 20 / 25 / 30-years
  • Mortgage Insurance: NONE — however, interested rate is slightly higher to compensate for MI

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  • Generally the best choice to eliminate Mortgage Insurance and reduce monthly payment.
  • Maximum Loan Amount — $417,000
  • Minimum FICO score: 640
  • Equity Required: Minimum 5% for R & T, 15% for Cash Out, w/Monthly Mortgage Insurance. Greater equity will reduce MI. 20% equity or Lender Paid MI eliminates monthly MI.
  • Fixed Rate Term: 10 / 15 / 20 / 25 / 30 years
  • Adjustable Rate Terms: 5 /7/ 10-year. Adjust to current market rate at end of term. ARM requires 25% equity for Cash Out.
  • DTI: 45%

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  • Loan is based on the value of the home after improvements for repairs, cosmetic updates and complicated projects, and even for the addition of luxury items. Increase value and equity while living a better lifestyle.
  • Maximum Loan Amount — $417,000
  • Minimum FICO score — per automated approval (probably around 640)
  • Down payment — 5% of the lesser of purchase price, plus the total cost of rehabilitation, or after improved value.
  • Seller concessions — allowed up to 6%
  • Term: 15 and 30-years
  • Mortgage Insurance: Applies, unless down payment is equal to or greater than 20%
  • DTI: 45%
  • Eligible for primary (95% ltv), second home (90% ltv), and investment properties (75% ltv)
  • Structural, non-structural, cosmetic and luxury additions allowed (including swimming pools and extensive interior remodeling), but they must add value to the property and be permanently affixed
  • Application must be accompanied by estimate from General Contractor and the work must be started within 30 days of closing and completed within 6 months. Feasibility study may be required by lender.

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  • Maximum Loan Amount — $417,000
  • Minimum FICO score: 640
  • Equity Required: 20% for Rate & Term, 25% for Cash Out
  • Term: 10 / 15 / 20 / 25 / 30-years
  • Mortgage Insurance: Monthly, but may be avoided with 20% down payment
  • DTI: 45%
  • Rates are slightly higher than homes for primary or second residence
  • DTI: 45%

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  • This is the loan to refinance the “Upside Down” Home Mortgage. Fannie Mae and Freddie Mac only.
  • Minimum FICO: 620, but may only have 1 late in past 12 months
  • Term: 15 / 20 / 25 / 30 year (fixed rate only)
  • Unlimited loan to value — subject to invester conditions
  • Available if you purchased your home on or before May 2009, and have not refinanced since

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  • Maximum Loan Amount/Maricopa County — $271,050
  • Minimum FICO: 580
  • Minimum Equity: 2.25% for R & T, 15% for Cash Out
  • Term: 15 / 20 / 25 / 30 years,
  • Mortgage Insurance: Up-Front and Monthly
  • Must be primary residence
  • DTI: 50%

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  • The easiest and fastest way 1) to reduce your monthly payment by reducing your interest rate, 2) to remove a borrower from the loan, or 3) to move from an ARM to fixed rate loan.
  • Maximum Loan Amount: $271,050, for Maricopa County
  • Minimum Equity: None required
  • Job required
  • Appraisal: None required
  • Minimum FICO: 580, but clean mortgage payments for 12 months
  • Term: 15 / 20 / 25 / 30- year (fixed rate only)
  • “Rate & Term” only

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  • Must be active military or veteran, documented with form DD214
  • Max Loan Amount: $417,000
  • Minimum FICO: 580
  • Equity: May be up to 25% ‘upside down’
  • Mortgage Insurance: ZERO
  • Fixed Rate Term: 15 / 20 / 30 year
  • Adjustable Rate Term: 3 & 5-year

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  • Only available for approved rural properties.
  • Maximum Loan Amount: $417,000
  • Minimum FICO: 640
  • Required Equity: ZERO
  • Mortgage Insurance: NONE
  • Term: 30 Year / fixed rate only
  • DTI: 50%

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  • Minimum Loan Amount: $417,001
  • Minimum FICO: 700
  • Equity Required: 25%
  • Term for Fixed Rate: 15 & 30 Years
  • Term for Adjustable Rate: 5 / 7 / 10 years, adjusting to market rates after term
  • Mortgage Insurance: NONE
  • DTI: 41%

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No matter the situation or what your needs may be, Deon Caddy will take the time to discuss which loan makes the most sense and will help you move through the process as fast, easy, and at the lowest cost possible.