A conforming fixed rate mortgage maintains the same rate of interest as well as principle and interest payment throughout the entire term of the mortgage. Maximum loan amount is $417,000 with higher loan amount limits for 2-4 unit properties.

• If you want predictability and certainty of a stable monthly payment.
• If you plan to stay in the property for a number of years.
• If you feel interest rates are going to increase.

An adjustable mortgage typically has a lower starting rate.  The interest rate remains the same for a pre-determined time frame and then adjusts at the end of the intial term based on economic conditions. The initial interest rate is set for a selected term and then adjusts annually. Maximum loan amount is $417,000 higher loan limits are available for 2-4 unit properties.

• If you want or need more home than you can qualify for at a fixed rate.
• If you are planning on a short term stay in your home.
• Adjustment periods are flexible to fit your individual needs.

Fixed rate and adjustable mortgage loans that exceed $417,000.  Variety of options to choose from with flexible terms. Loan amounts up to $2,000,000

• Fixed rate loan amounts in excess of $417,000.
• Adjustable rate loan amounts in excess of $417,000

An interest only loan may be either a fixed rate or an adjustable rate mortgage.  Payments are calculated for a fixed term with only interest paid.  At the end of the initial term, the principle amount owed remains the same as borrowed.  This provides for a lower monthly payment.

• Provides for a lower monthly payment.
• Is useful in an appreciating market.

Complicated income sources do not mean a complicated loan process.  We offer the FNMA Stated Income program designed specifically to simplify the mortgage process for those individuals who have difficulty documenting their income.

• Ideal for the self employed.
• Borrowers who have complex financial situations.

More lenient underwriting standards than conventional loans. The Community Home Buyer program through Fannie Mae offers a variety of low down payment options. Qualified borrowers are able to finance up to 100%.

• If you have little or no down payment.
• Great for 1st time home buyers.
• More flexible underwriting guidelines.

Less than perfect credit? With Fannie Mae's expanded approval program you are not stuck with a high rate or fees.  There is no need to turn to a sub-prime loan.  You can save thousands over the life of the loan.

• Great for those borrowers who have had financial difficulties in the past.
• Borrowers who have blemishes on their credit history.

FHA loans are backed by the federal government through the department of HUD.  Typically, lower downpayment requirements than conventional loans and has flexible underwriting guidelines.

VA loans provide Veterans with the ability to buy their primary residence.

• A Credit Score is not used in qualifying.
• Low down payment and flexible underwriting standards. 

A fixed or adjustable rate mortgage established for a pre-determined term.  This mortgage is in  addition to an existing mortgage on the subject property. A HELOC (Home Equity Line Of Credit). The line of credit is approved and payments begin when money is drawn down on the line.  Typically this loan type is set up with a checking account and the funds are available for access via a check. Payments are calculated on the amount drawn down.

• Good for pulling out equity without having to refinance.
• Great for having access to equity in an emergency and in a hurry.
• Ideal for "Piggy back" loans. (Combination of a 1st mortgage and a 2nd mortgage to keep under the jumbo loan amount ceiling.

Hyde Park Bank offers a variety of specialty loan products for commercial, investment and business purposes. Contact Claudio Ricci at 773-753-9642 or Robert Froio at 773-753-9631.