Types of Mortgages
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Types of Mortgages

Conforming Loans

A conforming loan is a loan that meets the guidelines established by Fannie Mae or Freddie Mac. These guidelines dictate the maximum loan amount, down payment, borrower credit, income requirements, and suitable properties. In most cases, these loans are sold on the secondary market to Fannie Mae or Freddie Mac, but your loan term or payments are not affected. The maximum loan amount for a conforming loan is as follows (all areas except Hawaii and Alaska):
  • One Family $417,000
  • Two Family $533,850
  • Three Family $645,300
  • Four Family $801,950

* These amounts are subject to change and you may qualify for the new "conforming jumbo" under the current stimulus package. Please call us to discuss your specific situation.

Jumbo Loans

Loan amounts that are larger than the conforming loan limits are called Jumbo loans. The interest rate of a Jumbo loan is normally .25% higher than conforming loans. We can also structure your loan in order to avoid Jumbo rates as well as PMI insurance. Contact us for more details.

No Income Loans / No Asset Loans

Pyramid Capital Group has a wide variety of programs where no income documentation is required. Our clients are able to get a loan without providing any tax returns, pay stubs, or bank statements. We can even provide financing without verifying employment. Other programs allow you the flexibility to verify assets or other information in exchange for a lower interest rate.

No income loan programs start with no money or as little as 5% down. Other loan programs are based on loan amounts, credit levels and down payment amounts.

Less Than Perfect Credit

If you have less than perfect credit you are not alone. Pyramid Capital Group realizes that not everyone has a perfect credit history. We specialize in working with borrowers who many other lenders cannot or will not help. Pyramid Capital Group has developed a wide range of programs to help borrowers of all different credit levels, incomes, and situations. More importantly, we believe that all clients deserve to be treated with respect and integrity, regardless of their credit profile.

Second Mortgages/Home Equity Loans

Pyramid Capital Group has a large menu of second mortgage programs available for a wide variety of needs and situations. Whether you are looking to consolidate high interest rate credit card debts, make some home improvements, or need some cash for a new car or tuition, Pyramid Capital Group has the right program. We may also be able to save you hundreds of dollars each month by restructuring your outstanding debt.

If you are looking for a home equity line of credit, we can do that too. The line of credit allows you to set up a loan which you can borrow at anytime you wish. Isn't it great to know that if you ever need money, it's right at your fingertips.

Construction Loans

If you are looking to build your dream home we can help. We deal with lenders who specialize in construction financing and will make the process simple. Prior to a mortgage approval, you will need to have the building plans, permits, and approvals. The lender will then fund your construction in "draws" as the completion of the home progresses.

Commercial Loans

Loan programs discussed above are for 1-4 unit residential properties. For 5+ unit residential properties, office buildings, mixed-use buildings, warehouses, and other commercial property the loan parameters will vary. Commercial loans are specific to the type of property along with the income generated by the property. Most lenders require that you put a minimum of 25% down on a purchase. If you already own the property and are looking to refinance, we can go up to 70% of the property value and in some cases even higher. Please call us to find out about down payments, interest rates, and loan terms available.
26 Village Green, Suite 10, P.O. Box 549   Bedford, NY 10506   Phone: 914-219-5550   Fax: 914-219-5553   information@pyramidcapitalgroup.com
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