PROGRAMS - OVERVIEW
Signature of Excellence
Having trouble to decide which programs are best suitable for you? Lexington can Help!
Lexington Home Loans professionals are the best in the business of mortgage banking, offering the knowledge of over 500 investors and 5,000 programs that are made available to us so we can better serve you.
Lexington Home Loans offers a wide variety of home loans for every borrower. You’ll find everything you need to know about each type of home loans and its advantages here. If you would just like us to help match you up to your best choices based on your preferences speak with our Loan Advisers. To read more about Lexington Home Loans’s products, see Loan Types.
There are home loans for every type of borrower. The goal here is to match the benefits of a specific loan type with your goals for owning a home. Here’s a chart to get your started:
- Understand Rates, Points & APR
- Learn about loans
- Get Pre-Qualified or Pre-Approved
- Anticipate Total Costs
- Understand the Loan Process
- Close the Loan quickly
As a homeowner, you can benefit from Lexington programs that are designed to protect and grow your wealth. We’ll show you smart ways to manage liabilities such as replacing your high-rate consumer credit with a lower interest Lexington Home Loans home equity credit line.
Look inside to learn more about how Lexington Home Loans can help you reach your goals or call us toll-free at (855) 585.8800
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Your Home Ownership Goal Your Loan Strategy |
Your Loan Strategy |
| Plan to live your home for many Years. | Low interest rate over a long period of time. Since you are going to be making payments for years to come. Your best strategy may be a fixed rate loan and paying points to get your rate as low as possible. |
| Plan to sell or refinance your home in just a few years. | Avoid points and closing costs since the difference in interest payments will not typically make for your out-of-pocket costs at closing. Also try for a smaller down payment. A fixed period ARM is a good choice for holding rates down for a set number of years. |
| Want to pay off home loan by the time your children are in college. | Shorter term loans such as a 15 year fixed rate home loan are smart way to ensure you can use income for other goals later in life; You will build equity faster. |
| Want to budget for a fixed payment each month. | A fixed rate loan has a principal and interest payment that stays the same for the entire term of the loan. |
| Comfortable with periodic changes to interest rate if it means you can get more home now. | Adjustable rate mortgages are a great solution for people with incomes that are going to grow and will quickly refinance or be able to afford a larger payment in a few years should interest rates rise. |
Mortgage Product Comparison Chart
Loan ChoicesWith so many loan choices, how do you pick the right one? This section highlights the loans we offer at Lexington Home Loans, so that you can compare and decide which one fits best into your financial future. With extensive knowledge of over 5,000 programs, we can offer you the program that best fits your needs.
What is your goal? That’s one question we ask you to best suit your lifestyle. We know that the best possible rate is every homeowner’s dream, but we want to exceed that goal and give you a rate and program that will be customized for you and your family. How long do you plan on living in your home?
How fast do you want to pay it off? And last but not least, how important is it that you have thought about your future? That’s why here at Lexington Home Loans we want to take the time to find out what you want your mortgage to do for you and what we can do to get you the best possible position you can be in.
Lexington Home Loans scores 100%! Why?
100% Product Knowledge
100% Service
100% Client Relations
We, at Lexington, believe in the customer for life. We want you to know that we will strive to give you excellent service. When you are ready to purchase a new home or simply just tell a friend about us that we will give 110% to our clients and future clients.
Lexington Home Loans provides a free service offering borrowers the best programs and rates available through a vast network of brokers and lenders.
Lexington Home Loans will save you time and money; our participating lenders offer the best rates available that will lead to substantial savings on your loan over time.
Lexington Home Loans offers this convenient, easy to use service at no charge to you. All you have to do is fill out the online application and we will have an offer within 24 hours or the next business day.
Fixed Rate Home Loans
For a list of features on any of these loans, just click the name of the loan program. Loan Program Reason to Choose IT Key Feature
Basic 30/25/20/15/10-Year Fixed Rate Loans
| Reason to Choose IT | Key Feature |
| You want the stability of a fixed principal/interest payment over the life of the loan. | Down payments are as low as 3.5% |
Basic 30/25/20/15/10 Year Fixed Rate Loan
- Requires minimum of 3.5% down
- Fixed principal/interest payment over the life of the loan
- Wide variety of loan terms to fit your home ownership goals (30,25,20,15 or 10 years)
- Owner-occupied primary residence, second home, investment property, 1-4 unit properties
- Conforming loan amounts to $417,000; non-conforming loan amounts to $2 million
- Restrictions apply. Program terms are subject to change. Some products not available in all states.
Low Down Payment Programs
| Reason to Choose IT | Key Feature |
| You want to put down just 3.5%. | No maximum income/earning restrictions and loan amounts up to $417,000. |
Low Down Payment Programs
5% or 95% LTV, Conventional programs
- 95% LTV
- Flexible underwriting guidelines
- Allowed on all standard fixed rate products up to $417,000
3.5% down or 96.5% LTV, FHA payment programs
- 95% LTV
- Source of down payment can come from gifts, grants or unsecured loans
- Financing options available for closing costs
- Expanded qualifying ratios for income and debt
- Community assistance allowed on some programs
- Available on most fixed rate programs
- Some programs have maximum income restrictions by area
- Loan amounts up to $417,000
Restrictions apply. Program terms are subject to change. Some products not available in all states.
Adjustable Rate Mortgage (ARM)
For a list of features on any of these loans, just click the name of the loan program. Loan Program Reason to Choose IT Key Feature
Basic ARM
| Reason to Choose IT | Key Feature |
| You want to start with a low payment or want to buy more homes. | As little as 5% down; rate adjustments each 6 months or 1 year. |
Basic Adjustable Rate Mortgages (ARMs)
- As little as 3.55% down required on some programs
- Adjustment periods each 6 months or 1 year
- Maximum Life caps of 5-6% on most programs
- Periodic Adjustment caps vary 1-2%
- Owner-occupied, second home and 1-4 unit properties
- Loan amounts up to $2 million
Basic ARMs with Reduced Rate Option
| Reason to Choose IT | Key Feature |
| You want to start with an extra low rate. | Reduced rate in exchange for limits on refinancing and early principal reduction for first 5 years. |
Basic ARMs with Reduced Rate Option
- As little as 5% down on some programs
- Good way to get a reduced rate
- Restricts refinance for the first 5 years and limits early principal reductions greater than 20% of the loan balance per year
- Can sell home at any time without penalty
- Adjustment periods each 6 months or 1 year
- Maximum Life caps of 6%
- Periodic Adjustment caps vary from 1-2%
- Assumable (credit qualification required)
- Conversion option available on some programs
- Owner-occupied home only
- Some state restrictions apply
- Loan amounts up to $2 million
Fixed Period ARMs
| Reason to Choose IT | Key Feature |
| You plan to move or refinance again in a few years and want the security of a fixed rate for that period of time. | Fixed rate for 3, 4, 5, 7 or 10 years, then adjusts annually based on a financial index. |
FIXED PERIOD ARMs (3/1, 5/1, 7/1, 10/1)
- As little as 5% down
- Interest rate and payment stay the same until end of fixed period (3,5,7 or 10 years)
- Annual adjustments after fixed period
- Maximum Life caps 5-6%
- Periodic adjustment caps vary
- Assumable during adjustable period (credit qualification required)
- Owner-occupied only
- Loan amounts up to $750,000
Restrictions apply. Program terms are subject to change. Some products not available in all states.
Fixed Period ARM with Reduced Rate Option
| Reason to Choose IT | Key Feature |
| You want to start with an extra low rate plus have the security of a fixed rate for a set of years. | Reduced rate in exchange for limits on refinancing and early principal reduction for first 5 years. |
Fixed Period ARMs with Reduced Rate Option
(3/1, 5/1, 7/1, 10/1)
- As little as 5% down on some programs
- Good choice for a reduced rate during the fixed period (3, 5, 7 or 10 years)
- Restricts refinance for the first 5 years and early principal reductions greater than 20% of the loan balance per year
- Sell home at any time without penalty
- Interest rate and payment stay the same until end of fixed period
- Annual adjustments after fixed period
- Maximum Life caps 5-6%
- Periodic Adjustment caps vary
- Assumable during adjustable period (credit qualification required)
- Owner-occupied home only
- Some state restrictions apply
- Loan amounts up to $750,000
Restrictions apply. Program terms are subject to change. Some products not available in all states.
Private Mortgage Insurance (PMI)
For a list of features on any of these loans, just click the name of the loan program. Loan Program Reason to Choose It Key Feature
Tax Advantage Mortgage Insurance (TAMI)
(Ask your tax advisor.)
You have from 5% to 10% for a down payment and want to avoid paying traditional mortgage insurance.
You offset the cost of traditional mortgage insurance by a higher interest rate which often provides opportunity for a tax deduction.
TAMI (Tax Advantage Mortgage Insurance)
- Best for customers with a 5%-10% down payment
- Lets you avoid the cost of traditional private mortgage insurance (PMI)
- Offsets the cost of PMI through your interest rate, providing an opportunity for a tax deduction (ask your tax advisor)
- Potentially lower payments than a similar loan with PMI
- Available on most loan programs
Secure Your Rate
Lock with a float down option.
If you think rates may go lower, but don't want to take a chance on being incorrect, you can ask for our float down option.* A float down option gives you the security of a known rate today-plus the opportunity to get a lower rate if market conditions improve. With this option:
- If interest rates fall, you receive the new lower rate.
You may also choose not to lock your rate at the time of application. You will then have the option to lock your rate at any time during the process, but the rate must be locked at least 10 days prior to closing. Keep in mind that rates are subject to change at any time and you are not guaranteed a rate until you contact your mortgage specialist and execute the rate lock addendum.
Home Equity Line of Credit (HELOC)
Home Equity Lines of Credit (HELOC)
- Combines 2 loans (a 1st mortgage and 2nd mortgage) with your down payment (or zero down) so you can avoid the cost of private mortgage insurance
- Frequently used to avoid jumbo (mo-conforming) home loan pricing
- Combinations (down payment/1st mortgage/2nd mortgage) can range from:
Construction Mortgage
Construction loans operate as a hybrid between a line of credit and a loan. You close on the loan before the construction begins, but you don't pay interest until the money is disbursed, usually over a period of time. After the house is built the construction loan converts to a standard mortgage, without the need of a seperate closing.
Benefits of a Lexington Mortgage Home building Loan:
- Saves interest charges because you get money as you build
- One time closing feature saves you hundreds of dollars in closing costs
- Available in both adjustable and fixed rates over a variety of terms
Over $330,700 TO $20 million loans (JUMBO)
Fannie Mae Conforming Loan Limits Are As Follows:
1 Family Home-$333,700 2 Units-$427,150 3 Units-$516,300 4 Units-$641,650
Loans Over These Limits Are Called "Jumbo"
For a list of features on any of these loans, just click the name of the loan program.
Loan Program Reason to Choose IT Key Feature
Non-conforming (Jumbo) Loans
You need to borrow more than $417,000**
Loans up to $20 million. Wide variety of program options:
- Expanded Exception Programs
- Expanded Cash-Out Refinances
- Second Homes
- Investment Properties
- Condominiums
- Foreign Nationals
General
- Borrow amounts exceeding the conforming loan amounts ($417,000 allowed by Fannie Mae/Freddie Mac)
- Typically has a slightly higher interest rate and different requirements for down payment than smaller loans due to different underwriting requirements
- Excellent product mix-Lexington Home Loans works with a number of investors to ensure we can meet all your borrowing needs
- Loan amounts up to $20 million
- Minimum 5% down payment
- Excellent credit required
- Maximum required debt to income ratio 50% (higher than the industry standard of 36% debt ratio)
- 30 year fixed rate loans
- Owner-occupied primary residence, second home and investment property
- Maximum loan amount up to $1 million; loan amounts below $333,700 allowed
- Late payments
- Balances on accounts too high (e.g., credit cards are all at the limit)
- Credit history too short ( < 2 years)
- Too many accounts with balances
Condominiums
- Low-rise less than 5 stories
- High-rise 5 stories or more
- Expanded condominium enhancement (allows financing of condominiums in a project where less than 50% of the units are sold and closed-which is higher than the industry standard)
- Condotel*
Second or Vacation Homes
- Minimum 25% down payment (less than industry standard of 20% down payment)
- Borrower may finance a maximum of 4 properties with Lexington Home Loans and may own a maximum of twenty 1-4 unit properties
- 15, 20,25 and 30 year fixed rate loans
- 1-year Treasury ARM
- Maximum loan amount up to $ 1.5 million; loan amounts below $417,000allowed
- Minimum 25% down payment (less than the industry standard of 30% down payment)
- Borrower may finance a maximum of 4 properties with Lexington Home Loans and may own a maximum of twenty 1-4 unit properties
- 15, 20 and 30 year fixed rate loans
- Maximum loan amount $1.5 million; loan amounts below $333,700 allowed
- Reduced Documentation Program available
- Minimum 20% down payment
- Available for self-employed and salaried borrowers
- 15 and 30 year fixed rate loans
- 1-year Treasury ARM-owner occupied primary residence and second home, maximum loan $750,000, minimum 20% down payment
- Owner-occupied primary residence, second home, investment property, 2-4 unit property
- Borrower must have social security number
- Maximum loan amount up to $1 million; loan amounts below $333,700 allowed
*Excellent Credit program requirements are tougher. Examples of disqualifying factors may include:
- Late payments
- Balances on accounts too high (e.g., credit cards are all at the limit)
- Credit history too short ( < 2 years)
- Too many accounts with balances
**Restrictions apply. Program guidelines are subject to change. Some products not available in all states.
