Seaside Lending - Products/Services

Products/Services - Loan Descriptions

Seaside Lending Corporation offers a wide variety of Loan Programs & Services tailored to meet the needs of Individual Borrowers.

To view Loan Programs, please click on the links below:

Conforming Loans
CONFORMING LOANS - Offers 30 and 15 year fixed rate mortgage and competitive ARM products with full document, alternate documentation and limited documentation.

Jumbo Loans
JUMBO LOANS - Offers 30 and 15 year fixed rate mortgage and competitive ARM products with full document, alternate documentation and limited documentation.

80/15/5
80/15/5 - This is a loan which carries a second mortgage for up to 15% of the purchase price of the property. It is usually used when wishing to avoid PMI insurance or to keep your first mortgage under the FNMA/FHLMC limit to avoid Jumbo rates. The borrower puts down a 5% down payment and then finances a first mortgage up to the FNMA/FHLMC limit and a second mortgage of up to 15% of the purchase price. Other variations are 80/10/10 or 75/15/5.

80/10/10
80/10/10 - This is a loan which carries a second mortgage for up to 10% of the purchase price of the property. It is usually used when wishing to avoid PMI insurance or to keep your first mortgage under the FNMA/FHLMC limit to avoid Jumbo rates. The borrower puts down a 10% down payment and then finances a first mortgage up to the FNMA/FHLMC limit and a second mortgage of up to 10% of the purchase price. Other variations are 80/10/10 or 75/15/5.

Zero Down Programs
ZERO DOWN PROGRAMS - Same as above only the borrower pays for closing costs or can have the seller contribute up to 6% towards closing costs.

Flex 97 Loans
FLEX 97% - Similar to FHA but without maximum mortgage amount limitations. Must be a single family, owner occupied home and borrower must have a credit score of over 680.

No Doc/Stated Income Loans
NO DOC/STATED INCOME - Loans where your income is not requested or verified with as little as 10% down are stated income loans. There are several varieties of the "no-doc" loan today. Basically the type of loan that is best suited for a particular borrower depends on that borrower's situation. Some borrowers choose not to disclose employment, income or asset information, while others may be willing to disclose employment and asset information but not income. Still others might be willing to disclose even income but select a program that doesn't calculate debt-to-income ratios allowing those borrowers to exceed the traditional guidelines in order to qualify for a larger mortgage amount. With all the different variations of the no-doc loan, there is definitely a mortgage program for today's non-conventional borrowers.

2nd Mortgage Loans
2ND MORTGAGE LOANS - Subordinate to the first mortgage these loans offer the borrower the ability to get money for home improvement, debt consolidation or many other reasons without disturbing their first mortgage. Convenient when you have a low interest first mortgage.

125% 2nd Mortgages
125% 2nd MORTGAGE - Same as above but the 2nd mortgage we will lend up to 125% of the value of the home.

A Thru D Loans
A THRU D LOANS - These mortgages are for the credit challenged. They can vary from slightly damaged credit to severely damaged. Whatever the situation we have a mortgage that will get you back on track.

VA Mortgages
VA MORTGAGE - Backed by the Veterans Administration and the federal government it is similar to FHA except that you have to be a qualified Veteran or military person.

		Conforming Loans CONFORMING LOANS - Offers 30 and 15 year fixed rate mortgage and competitive ARM products with full document, alternate documentation and limited documentation.
		Jumbo Loans JUMBO LOANS - Offers 30 and 15 year fixed rate mortgage and competitive ARM products with full document, alternate documentation and limited documentation.
		80/15/5 80/15/5 - This is a loan which carries a second mortgage for up to 15% of the purchase price of the property. It is usually used when wishing to avoid PMI insurance or to keep your first mortgage under the FNMA/FHLMC limit to avoid Jumbo rates. The borrower puts down a 5% down payment and then finances a first mortgage up to the FNMA/FHLMC limit and a second mortgage of up to 15% of the purchase price. Other variations are 80/10/10 or 75/15/5.
		80/10/10 80/10/10 - This is a loan which carries a second mortgage for up to 10% of the purchase price of the property. It is usually used when wishing to avoid PMI insurance or to keep your first mortgage under the FNMA/FHLMC limit to avoid Jumbo rates. The borrower puts down a 10% down payment and then finances a first mortgage up to the FNMA/FHLMC limit and a second mortgage of up to 10% of the purchase price. Other variations are 80/10/10 or 75/15/5.
		Zero Down Programs ZERO DOWN PROGRAMS - Same as above only the borrower pays for closing costs or can have the seller contribute up to 6% towards closing costs.
		Flex 97 Loans FLEX 97% - Similar to FHA but without maximum mortgage amount limitations. Must be a single family, owner occupied home and borrower must have a credit score of over 680.
		No Doc/Stated Income Loans NO DOC/STATED INCOME - Loans where your income is not requested or verified with as little as 10% down are stated income loans. There are several varieties of the "no-doc" loan today. Basically the type of loan that is best suited for a particular borrower depends on that borrower's situation. Some borrowers choose not to disclose employment, income or asset information, while others may be willing to disclose employment and asset information but not income. Still others might be willing to disclose even income but select a program that doesn't calculate debt-to-income ratios allowing those borrowers to exceed the traditional guidelines in order to qualify for a larger mortgage amount. With all the different variations of the no-doc loan, there is definitely a mortgage program for today's non-conventional borrowers.
		2nd Mortgage Loans 2ND MORTGAGE LOANS - Subordinate to the first mortgage these loans offer the borrower the ability to get money for home improvement, debt consolidation or many other reasons without disturbing their first mortgage. Convenient when you have a low interest first mortgage.
		125% 2nd Mortgages 125% 2nd MORTGAGE - Same as above but the 2nd mortgage we will lend up to 125% of the value of the home.
		A Thru D Loans A THRU D LOANS - These mortgages are for the credit challenged. They can vary from slightly damaged credit to severely damaged. Whatever the situation we have a mortgage that will get you back on track.
		VA Mortgages VA MORTGAGE - Backed by the Veterans Administration and the federal government it is similar to FHA except that you have to be a qualified Veteran or military person.