Countrywide financial has been providing mortgage services for over 40 years. Recently, Bank of America Corporation acquired Countrywide; this merger created America’s largest mortgage lender and loan servicer. Countrywide offers a variety of mortgage related solutions for first-time home buyers, current owners, investors and move-up buyers wanting to purchase a home, refinance an existing loan, renovate a property and or open a home equity line of credit.
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Countrywide Home Purchase Loans
Countrywide offers an assortment of home purchase options for primary residences, second homes and investment properties. There are fixed rate and adjustable rate options for single-family and 2-4 unit purchases of up to $6 million.
Countrywide Fixed Rate Mortgages
Conforming Loans – Countrywide conforming loans for home purchases allow the stability of a fixed rate for the life of a loan. Consumers can receive a fixed rate conforming loan by putting as little as 5% down; these loans offer repayment terms of 10 – 40 years. Conforming loan amounts vary by geographic area and meet all Freddie Mac and Fannie Mae requirements.
Affordable Loan Programs – Affordable Loan Programs offered by Countrywide offer more options for home buyers. These fixed rate loans require a down payment of between 3 and 5%, which can come from gifts, grants and unsecured loans; buyers can choose to finance closing costs. Buyers receiving funding as part of a Countrywide affordable loan program can take out a fixed rate home loan for as much as $650,000, and a first and second loan can combine to be as much as $1 million.
Construction Loans – Countrywide offers fixed rate construction loans for consumers looking to build a home or spend more than $50,000 renovating an existing home. These loans are available for owner occupied and second homes and are advantageous because there is only 1 application process and 1 set of closing costs. These Countrywide construction loans allow interest only payments during the construction period.
Countrywide Adjustable Rate Mortgages
Basic Adjustable Rate Mortgages – A basic Countrywide adjustable rate mortgage (ARM) allows the homeowner to start repaying a home loan with lower monthly payment and are available for owner occupied homes, second homes and 1-4 unit properties. These loans require a 5% down payment and the rate can adjust every 6 months. These programs have adjustment caps that restrict rate changes of 5-6% over the life of the loan and 1-2% for periodic adjustments. Basic Countrywide adjustable rate mortgages can be up to $3 million.
Fixed Period Adjustable Rate Mortgage – Countrywide fixed period adjustable rate mortgages adjust after a certain period (3, 5, 7, or 10 years). After the fixed period, rates adjust annually and are set up to allow no more than a 5-6% adjustment over the life of the loan. These loans are available on primary residences, second homes and investment homes and can be for as much as $6 million.
Adjustable Rate Construction Loans – Countrywide adjustable rate construction loans are available for new construction and home renovations that exceed $50,000. These loans are available on primary and second homes only and save time and money because there is only one application process and one set of closing costs. These loans offer interest only payments during the construction period.
Home Loans That Exceed Fannie Mae and Freddie Mac Guidelines
Countrywide offers non-conforming (jumbo) loans for borrowers that need more financing than is allowed under conforming loan guidelines set by Freddie Mac and Fannie Mae. Jumbo Loans usually have a higher interest rate and different down payment requirements. Countrywide offers jumbo loans for single family homes, condominiums, second or vacation homes and investment properties for amounts of up to $3 million.
Countrywide House America Loan
The Countrywide House America loan program makes it easier for first-time and move-up home buyers to afford home ownership. This program offers lower down payment options and makes it possible for first-time buyers to receive down payment and closing cost assistance.
Countrywide Refinance Loans
Countrywide offers a wide range of refinance options for homeowners. There are fixed, adjustable rate and jumbo loan programs that offer financing of up to $3 million; homeowners can refinance mortgages on single family and 2-4 unit properties that are primary residences, second homes and or investments.
Fixed Rate Mortgage Refinance
Countrywide offers conforming loan refinance options that allow a homeowner to acquire a loan for up to 90% of the home’s market value. Conforming fixed rate loans allow the homeowner to lock-in an interest rate for the life of the loan.
Adjustable Rate Mortgage Refinance
Basic Adjustable Rate Mortgage – Countrywide’s basic adjustable rate mortgages allow a homeowner to refinance their home and start with lower monthly payments. Homeowners can refinance their home with a basic adjustable rate mortgage to 90-95% of the home’s market value. Interest rates on these loans can adjust every 6 months but will not adjust more than 5-6% throughout the life of the loan.
Fixed Period Adjustable Rate Mortgage – Countrywide’s fixed period adjustable rate mortgage offers a fixed rate for a period (3, 5, 7 or 10 years), then the loan rate adjusts annually based on a chosen financial index. These loans are ideal for homeowners planning on moving or refinancing again within a few years. Homeowners can receive up to $6 million in financing.
Non-Conforming Refinance Loan
A Countrywide non-conforming loan allows homeowners to receive financing for homes that are greater than the conforming loan guidelines allow. These loans usually have higher interest rates and different down payment requirements. Countrywide allows a consumer to refinance their existing mortgage into a non-conforming loan for up to $6 million and offers these loans for primary residences, second homes and investment properties.
Home Equity Options
A home equity line of credit (HELOC) is often a second loan on a residence and gives the borrower access to a line of credit with an interest rate that is usually lower than a credit card.
Home Equity Line of Credit
A Countrywide home equity line of credit is simple interest loan that is secured by a home’s equity and allows a borrower to borrow, as they need money. Monthly payments on these home equity lines of credit are interest only during the draw period (the draw period is 5 or 10 years).
Super Streamline Home Equity Line of Credit
A super streamline home equity line of credit is the quickest way for current Countrywide customers to access their home’s equity. The program is available for borrowers that recently received a loan from Countrywide and have not experienced any significant changes to their financial situation. These HELOC’s allow a homeowner to borrow up to 80% of the home’s value.
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I’m interested in purchasing a home this will be my second time I want to know about the program that will help me even though I’m a second time home buyer. I heard something about a 8,000 dollar credit is this true and where do I go. my credit is fair but not perfect.
Country Wide home loans usually offer their customers the most effective possible service, through communications over the phone, e-mail and personal contact. They’ve become very credible over these years due to their good financial reputation and effective way in which they deal with their customers. Also extending loans which are not frequently significantly influenced by the rate of interest.
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