Conventional Loans are the most common type of mortgage transactions available to the standard consumer.  The federally chartered agencies, commonly referred to as Fannie Mae and Freddie Mac, have made home financing affordable for most families.  They do so by attracting capital from the public investment markets by selling high quality mortgage backed securities and then making the capital available to retail banks and mortgage companies.   These loans feature low fixed or adjustable rates and require good credit, employment stability and low debt ratios compared to other available loan types.

Adirondack Funding Services offers a full line of conventional mortgage loan programs, even some with no down payment, through the many large national and regional mortgage banks it represents.  These loans may be used for purchase, construction or refinance of 1-4 unit residential properties whcih may be both owner-occupied or owned as investment property.

These programs allow the buyer or owner to renovate both residential and commercial properties for use as either a primary residence or investment property.

Financing commercial properties up to 90% of appraisal fair market value.

These loans are guaranteed by the USDA's Rural Economic Development Agency.  They provide financing up to 100% of appraised value on single family owner-occupied residential properties.  No minimum cash is required from the home buyer. They feature low fixed rates with no monthly mortgage insurance premiums and no limit on gift funds or seller paid closing cost concessions.  Home buyers qualify under liberal credit requirements and family income limits.  Income limits range from $49,550 to $135,300, depending on location and family size.

These loans are guaranteed by the State of New York Mortgage Assistance Program.  They allow first-time prospective home buyers to qualify with a subsidized low fixed interest rate, low down payments and closing cost assistance loans. Call and ask for more details.

A first time home buyer is a person who has not had ownership interest in a primary residence within the past three years.  Eligible borrowers must have a 2 year job history, a 2 year credit history and must meet income limit guidlines which vary between $61,500 and $135,100 deonding on location and family size.  Minimum cash investment by borrowers is 1% from their own funds.  Eligible properties are existing one to four family primary residences and one to two family newly constructed primary residences.  Other borrower and property underwriting guidelines apply.  Call for more details.

No down payment required for applicants who are VA Loan Eligible.  Adirondack Funding Services is an approved VA Loan Originator with direct access to the VA Loan TAS System.  The VA TAS System gives VA Eligible applicants the ability to apply for their VA Eligibility Certificate on-line through the Internet.  Call us for more details.

These loans are guaranteed by the Federal Housing Administration.  They allow prospective home buyers to qualify with low down payments and liberal credit qualifying requirements. Call and ask for more details.

These programs offer a variety of alternative, limited or even no income, asset and employment verification requirements.  They offer individuals who prefer not to disclose confidential income, employment or asset information the ability to obtain mortgage financing by relying on their credit history and the property as collateral instead of the traditional underwriting procedures.

Rates and down payment requirements vary greatly depending on the property type, occupancy status and credit history of the applicant.

These programs are handled on a case by case basis.  They provide applicants with a variety of creative financing options with a wide range of credit, asset, employment, income and debt issues. 

Typical credit issues which we can overcome are no or low credit scores, open collection accounts, credit delinquency, judgments, tax liens, bankruptcy, credit counseling plans, foreclosures and repossession.

Acceptable employment and income issues include self employment, income tax losses, high debt ratios, short term employment history, difficulty verifying income or employment and income from unique sources and non-traditional employment.

Unique property financing programs, such as large land lots, double-wide manufactured homes, log homes and distressed property are also available.  

Our Land Loan Program is quite unique.  The program requires down payments of 20% of the purchase price up to $300,000.  The maximum loan amount available is $500,000 with 25% down.  Minimum credit score requirements vary depending on the loan amount and down payment, but start at 680.  The maximum lot size is currently 20 acres with some restrictions and the funds must be used for the purchase of unimproved property only.  There are no prepayment penalties.