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Mortgage Home Loans

Whether you are remodeling, building a new home or refinancing, the process can be confusing. We understand. That's why STAR specializes in Mortgage Home Loans. Our mortgage bankers will work with you to determine the solution that's right for you.
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Adjustable-Rate Loan


Used for the purchase or refinance of a one- to four-unit residential dwelling; rate can adjust upward or downward during the life of the loan but the start rate is generally below that of 30-year fixed rates.

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Bridge/Swing Loan


A second mortgage collateralized by the borrower's present home. These loans allow borrowers to use the equity in their current home to facilitate the purchase of a new home.

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Conventional Fixed-Rate Loan


Most common mortgage option for the purchase or refinance of a one- to four-unit residential dwelling; rate is fixed for the life of the loan.

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Construction (Two-Time Close)


Used to provide interim construction financing for the borrower prior to establishing permanent financing terms.

Program Guidelines
PMI No PMI required
Minimum Credit Score 700
Maximum Debit to Income 41%
Property Type Primary residence only
Geographic Limitations STAR's lending footprint
Maximum Loan Amount FNMA maximum limit
Loan to Value 90%
Appraisal  Full 1004 appraisal required; appraisal inspections required at each draw
Builder Approval Must be bona fide general contrator and on STAR’s approved builder list. Borrower cannot act as general contrator or sub-contractor.
Additional Requirements Construction Financing only. Not for premanent financing.
Mortgage Servicing Currently these loans are retained and serviced by STAR

 

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Debt Free in 10


Paying off your home in 10 years or less with a STAR Debt Free in 10 Mortgage is a prescription for a healthy future.  Whether you would like to finance or refinance, STAR's 10-year mortgage comes with a discounted rate that helps you save as you pay it off.  Now you can retire with zero mortgage payments.  Or, if you're not ready to retire, put your extra cash to work for you.  From vacations to independence, you'll love the feeling of living mortgage free.

STAR offers mortgage loan terms of 7 and 10 years* with extremely attractive fixed rates.  It's a great solution for:

  • Borrowers paying extra each month on their current mortgage payment
  • Homeowners concerned about retiring with their current debt
  • Homeowners dismayed at current deposit earnings and who have cash to invest
Program Guidelines
Amortization 7, 10 year fixed rate*
Minimum Credit Score 720
Property Type Primary and secondary residence only
Loan Amount Not to exceed 80% loan-to-value
Maximum Loan Amount FNMA conforming loan limits
Mortgage Servicing Currently these loans are retained and serviced by STAR

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FHA Program


A loan insured by the Federal Housing Administration, generally used to assist first-time buyers with minimal down payments.

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Lot Loan


For the purchase of bare ground to be used for the building of a residential home in the near future.

Program Guidelines
Amortization 5 year balloon with 15 year amortization
Minimum Credit Score 720
Maximum Debit to Income 41%
Property Type Primary residence only
Geographic Limitations STAR's lending footprint
Maximum Loan Amount $150,000
Loan to Value 85%
Additional Requirements For purchase transactions only; maximum 10 acres
Mortgage Servicing Currently these loans are retained and serviced by STAR

 

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Non-Conforming Loan


A non-conforming loan is a lending resource that provides alternative financing for borrowers or properties not meeting secondary market guidelines.

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Physicians Mortgage


Whether an established physician or just starting out, STAR has the perfect customized mortgage for you.  From first homes to vacation homes, our expert mortgage bankers understand your unique needs.  As an added benefit, we service and retain all our Physician Mortgage Program loans.  If your practice is local, shouldn't your mortgage be too? 

STAR's Physicians Mortgage Program solutions include:

  • Minimal down payments, flexible amortization and low fixed rates                        
  • Up to 97% of purchase price
  • No Private Mortgage Insurance (PMI)
  • Underwriting specialized for physicians
  • Local servicing

Program Guidelines
  New Physicians Estalished Physicians
Prospects
  • Physician entering an employment contract with an established medical practice, group or hospital

OR

  • Physician entering an established medical residency or fellowship program
  • Practicing for five or more years in current discipline


AND

  • Employment or ownership with an established medical practice group or hospital
Amortization 15, 20, 30 year fixed rat or 5/1 ARM  15, 20, 30 year fixed rate or 5/1 ARM
PMI None  None
Minimum Credit Score 700 (all borrowers)  720 (all borrowers)
Income Employment Agreement (future) Two years historical income
Property Type Primary residence only Primary or secondary (no investment)
Georgraphic Limitations In proximity of STAR locations In proximity of STAR locations
Maximum Loan Amount $650,000 $1,000,000
Cash Out None Maximum of $250,000
Citizenship U.S. permanent citizen or resident alien with green card status U.S. permanent citizen or resident alien with green card status
Mortgage Servicing Currently these loans are retained and serviced by STAR Currently these loans are retained and serviced by STAR

 

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80/10/10 Program


A loan designed for borrowers who make a down payment of 10 percent or more and wish to avoid the expense of private mortgage insurance.

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