MLS Island Mortgage
Send a loan candidate to one of MLS Island's affiliate mortgage companies and receive the fee waived directly from us.
Not only are we saving home owners thousands on the sale of their house but we are saving home owners money on the motgage end!

This offer applies to anyone not just MLS Island customers.  This offer is unlimited and can also be used by the person purchasing the mortgage.

What type of loan is right for you?

Compare the different types of loans that we offer:

CONVENTIONAL FIXED LOANS
- Requires 3-5% down depending on program.
- Must have good credit
- Loan may be amortized for 15, 20, or 30 years
- Seller may pay up to 3% towards closing costs (not prepaid's)
- Loan limits may not exceed $272,000

ADJUST ABLE RATE MORTGAGES (ARMs)
- Requires 5% down payment
- Must have good credit
- Rate remains the same for the initial 1, 3, 5, 7, 10 years. After initial rate period, the rate adjusts according to the market with the terms described in your note.
- Seller may pay up to 3% towards closing costs (not prepaid's)

FHA
- Much more flexible with credit...
- 3% down payment or investment required
- Down payment may be a 100% gift from family member
- Seller may pay up to 6% towards closing costs and prepaid's
- May qualify with a bankruptcy after 2 years discharged if credit has been re-established since discharge
- Higher housing and debt ratios are allowed
- Loan limits apply according to the county
- No income limits
- Property must be in good condition with no major defects (check with a Loan Consultant and/or a REALTOR if property is questionable)

PORTFOLIO LOANS
- Designed for borrowers with credit issues, bankruptcy, judgments, revolving late payments, foreclosures, etc.
- Self-employed borrowers may qualify for less documentation or no documentation loan depending on the program
- Higher rates usually, but may allow immediate purchasing
- Usually, but not always, requires more money down, or a seller may be allowed to hold second mortgage
NO MONEY DOWN LOANS - 100% FINANCING!

VA LOANS (VETERANS ONLY)
- 100% Financing!
- Must have good credit
- No mortgage insurance!
- Seller may pay up to 6% of sales price toward closing costs
- Must qualify with gross pay and net pay
- Must have DD214 to apply for eligibility certificate
- Property must be in good condition with no major defects
- Loan Consultant and/or a REALTOR if property is questionable)
- Veteran may apply in own name or with spouse only

GUARANTEED RURAL HOUSING (GRH)
- 100% Financing!
- Income limits apply according to county
- Must have excellent credit
- Seller may pay up to 6% of sales price toward closing costs
- First-time homebuyers or repeat homebuyers permitted if currently not owning a home at time of settlement
- No mortgage insurance required!




Call 1-800-705-0988

Questions? E-mail us at:
pre-approved@mlsisland.com
MLS Island pre-approval form:
Please fill out the form below and an MLS Island mortgage specialist will pre-approve your loan.
First Name
Last Name
City
State
Zip
Phone #
Please continue of the seller would like a copy of the pre-approval notice.  If no copy is necessary just press submit.
First Name
Last Name
City
State
Zip
Just send to buyerSend to seller & buyer