Special Financing Programs

Special Programs

With one of the most diverse and extensive product lines in the industry, we have mortgage products to fit a variety of home financing needs. We've listed some of the most popular here. To learn which loan options are best suited for your individual situation, you may schedule a complimentary, no-obligation consultation with one of our Champion Realty Mortgage loan officers.

 

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Builder Best^SM  

Our BuilderBest program protects homebuyers against rising interest rates while their new homes are under construction, by enabling them to lock their pricing for up to 180 days. And if the market improves during construction, homebuyers may seek a one-time float-down option at no additional cost to get the best rate. Or they may request a one-time switch to any eligible product and get the current rate, at no additional cost.¹

• Free 6-month lock. Your loan pricing can be locked² for up to 180 days, giving you protection against financial market fluctuations. A nominal fee applies for locks longer than six months.
• Choose from a variety of Champion Realty Mortgage loan products, including 3/1, 5/1, 7/1 and 10/1 adjustable-rate mortgages.
• Within 60 days of closing, eligible borrowers have the option to switch to any eligible product at the current market interest rate.³

Best for people who:

• Want to protect themselves against rising interest rates while their homes are under construction

Reverse Mortgage

• Borrow your own equity as you continue to live in your home
• Receive monthly installments, a line of credit, lump sum payment or any combination of these

For homebuyers with the following consideration points:

• Homeowners age 62+ who want to convert their home's equity into tax-free income

Lot Loans

• Receive your loan as a lump sum (i.e. a one-time disbursement)
• Make fixed payments each month based on a fixed rate so you always know exactly how much you'll be paying

For homebuyers with the following consideration points:

• Financing to purchase or refinance a residential lot where you will construct an owner-occupied primary or secondary residence

  Construction/Perm Advantage^SM

•  Secure financing in amounts up to $2 million with one application, one appraisal, and one approval process
• Buy the land, close your construction loan, and secure permanent financing all in one day
• Lock options available to protect you from financial market fluctuations
• Available as fixed-rate, adjustable-rate, and in jumbo mortgage amounts

For homebuyers with the following consideration points:

• Those who are building homes from scratch and need construction financing
• Purchasing a lot or newly built home from a developer or builder
• First-time homebuyers or purchasers looking to buy new construction
• Builders who want to recommend a preferred lender to homebuyers

 Shop, Lock, and Roll^SM Program

• Shop for a home with confidence because you are approved for your mortgage, meaning we've let you know how much you can borrow.
• By locking, you're protected from financial market fluctuations.⁴
• If financial markets improve, you may request a one-time option to float down to a lower level of rates.⁵

For homebuyers with the following consideration points:

Alternative Documentation Options

• Alternate documentation options for income, debt, and credit
• Less hassle for self-employed customers or foreign nationals
• Financing for income property and unusual property types, such as condotels and log or earth homes

For homebuyers with the following consideration points:

• Self-employed customers, foreign nationals, and others who want to reduce the amount of paperwork that is traditionally required for a mortgage
• People interested in financing income properties or unusual property types

The Relocation Mortgage Program^SM

• A comprehensive loan program designed for corporate transferees

For homebuyers with the following consideration points:

• Homebuyers who are relocating as part of a corporate transfer

FLEX/FIXED® Program Loan

• Temporary interest rate buy-down of up to three percentage points
• Lower initial monthly payments than for a typical fixed-rate loan

For homebuyers with the following consideration points:

• Homeowners looking to combine the low initial interest rates of an adjustable-rate loan with the predictable payments of a fixed-rate loan
  
  
  

¹ Change of loan product, float-down, or re-locking requires underwriting approval. One-time float-down option is available for any non-Builder Best program; re-lock is not allowed within 30 days of the original lock and must occur immediately after existing lock cancellation. If re-lock period exceeds 60 days, applicable extended lock fees will be assessed. Credit is subject to approval.

² A non-refundable closing cost commitment deposit will be required for a lock ranging from 3 months to 12 months on qualified products. An extended lock/commitment fee may be required for a lock ranging from 4 months to 24 months on qualified products. Due to daily pricing variations between products, you are encouraged to work with your Edina Realty Mortgage Consultant to ensure the pricing available on the Builder Best lock feature that you choose is the most advantageously priced Builder Best lock feature for you.

³ Product switch option may only be exercised within 60 days of closing.

⁴ Locking does not guarantee what specific rate will apply at closing, as that depends on specific loan characteristics and the borrower's credit profile.