Friday, September 22, 2017

Nomos, LSR Real Estate to offer three new mortgage lending programs

Nomos Bank announced on Monday that it has entered into a cooperative program with LSR Real Estate to create the framework for a new portfolio of mortgage lending programs.

The partnership will offer borrowers three levels of lending services: Aurora, Sofia and New Ohta, each of which have been investigated fully by the federal government and are compliant with federal law.

Each of the mortgage programs have an introductory fixed rate of 12.5 percent, though a history of prompt payment could result in an almost immediate 0.75 percent drop in the interest rate.

Loans will be available in amounts ranging from $14,000 to $830,000 and require homebuyers to make a down payment of at least 20 percent of the property's sale price.

Nomos Bank has vowed that loan decisions will be made in no more than three business days from the time of application.