Additional Products and Services
State Bond Programs
Windsor Mortgage works with a variety of different state programs to provide loan options that fit your client's unique situations and budgets. Below are the states we have partnered with. This list will continue to grow, so contact us today if you do not see your state listed!
Note: Programs are NOT available in all states. Reach out to your Account Executive with questions and clarifications.
State Programs Available:
- Arizona
- California
- Florida
- Minnesota
- Tennessee
- Texas
- Utah
- Washington
- More coming soon!
Zero Flex Program
Experience the Windsor Zero Flex program - an innovative 1st and 2nd mortgage structure that secures 100% financing for dream homes. Ideal for brokers and their clients, even with less-than-perfect credit or limited funds. Unlock homeownership opportunities with Windsor today.
- ZERO down payment
- Low mortgage insurance adjustments
- No income limitations
- Lower FICO scores accepted
- Competitive interest rate on second mortgage
- Not limited to first-time homebuyers
The second mortgage has a term of 10 years with an amount of up to 3.5% of the sales price or the appraisal price, whichever is less.
Please note that the Zero Flex program is not available in the states of New York, Kentucky, and Washington.
See our Product Guides here:
Co-Op Loans
Our Co-Op program is continually evolving, so contact us today with questions or for updates!
Fannie Mae provides financing options for properties owned by a Cooperative Organization, a corporation, or other legal entity where each shareholder or equity owner is granted the right to occupy a unit in a residential property under a proprietary lease or occupancy agreement.
- Terms: 30 Year Fixed Rate Only
- Maximum LTV: Follow FNMA/FHLMC Requirements
- Property Usage: Primary Residence or Second Home Only
- Loan Purpose: Purchase - Refinance - Cash-Out Refinance (Primary Residence Only)
- Geographic Area Restrictions:
- New Jersey Counties: Bergen, Essex, Hudson
- New York Burroughs: Bronx, Brooklyn, Staten Island, Queens, Manhattan
- New York Counties: Nassau, Rockland, Suffolk, Westchester
Assumption - Mortgage Loans secured by a Cooperative Property are typically not assumable by another entity.
Property Considerations:
- The property management company must have experience with cooperative properties of like size and market.
- The Operating Reserve balance must be equal to or greater than FNMA minimum requirements.
- Maintenance fees must be sufficient to achieve a balanced budget.
Not-Permitted - Subordinate financing, investment properties, cash-out refinances on second home properties.
Prepayment Availability - Loans may be voluntarily prepaid
Benefits:
- Flexible loan terms
- Competitive pricing
- Certainty and speed of closing
Project Reviews
Established Project - If ALL of the following are true:
- At least 90% Fannie/75% Freddie of the total units have been conveyed to unit purchasers
- The project is 100% complete (includes units and common areas)
- The project is not subject to additional phasing and/or annexation
- HOA control has been turned over to unit owners
New Project - If ANY of the following are true:
- Fewer than 90% Fannie/75% Freddie of the total units have been conveyed to unit purchasers
- The project is not fully completed or is newly converted
- The project is subject to additional phasing and/or annexation; or
- HOA control has not been turned over to unit owners
Eligibility
- Existing stabilized Cooperative Properties in eligible Cooperative Property markets
- Cooperative corporations with strong management and solid operating history
- Geographic Restrictions apply
- No investment properties allowed
- Maximum concentration within any complex is 20%
- Subordinate financing not allowed on DU loans
Top 5 Ineligible Project Characteristics
- The budget does NOT meet reserve requirements
- Co-Insurance/Insufficient insurance coverage
- Excess single-entity ownership
- Ineligible litigation
- Excess Commercial Space
Temporary Buydown Programs
Lower your borrowers' initial effective interest rate by up to 2% at the beginning of their loan.
Help your borrowers start off strong with a lower monthly payment through the Windsor 1-0 and 2-1 Temporary Buydown programs, offering a lower bought-down rate at the beginning of their loan. This is a great option for borrowers who have excess seller concessions to use or expect an increase in their income over the next few years.
Take advantage of a low fixed rate today!
Available for:
- Conventional primary and secondary home purchases
- HomeReady®, HomePossible®, and High Balance
- Available for VA and FHA
Seller-paid buydown options
- 1-0 buydown- the effective rate is 1% lower in the first year. At the beginning of the second year, the full note rate will apply.
The borrower must qualify for the full monthly payment (before the buydown rate is applied).
Seller concessions are deposited as a lump sum into a buydown account. A portion of this sum is released each month to reduce the borrower’s monthly payment.
Windsor 1-0 Temporary Buydown is not available for Windsor National DPA or USDA programs, investment properties, cash-out refinance, or R/T refinance currently. Information is subject to change. Certain restrictions apply. Subject to borrower approval.
Available for:
- Conventional primary and secondary home purchases
- HomeReady, HomePossible, and High Balance
- Available for VA and FHA
Seller-paid buydown options
- 2-1 buydown- the effective rate is 2% lower in the first year and 1% lower in the second year. In the third year, the full note rate will apply.
The borrower must qualify for the full monthly payment (before the buydown rate is applied).
Seller concessions are deposited as a lump sum into a buydown account. A portion of this sum is released each month to reduce the borrower's monthly payment.
Windsor 2-1 Temporary Buydown is not available for Windsor National DPA or government programs, investment properties, cash-out refinance, or R/T refinance currently. Information is subject to change. Certain restrictions apply. Subject to borrower approval.