Conventional Loans
Popular mortgage option for borrowers with a steady income and good credit. Conventional loans typically offer flexible terms, competitive rates, and options for both first-time and repeat home buyers. Conventional programs can be used to buy primary residences, investment properties, or vacation homes as long as the purchase price falls within conforming limits set annually by the Federal Housing Finance Agency.
Features of Conventional Loans:
- Downpayments as low as 3% of purchase price
- Private Mortgage Insurance Required on Downpayments less than 20%
- Loans backed by Fannie Mae & Freddie Mac
- Fixed and Adjustable Rate Options
- Options available for gift of downpayment funds
- No income restrictions
FHA LOANS (Federal Housing Administration)
FHA loans are popular with first time home buyers with lower credit scores and limited savings available. These loans are backed by the Federal Housing Administration, an agency within the U.S. Department of Housing and Urban Development (HUD). FHA loans are available to all borrowers, and are designed to help creditworthy individuals who do not meet the requirements for conventional loan programs. FHA loans require the payment of mortgage insurance premiums (MIP) which protect lenders incase of borrower default.
Features of FHA Loans:
- Downpayments as low as 3.5% of purchase price
- Lower credit score requirements
- Mortgage Insurance required: one time upfront payment, and annual payments for the life of the loan
- Loans backed by Federal Housing Administration
- Fixed and Adjustable Rate Options
- Gift of Funds available for downpayments
VA Loans (Veterans Affairs)
VA loans are designed for veterans, service members, and surviving spouses. VA loans offer competitive interest rates, with a 0% minimum down payment and no required PMI. These programs are designed to expand homeownership for our service members through more flexible credit guidelines.
Features of VA Loans:
- Downpayment as low as 0%
- Flexible credit guidelines
- Easier qualification guidelines
- Certificate of Eligibility (COE) verifies eligability
- Purchase, refinance or make renovations to your current home
Refinance
Available for all loan programs, refinancing allows borrowers to replace their current loan with a new one.
RATE AND TERM REFINANCES
Typically, provide borrowers with lower interest rates or monthly payments, saving you money!
CASH-OUT REFINANCES
Give the homeowner access to available equity in their home. These funds can be used to pay for remodels, college tuition, debts, or any other expenses.
Jumbo
Jumbo loans are conventional loans where the purchase price is above annual conforming loan limits. These loans cannot be sold to federally backed agencies such as Fannie Mae and Freddie Mac, unlike conventional loans. Thus, Jumbo loans often have stricter eligibility requirements and higher costs due to increased risk to the lender.
Features of Jumbo Loans:
- Stricter guidelines
- Higher Downpayment Requirements
- Lower Debt-to-Income Requirements
- Higher Credit Score Requirements
Non-qm
- DSCR: qualify based on rental income
- Bank Statement: 12-24 months of bank statements are used to qualify
- Asset-Based: qualify with proof of available assets rather than income
- P&L Only: great for self-employed borrowers using CPA-prepared documents
- 1099 Only: option for contractors or borrowers earning commission-only income
- Full Doc: designed for newly self-employed borrowers
- Single Family- 6 Family Properties
Additional loan programs
- HELOC (Home Equity Line of Credit)
- Second Home Financing
- Non-Occupying/Co-Borrower
- Investment Property
