A conventional mortgage is a loan facility that fulfills the requirements set by Fannie Mae or Freddie Mac. Fannie Mae and Freddie Mac are government-sponsored enterprises that buy mortgages from lending institutions and sell them to investors.
RefiNow Program
RefiNow is a refinancing program from the Federal Housing Finance Agency (FHFA) accessible through Fannie Mae. It cuts down on the red tape that prevents homeowners from refinancing their homes while guaranteeing a lower interest rate and reduced monthly mortgage payments.
HomePath ReadyBuyer
This program by Fannie Mae offers financial assistance enabling you to move into a foreclosed home. HomePath helps you buy a home with a down payment as low as 3%.
Freddie’s HomeOne® Program
The HomeOne Mortgage Program enables you to buy a home with a low down payment of just 3% and no personal financial contribution. It is tailored for qualified first-time buyers as well as homeowners in need of refinancing.
Middle-income Americans with a stable income and good credit rating looking for affordable housing with low down payments.
A minimum credit score of 620.
A debt-to-income ratio lower than 43% (can be higher, depending on qualifying factors).
A down payment of at least a 3%.
A conventional mortgage is a loan facility that fulfills the requirements set by Fannie Mae or Freddie Mac. Fannie Mae and Freddie Mac are government-sponsored enterprises that buy mortgages from lending institutions and sell them to investors.
RefiNow Program
RefiNow is a refinancing program from the Federal Housing Finance Agency (FHFA) accessible through Fannie Mae. It cuts down on the red tape that prevents homeowners from refinancing their homes while guaranteeing a lower interest rate and reduced monthly mortgage payments.
HomePath ReadyBuyer
This program by Fannie Mae offers financial assistance enabling you to move into a foreclosed home. HomePath helps you buy a home with a down payment as low as 3%.
Freddie’s HomeOne® Program
The HomeOne Mortgage Program enables you to buy a home with a low down payment of just 3% and no personal financial contribution. It is tailored for qualified first-time buyers as well as homeowners in need of refinancing.
Middle-income Americans with a stable income and good credit rating looking for affordable housing with low down payments.
A minimum credit score of 620.
A debt-to-income ratio lower than 43% (can be higher, depending on qualifying factors).
A down payment of at least a 3%.
A commercial mortgage is a loan secured using a commercial property such as an apartment building, an office block, a warehouse, or a shopping complex. Commercial mortgages are provided by banks and independent lenders, while institutions like pension funds, insurance companies, and private investors provide capital for these transactions.
Commercial mortgages can be fully amortizing, meaning that the principal and interest payments are made every month. These are fully paid off at the end of the loan term. Others involve monthly interest-only payments, while the principle is settled through a balloon payment at the end of the loan term.
Commercial real estate loans typically have a repayment term ranging between five years and 20 years, with the amortization period often longer than the term of the loan. Lenders usually provide between 65% and 80% debt financing against the borrower’s security.
A proprietor with a good credit record looking to finance the acquisition or improvement of property that they’re using for their own business.
A credit score above 660.
A down payment of at least a 25%.
A debt-to-income requirement of 1.25.
The Property should be owner-occupied.
A commercial mortgage is a loan secured using a commercial property such as an apartment building, an office block, a warehouse, or a shopping complex. Commercial mortgages are provided by banks and independent lenders, while institutions like pension funds, insurance companies, and private investors provide capital for these transactions.
Commercial mortgages can be fully amortizing, meaning that the principal and interest payments are made every month. These are fully paid off at the end of the loan term. Others involve monthly interest-only payments, while the principle is settled through a balloon payment at the end of the loan term.
Commercial real estate loans typically have a repayment term ranging between five years and 20 years, with the amortization period often longer than the term of the loan. Lenders usually provide between 65% and 80% debt financing against the borrower’s security.
A proprietor with a good credit record looking to finance the acquisition or improvement of property that they’re using for their own business.
A credit score above 660.
A down payment of at least a 25%.
A debt-to-income requirement of 1.25.
The Property should be owner-occupied.
A reverse mortgage is a loan that is used by homeowners, aged 62 years or older, to convert a part of their home equity into cash. Funds can be received as a lump sum, fixed monthly payment, or a line of credit.
Unlike in a forward mortgage, the borrower doesn’t have to make monthly mortgage payments. Instead, the whole loan balance, within a certain limit, is called when the borrower dies, sells the property, or moves out permanently.
Homeowners aged at least 62 years looking to supplement their retirement income, repair their homes or cater to medical expenses.
You must be at least 62 years old.
You must own at least 50% of the equity in your home.
You must live in your home as your primary residence.
You shouldn’t have a high mortgage balance.
You must not be on federal debt.
A reverse mortgage is a loan that is used by homeowners, aged 62 years or older, to convert a part of their home equity into cash. Funds can be received as a lump sum, fixed monthly payment, or a line of credit.
Unlike in a forward mortgage, the borrower doesn’t have to make monthly mortgage payments. Instead, the whole loan balance, within a certain limit, is called when the borrower dies, sells the property, or moves out permanently.
Homeowners aged at least 62 years looking to supplement their retirement income, repair their homes or cater to medical expenses.
You must be at least 62 years old.
You must own at least 50% of the equity in your home.
You must live in your home as your primary residence.
You shouldn’t have a high mortgage balance.
You must not be on federal debt.
FHA loans are loans from private lenders that are regulated and insured by the Federal Housing Administration (FHA), a government-sponsored agency.
FHA allows borrowers to finance homes with down payments as low as 3.5%. These loans are especially popular with first-time homebuyers with lower credit scores and income.
Types of Federal Housing Administration (FHA) Loans
In addition to traditional mortgages, the FHA offers many other home loan types, including:
The FHA loan is designed to help low- to moderate-income families who find it difficult to get loans from private lenders to attain homeownership.
FICO® score at least 580 = 3.5% down payment.
FICO® score between 500 and 579 = 10% down payment.
MIP (Mortgage Insurance Premium) is required.
Debt-to-Income Ratio < 43%.
The home must be the borrower’s primary residence. Borrowers must have a steady income and proof of employment.
FHA loans are loans from private lenders that are regulated and insured by the Federal Housing Administration (FHA), a government-sponsored agency.
FHA allows borrowers to finance homes with down payments as low as 3.5%. These loans are especially popular with first-time homebuyers with lower credit scores and income.
Types of Federal Housing Administration (FHA) Loans
In addition to traditional mortgages, the FHA offers many other home loan types, including:
The FHA loan is designed to help low- to moderate-income families who find it difficult to get loans from private lenders to attain homeownership.
You have completed at least 90 days of active duty service.
You have at least six years of service in the Reserves or National Guard.
You have served at least 181 days of active duty service during peacetime.
You have served at least 181 days of active duty service during peacetime.
You’re the spouse of a military service member who died in the line of duty, or as a result of a service-related disability.
The VA loan is a $0 down payment mortgage option available to veterans, service members, and some military spouses. VA loans are issued by private lenders and guaranteed by the U.S. Department of Veterans Affairs (VA).
If you have served on active duty for at least 90 days or met a variety of other service benchmarks created for Guard and Reserve members, you may be eligible to apply for a VA loan. However, you still need decent credit and a stable income to get approved.
Types of VA Loans include:
For eligible veterans, current service members, and surviving spouses.
You have completed at least 90 days of active duty service.
You have at least six years of service in the Reserves or National Guard.
You have served at least 181 days of active duty service during peacetime.
You have served at least 181 days of active duty service during peacetime.
You’re the spouse of a military service member who died in the line of duty, or as a result of a service-related disability.
The VA loan is a $0 down payment mortgage option available to veterans, service members, and some military spouses. VA loans are issued by private lenders and guaranteed by the U.S. Department of Veterans Affairs (VA).
If you have served on active duty for at least 90 days or met a variety of other service benchmarks created for Guard and Reserve members, you may be eligible to apply for a VA loan. However, you still need decent credit and a stable income to get approved.
Types of VA Loans include:
For eligible veterans, current service members, and surviving spouses.
You have completed at least 90 days of active duty service.
You have at least six years of service in the Reserves or National Guard.
You have served at least 181 days of active duty service during peacetime.
You have served at least 181 days of active duty service during peacetime.
You’re the spouse of a military service member who died in the line of duty, or as a result of a service-related disability.
A rehab mortgage is a home improvement loan that can be used to upgrade your existing home or buy a property in need of repair work. The most common rehab loan is the FHA 203(k) loan. In the case of purchasing a property, the borrower accesses funds that cover not only the buying price but the repairs and renovations costs as well.
Middle-income Americans with a stable income and good credit ratings looking to upgrade their current home or purchase a property in need of repairs.
Have a 620 credit score of at least.
Have at least a 3.5% down payment.
Have a written estimate of repairs from a licensed contractor.
You must start the repair work on your new home within 30 days of closing.
Meet the general requirements of any FHA mortgage.
You should be living in, or plan to live in, the home in question.
A rehab mortgage is a home improvement loan that can be used to upgrade your existing home or buy a property in need of repair work. The most common rehab loan is the FHA 203(k) loan. In the case of purchasing a property, the borrower accesses funds that cover not only the buying price but the repairs and renovations costs as well.
Middle-income Americans with a stable income and good credit ratings looking to upgrade their current home or purchase a property in need of repairs.
Have a 620 credit score of at least.
Have at least a 3.5% down payment.
Have a written estimate of repairs from a licensed contractor.
You must start the repair work on your new home within 30 days of closing.
Meet the general requirements of any FHA mortgage.
You should be living in, or plan to live in, the home in question.
A jumbo loan is a mortgage that does not meet the criteria set by the Federal Housing Finance Agency, and cannot be funded by Fannie Mae or Freddie Mac. The maximum amount for a conventional loan is usually $647,200 in most counties. Home financing that exceeds this limit requires a jumbo loan. Borrowers of a jumbo loan must go through stricter credit requirements than those applying for a conventional loan.
High-income Americans with a good credit rating and down payment can qualify for a jumbo loan.
Excellent credit score: preferably above 700.
A minimum 20% down payment.
Low debt-to-income ratio 38% to 43%.
Sufficient cash reserves in the bank – enough to cover 12 months' worth of homeownership expenses.
Documentation showing income and availability of reserve funds, including pay stubs, W-2s and tax returns, and your latest bank statements.
A jumbo loan is a mortgage that does not meet the criteria set by the Federal Housing Finance Agency, and cannot be funded by Fannie Mae or Freddie Mac. The maximum amount for a conventional loan is usually $647,200 in most counties. Home financing that exceeds this limit requires a jumbo loan. Borrowers of a jumbo loan must go through stricter credit requirements than those applying for a conventional loan.
High-income Americans with a good credit rating and down payment can qualify for a jumbo loan.
Excellent credit score: preferably above 700.
A minimum 20% down payment.
Low debt-to-income ratio 38% to 43%.
Sufficient cash reserves in the bank – enough to cover 12 months' worth of homeownership expenses.
Documentation showing income and availability of reserve funds, including pay stubs, W-2s and tax returns, and your latest bank statements.
This is a mortgage facility taken for property intended as an investment and not meant to be occupied by the borrower as their primary residence. Investment property loans are used by the borrower to generate income via rental income or appreciation of the property. Qualifying for an investment property loan presents more hurdles than conventional mortgages because lenders consider investment properties as a greater risk.
Individuals or groups of investors who want to add another property to their investment portfolio.
You must have at least a 15% down payment – most lenders require 20% to 35%.
A credit score of 680 for a one-unit investment property.
Proof of ability to service loan including tax returns and W-2s, as well as bank statements.
You should have enough money to cover the initial purchase costs including the down payment, inspection, and closing costs.
Your rental property should be cleared by inspectors.
This is a mortgage facility taken for property intended as an investment and not meant to be occupied by the borrower as their primary residence. Investment property loans are used by the borrower to generate income via rental income or appreciation of the property. Qualifying for an investment property loan presents more hurdles than conventional mortgages because lenders consider investment properties as a greater risk.
Individuals or groups of investors who want to add another property to their investment portfolio.
You must have at least a 15% down payment – most lenders require 20% to 35%.
A credit score of 680 for a one-unit investment property.
Proof of ability to service loan including tax returns and W-2s, as well as bank statements.
You should have enough money to cover the initial purchase costs including the down payment, inspection, and closing costs.
Your rental property should be cleared by inspectors.
A Non-QM loan, or a non-qualified mortgage, is a type of mortgage loan that allows you to qualify based on alternative methods, instead of the traditional income verification required for most loans. They come with fewer financial and credit score requirements and are usually good options for self-employed borrowers, some rental property investors, and others who don’t meet the strict standards of traditional mortgage loans.
Non-QM mortgages empower home buyers to choose the home they want, not the home a QM broker thinks they should want.
The Consumer Financial Protection Bureau (CFPB) has established a set of rules for QM loans to provide more stable borrowing requirements. These are meant to protect borrowers from entering loan agreements that they cannot afford to repay.
For buyers who need flexibility in their mortgage plans. Investors, foreign nationals, and those who are self-employed, as well as borrowers with credit issues.
Proof of income, including pay stubs, W-2s, and tax returns.
A debt-to-income ratio (DTI) of 43% or less. This is the amount of your monthly income that goes towards your existing debts.
Limits on fees: Points and fees on your loan cannot exceed 3% of the loan amount.
The loan cannot have risky features like interest-only payments, negative amortization, or a balloon payment.
A loan term of 30 years or less.
A Non-QM loan, or a non-qualified mortgage, is a type of mortgage loan that allows you to qualify based on alternative methods, instead of the traditional income verification required for most loans. They come with fewer financial and credit score requirements and are usually good options for self-employed borrowers, some rental property investors, and others who don’t meet the strict standards of traditional mortgage loans.
Non-QM mortgages empower home buyers to choose the home they want, not the home a QM broker thinks they should want.
The Consumer Financial Protection Bureau (CFPB) has established a set of rules for QM loans to provide more stable borrowing requirements. These are meant to protect borrowers from entering loan agreements that they cannot afford to repay.
For buyers who need flexibility in their mortgage plans. Investors, foreign nationals, and those who are self-employed, as well as borrowers with credit issues.
Proof of income, including pay stubs, W-2s, and tax returns.
A debt-to-income ratio (DTI) of 43% or less. This is the amount of your monthly income that goes towards your existing debts.
Limits on fees: Points and fees on your loan cannot exceed 3% of the loan amount.
The loan cannot have risky features like interest-only payments, negative amortization, or a balloon payment.
A loan term of 30 years or less.
A home equity line of credit (HELOC) is a revolving line of credit much like a credit card, except it is secured by your home. The lender approves you for a certain amount of credit based, among other things, on your creditworthiness – your history of loan repayment as well as the amount of debt you owe now.
Since HELOCs are a line of credit that you can draw from as needed, they’re a more flexible option for tapping into your equity. If you know that you’ll want to make ongoing withdrawals or if you don’t yet know exactly how much you’ll need to fund your expenses, then a HELOC could be a good fit for your needs.
For people who want to use their home equity to get credit for different purposes.
Have a credit score over 620.
Equity of at least 15% to 20%.
A debt-to-income ratio below 50%.
You must have a strong history of paying bills on time.
A home equity line of credit (HELOC) is a revolving line of credit much like a credit card, except it is secured by your home. The lender approves you for a certain amount of credit based, among other things, on your creditworthiness – your history of loan repayment as well as the amount of debt you owe now.
Since HELOCs are a line of credit that you can draw from as needed, they’re a more flexible option for tapping into your equity. If you know that you’ll want to make ongoing withdrawals or if you don’t yet know exactly how much you’ll need to fund your expenses, then a HELOC could be a good fit for your needs.
For people who want to use their home equity to get credit for different purposes.
Have a credit score over 620.
Equity of at least 15% to 20%.
A debt-to-income ratio below 50%.
You must have a strong history of paying bills on time.
Contact us today to get more information about our loan options!
Contact us today to get more information about our loan options!
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All loans are subject to credit and property approval.
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