Main Content

Home » The Mortgage Menu

The Mortgage Menu

FIRST TIME HOME BUYERS

This program applies to anyone who can credit qualify and has not owned a home within the last three years. It allows for lower Mortgage Insurance Rates, Down Payment Assistance (DPA) up to 5% of the purchase price. Some counties offer 10-30K in DPA funds. You can purchase a 1-4 Unit home.

FHA

This is the Federal Housing Administration. They do not lend money they are not a bank. FHA insures your mortgage to the Lender that lend you the money to purchase your home. The Lender will lend you money but if you default on your mortgage this is how they recoup their loss. FHA covers that loss. There is a Mortgage Insurance premium that is added to your mortgage loan of 1.75% and .85% of the mortgage loan added to your monthly payment. This charge is for the duration of your loan or until payoff. The down payment for FHA is 3.5% of the purchase price. You can purchase a 1-4 Unit home.

  • Credit score required 580 or above Below 550 requires 10% down payment.

FHA 203K

This is a renovation loan guarantee by FHA. This process can take up to 45-60 days. Carpet, paint, etc. If there is a foundation you can renovate up to the FHA loan limits. You can purchase a 1-4 Unit home.

CONVENTIONAL

This is a Fannie Mae or Freddie Mac backed loan. They do not lend money they are not a bank. FNMA and Freddie Mac guarantee your mortgage loan to the lender that lends you the money to purchase your home in the event of default. There is a calculated monthly charge added to your mortgage payment each month to cover that insurance it is called Private Mortgage Insurance. (PMI). This charge will continue until the property value has a 20% increase at which point it is no longer required. You can purchase a 1-4 Unit home.

FANNIE MAE HOME STYLE

This is a renovation loan guarantee by FNMA. This process can take up to 45-60 days. Carpet, paint, ETC, if there is a foundation you can renovate up to FNMA loan limits.

  • Down payment 3-5%
  • Credit Score 620 or above

FNMA HOME READY

mortgages are a line of conventional home loans offered by Fannie Mae that are meant to help low- and moderate-income borrowers buy or refinance. HomeReady loans reduce the typical down payment and mortgage insurance requirements, but they’re also more flexible about allowing contributions from other people. The income eligibility requirements income limit for all HomeReady loans is 80% of area median income (AMI) for the property’s location, including properties in low-income census tracts. You can purchase a 1-4 unit home.

  • Credit Score 620 or above
  • Down Payment 3%

FREDDIE MAC HOME POSSIBLE

Home Possible® loan programs have higher minimum credit score requirements than FHA loans. But with lower minimum
mortgage insurance premiums that can be removed once you reach 80% equity in your home, you can save a significant amount of
money over the course of a 15- or 30-year mortgage loan.

  • Credit Score 640 or above
  • Down Payment 3%

VA (DEPT OF VETERAN AFFAIRS)

100% Financing for Veterans of the Armed Forces. The VA WILL NOT COVER YOUR CLOSING COST. Credit score 550 and above

USDA

Rural housing with 100% financing. Location of the property is KEY.

  • Credit Score 580 and above

CONSTRUCTION

One time close for FHA, VA. You buy the land, get interim loan and permanent financing at the same time. The builder is paid at the closing table with all his or her funds set into an escrow account and is paid as the building process is complete to your and the lender satisfaction.

DOCTOR LOANS

Loans up to 1 million. New doctor with employment contract.

  • Credit score 680 or above
  • Down Payment 3-10%

VOE ONLY (VERIFICATION OF EMPLOYEMENT)

This program is for W2 employees or 1099 employees NO TAX RETURNS REQUIRED

SELF EMPLOYED

NO TAX RETURNS REQUIRED.
Your income is calculated by 12-24 months bank statements

  • Credit score 640 or above
  • Down Payment 10%-30%

JUMBO LOAN

This is for home loans over 500K

  • Credit score 680 or above
  • Down Payment 10%-30%

FOREIGN NATIONAL

Investment properties you can live outside the USA. Loan amounts 200-2.5MM No Social Security number or ITIN required.

COMMERCIAL

This loan is for office, retail, church, mixed use, multi-family, LOC, portfolio, hard, private money, apartments and other.

INVESTOR LOANS

Fix & Flip, Bridge Loans

  • Credit Score 620 or above

VACATION/SECOND HOME

  • Credit Score 620 or above
  • Down Payment 10%

REVERSE MORTGAGE

reverse mortgage is a mortgage loan, usually secured by a residential property, that enables the borrower to access the
unencumbered value of the property. The loans are typically promoted to older homeowners and typically do not require monthly
mortgage payments. You can access the equity in your home without selling it.

  • Age requirement 62 or older
  • Credit Score not typically calculated

REFINANCE

If it is a benefit to the home homeowner. You can lower your rate, lower your payment, lower the mortgage terms, and or get cash
out up to 80% of the home value.

  • Credit Score 580 or above