Loan Options
PURCHASE
Let us help you finance the home of your dreams! Are you a first-time homebuyer? Are you looking to invest in a rental property or second home? We can help! With so many different products out there, it can get overwhelming. That’s where we come in, let us help find the perfect product for your purchasing needs. We are here to help you get pre-qualified before you begin shopping for your future home.
- First time homebuyers
- Investment Rental Property
- Second Home
- Gift from relatives
- Low Down Payment
- NO Down Payment
- SFR, Condo, Condo-Tel, Multi Unit
REFINANCE
Are you sitting on a Cash Cow? Refinancing can you help you and your family meet a verity of financial needs. Below is a list of a few of the refinance advantages.
- Lower your interest rate
- Lower your monthly payment
- Debt consolidation
- Drop your mortgage insurance
- Lock in a Fixed Rate
- Pull out equity for your financial needs
- Home Improvement
- Take a trip of a life time
Loan Programs
Conventional
Conventional loans are one of the most popular types of mortgages and they can be fixed-rate or adjustable rate with baseline requirements set by Fannie Mae and Freddie Mac. Conventional Loans tend to have stricter requirements than government loans, but they are more accessible than you think.
- Owner Occupied, Investment, or Second Home
- Single Family Residence, Condo, Multi-Family
- Minimum credit score of 620
- First time home buyer 3% minimum down, with private mortgage insurance
- Minimum 5% down for primary and second home, with private mortgage insurance
- Minimum 20% down for investment rental properties
- Loan amounts up to $1,089,300 (1 unit, Hawaii 2023)
- Mortgage insurance can be eliminated at 80% LTV
Governments Loans
FHA – Federal Housing Administration Loans (FHA) are backed and insured by the Federal Housing Administration. This loan program is perfect for clients wanting to purchase their own home with a lower down payment, have a less-than-perfect credit score, allow a higher debt-to-income ratio or don’t have a lot of cash in the bank for reserves.
- Owner Occupied only (second homes or rental properties not allowed)
- Minimum credit score of 500
- Minimum down payment requirement of 3.5%
- Maximum debt to income ratio of 56.99%
- Annual and Upfront Mortgage Insurance
- Limited 203k and Full 203k Renovation Loans
- DPA (Down Payment Assistance)
- Only Condominiums on the FHA approved list are allowed
USDA – The Rural Housing Service (RHS) offers mortgage programs that can help low- to moderate-income rural residents purchase, construct, and repair homes.
- Owner Occupied only (second homes or rental properties not allowed)
- No Down payment
- Lower than Market Interest Rate
- Low monthly Private Mortgage Insurance (PMI)
- Closing Cost Assistance
- Income-Eligibility (cannot exceed 115% of median household income)
- Only Condominiums on the FHA or VA approved list are allowed
VA – VA Home Loans help Servicemembers, Veterans, and eligible surviving spouses become homeowners. VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms.
- Purchase Loans and Cash-Out Refinance
- Interest Rate Reduction Refinance Loan
- No downpayment
- Low interest rates
- Limited closing costs
- Only Condominiums on the VA approved list are allowed
Non-Qualified Mortgage / Nonconforming Loans / Alt-Doc
These loan types don’t fit the “standard” guidelines. They are flexible to meet the needs of different rental property investors and borrows with unique challenges.
- Bank statement qualification based on deposits (No tax returns required)
- W-2, 1099, P&L qualification (No tax returns required)
- Debt Service Coverage Ratio (DSCR) – Investor Rental property cash flow – No income qualifying
- Asset depletion – An asset-based loan or mortgage allows you to utilize the assets you have already invested in to secure the cash you need now
- Community Mortgage – Does not require income qualification to purchase or refinance your own home
Portfolio Loan
A Portfolio Loan is a mortgage that a lender originates and retains. These loan types can give you the flexibility and leeway that you need to close a deal.
- Jumbo Loans – Financing that exceeds the standard loan limits
- Condotel – A Condo that operates more like a hotel
- Non warrantable condominium projects that have more than a 50% investor concentration
- Land Loans
- Construction Loans
- Construction to Permanent Loans
- Foreign National Borrowers / ITIN
Hard Money
A hard money loan is a short-term, non-conforming loan for owner occupied, investment, or commercial properties, that doesn’t come from traditional lenders, but rather people or private companies.
- Minimal document underwriting
- Quick closing
- Bridge Loans
- Higher Interest rate and fees
- Fix and Flip (for experienced buyers that purchase a fixer upper and need the funds to fix up the home)
Reverse Mortgage
A reverse mortgage allows homeowners 62 and older to borrow money using their home equity as security for the loan
- Owner Occupied Only (may not be used for second homes or rental properties)
- No monthly payment required (optional)
- One spouse must be 62 or older
- Must own the home outright or have sufficient equity in the home with a smaller mortgage
- You can receive payment by a lump sum, monthly payments, or a combination
- May be used to purchase a home using a Reverse Purchase Mortgage with a larger down payment
- No income required to qualify
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