Loan Programs

Conventional Loan

The conventional conforming loan is the traditional mortgage program. Conventional loans are conforming, meaning they follow the guidelines set forth by Fannie Mae and Freddie Mac. This loan requires mortgage insurance if the down payment is less than 20 percent. A conventional loan is a good option for those who have more money for down payments and better credit scores.

  • Debt to income ratio up to 45 %
  • As low as 3% down
  • If down payment is less than 20% it requires monthly mortgage insurance
  • Loan amount can be up to $417,000

FHA Loan

The Federal Housing Administration (FHA) mortgage insurance program is managed by the Department of Housing and Urban Development (HUD), which is a department of the federal government. FHA loans are available to all types of borrowers, not just first-time buyers. The government insures the lender against losses that might result from borrower default. Advantage: This program allows you to make a down payment as low as 3.5% of the purchase price. Disadvantage: You’ll have to pay for mortgage insurance, which will increase the size of your monthly payments.

  • As low as 3.5% down
  • Debt to income ratio up to 55%
  • Requires monthly mortgage insurance
  • Allows for no cost “streamline” refinancing

VA Loan

The U.S. Department of Veterans Affairs (VA) offers a loan program to military service members and their families. Similar to the FHA program, these types of mortgages are guaranteed by the federal government. This means the VA will reimburse the lender for any losses that may resultfrom borrower default. The primary advantage of this program (and it’s a big one) is that borrowers can receive 100% financing for the purchase of a home. That means no down payment whatsoever.

  • Only available to qualified veterans
  • No down payment
  • No monthly mortgage insurance
  • Allows no cost “streamline” refinancing

Bank Statement Loan

Bank statement loans, also known as self-employed mortgages, allow you to secure a mortgage without the documentation you would normally use to verify your income, such as W-2s and tax returns

  • No Tax Returns Required
  • Personal Bank Statement qualified based on 12 or 24 month average monthly deposits**
  • Loans to $3 Million
  • Interest Only Available*
  • 2 Years Seasoning for foreclosure, short sale, bankruptcy, deed In lieu
  • Owner-Occcupied, 2nd homes, investment properties allowed
  • Non-warrantable condos considered
  • Gift funds allowed
  • No pre-pay penalty for owner-occupied and/or 2nd homes
  • SFRs, town homes, condos, 2-4 units
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