Loan Programs

We make sure that we have access to a wide spectrum of cutting-edge mortgage products to make sure we can offer more options to our diverse customer base. Our portfolio of loan products include traditional products such as conventional, FHA, VA, USDA, jumbo loans, down payment assistance, non-QM, alternative income documentation and more.

Conventional Loans

Conventional loans are the most common mortgage program. They are written to the guidelines set by Fannie Mae or Freddie Mac and are not insured or guaranteed by a government entity such as FHA or VA.

Some of the benefits of a conventional are as follows:

  • Low interest rates
  • No upfront mortgage insurance premium or funding fees
  • Option to remove mortgage insurance when you have at least 20% equity
  • Higher loan limits

Conventional Low-Down Mortgage Programs

Conventional loans traditionally require a minimum down payment of 5%. However, there are conventional loan programs that have been designed to assist low-income borrowers. These programs are the HomeReady program offered through Fannie Mae and the Home Possible program offered through Freddie Mac.

These programs only require 3% down, offer competitive interest rates and flexible underwriting guidelines.

FHA Loans

FHA loans are mortgage that are insured by the Federal Housing Administration. They are intended to provide assistance to first time homebuyers and lower income borrowers. Because the loans are insured by the government, lenders are willing to be more lenient with their underwriting guidelines. So, it can be easier to be approved if you have experienced past credit problems.

Some of the benefits of FHA loans are as follows:

  • Low interest rates
  • Flexible qualifying guidelines and lower minimum credit score requirements
  • No income limits
  • Seller can pay up to 6% closing costs on behalf of the buyer
  • Gifts are allowed

VA Loans

VA loans are home loans that are offered to help meet the housing needs of eligible veterans who have served our country. They are guaranteed by federal government through the Veterans Benefits Administration.

Some of the benefits of VA loans are as follows:

  • Low interest rates
  • Flexible qualifying guidelines
  • No down payment requirement
  • No upfront or monthly mortgage insurance
  • Limited closing costs

USDA Loans

The USDA loan program is offered by the United States Department of Agriculture to assist homebuyers in rural communities. If you are interested in a USDA loan, we can check to see that the home that you want to buy is located in a qualifying area and your household income meets the qualifying requirements.

Some of the benefits of a USDA loan are as follows:

  • 0 down payment requirement
  • Low interest rates
  • Low monthly mortgage insurance
  • Flexible underwriting guidelines

Jumbo Loans

Jumbo loans are used to buy high-priced homes and the amount financed is above the conforming loan limits. Because of their size and the associated risk, jumbo loans have stricter qualifying criteria.

Down Payment Assistance Programs

Down payment assistance (DPA) programs are designed to help homebuyers overcome the biggest obstacle to buying a home – saving for a down payment. The come in different forms including grants, gifts, loans that have to be paid back and loans that are forgiven over time.

Loans for Self-Employed Home Buyers

If a self-employed borrower cannot qualify for a traditional loan guidelines, they have the option of utilizing our bank statement loan program. A bank statement loan allows you to buy a home without the documentation that is normally used to verify income such as paystubs, W-2s and tax returns. They allow credit worthy buyers to demonstrate their ability to pay their debts by using a history of cash flow through their last 12 to 24 months of bank statements.

Renovation Loans

A renovation loan is a mortgage program that includes the cost to fix up and rehabilitate a home. Some of the repairs that are typically covered using a renovation loan are updating heating and cooling systems, roof repairs, window replacement, kitchen and bathroom remodeling, flooring replacement and new paint.

Non-QM Loans

Non-QM stands for Non-Qualified Mortgage. Non-QM loans are “outside the box” loan programs for homebuyers with scenarios that don’t meet the definition of a qualified mortgage as set by the Consumer Financial Protection Bureau (CFPB). The CFPB puts restrictions on risky loan features such as interest-only loans, balloon payments and negative amortization.

Some of the more common Non-QM loan scenarios are as follows:

  • Self-employed borrowers using alternative income documentation
  • Foreign nationals who want to buy a home in the US and can not qualify for a traditional loan
  • Borrowers who are seeking interest-only loans
  • Borrowers who have had a major recent derogatory credit event such as bankruptcy or foreclosure.

Find out which option is best for you

Contact Us