Programs
Trying to find the right mortgage product can be cumbersome. Allow me to help.
Whatever your home financial needs, knowing your options is always a good first step.
Conventional
A conventional mortgage is a loan that is not insured or guaranteed by the federal government. It is typically issued by a private lender and requires a down payment of at least 5% of the purchase price of the home. They typically offer lower interest rates and more flexible terms than other loan options, making them a popular choice for many homebuyers.
FHA
FHA mortgages are government-insured loans that allow borrowers to purchase a home with a lower down payment and more flexible credit requirements. FHA loans also offer more lenient credit requirements, making them more accessible to first-time homebuyers and individuals with less-than-perfect credit. Additionally, FHA mortgages require lower closing costs and offer competitive interest rates.
VA
VA mortgages are a great option for veterans and active-duty military members. These mortgages provide special benefits for those who have served our country, including no down payment and low interest rates. Additionally, VA mortgages do not require private mortgage insurance, making them even more affordable. With the help of a VA mortgage, veterans can take advantage of their hard-earned benefits and achieve their homeownership dreams.
Renovation
Renovation type mortgage loans helps homeowners finance both the purchase or refinance of a home and the cost of its renovation. These loans can be used to cover everything from minor repairs to major remodeling projects. It is available to both primary residences, second homes and can be used to purchase or refinance single-family and two- to four-unit homes. With HomeStyle Renovation, you can turn your current home into your dream home.
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Jumbo
Jumbo mortgages are home loans that exceed the conforming loan limit, which is set by the Federal Housing Finance Agency. These loans are used to finance luxury homes, or homes in high-cost areas where the regular loan limit is not high enough. With a jumbo loan, you can borrow up to $3 million or more depending on your credit score and other factors.
USDA
The U.S. Department of Agriculture (USDA) offers a variety of mortgage loan products to help families and individuals purchase and finance their homes. USDA mortgages are designed to provide affordable housing opportunities to rural and suburban areas. USDA loans also offer flexible credit requirements and low closing costs, making them attractive to first-time homebuyers. With the help of USDA loans, families can achieve the dream of owning their own home.
Reverse
Reverse mortgages are a type of loan that allow homeowners over the age of 62 to access the equity in their home. The loan does not require any monthly payments and the loan balance does not have to be repaid until the homeowner permanently moves out of the home or passes away. With a reverse mortgage, the homeowner can receive a lump sum, a monthly payment, or a line of credit.
DPA/State Bond
Down payment assistance and state bond programs can help make it easier for first-time homebuyers to purchase a home. These programs, which are typically administered by state housing finance agencies, provide money to help homebuyers cover the initial costs of purchasing a home, such as the down payment and closing costs. Qualifying for these programs typically requires income and other eligibility criteria such as homebuyer education.
Non - QM
Non-Qualified Mortgages (Non-QM) are mortgages that do not meet the guidelines set by the government-sponsored enterprises Fannie Mae and Freddie Mac. These mortgages are ideal for borrowers who have a higher debt-to-income ratio, nontraditional income sources, a short credit history, or have difficulty providing traditional proof of income. Non-QM mortgages can be a great way to secure a home loan if you don't meet the conventional lending requirements.