Mortgage Types
From conventional to non-qm, we have a solution for you.
No matter your scenario, we will find a way.
Below are the major loan types we use.
Conventional Loan
A conventional loan is a loan that follows guidelines set by Fannie Mae and Freddie Mac. A conventional loan can be used for primary residences, second homes and investment properties. Here are a couple of the general guidelines:
- Minimum Down Payment:
- 3% if a first time homeowner
- 5% if you have owned any property in last 3 years.
- FICO > 620
- Max debt-to-income ratio: 50%
- Mortgage insurance is required if putting less than 20% down.
FHA Loan
An FHA loan is a mortgage that is insured by the Federal Housing
Administration. FHA loans are only for primary residences and in general have more forgiving guidelines than compared to conventional loans. FHA loans are great for first time buyers and for people who may have lower credit scores.
- Minimum down payment
- 3.5% if FICO >580
-
- 10% if FICO 500-580
- There is both an upfront cost and monthly cost for Mortgage Insurance Premium (MIP). The MIP factor is reduced if putting more than 10% down, but it is required on every FHA mortgage.
- Max debt-to-income ratio: 56.99%
VA Loans
One of the benefits of serving our military is that active duty and retired members of the armed services are eligible for a VA loan. VA loans are some of the most attractive loans in the market and are a great benefit to those that have put their lives on the line for our freedom.
- No minimum down payment (100% financing available)
- No minimum credit score. Odds of getting approved go up dramatically when your scores over 620, but there is no set minimum score.
- No mortgage insurance
- We are able to do 0% down and don't have monthly mortgage insurance like conventional and FHA loans have.
Plus even more
-
USDA Loans
0% down mortgages backed by USDA that are available mainly in rural parts of the country.
-
Bank Statement Loan
Mortgage that uses your deposits shown on your bank statements for the past 12-24 months instead of using traditional income sources
-
DSCR Loans
Investment loans that qualify based on the rental potential of a property instead of the individual purchasing it.
-
Bridge Loan
A short term loan to access equity in a home you are selling to use as a down payment prior to finishing the sale.
-
Heloc/Heloan
Access your equity without refinancing your first mortgage.
-
ITIN Loans
Mortgages for individuals without a social security number.