Learn About the Loan Programs We Offer

Conventional

Conventional loans are a mortgage that is not guaranteed or secured by a government entity. Conventional mortgages are available through private lenders, such as banks, credit unions, & mortgage companies. Some mortgages can be guaranteed by two government-sponsored enterprises; Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). If you have a solid credit score and little debt it is recommended to begin the pre-qualification process for getting a mortgage with a conventional loan program. Conventional loans must stay within conforming loan limits (also see JUMBO LOANS).

PROGRAM HIGHLIGHTS

  • It offers a vast variety of options.
  • Offers lower down payment option
  • Lower fees for Primary Mortgage Insurance (PMI) & No Premium Fees
  • Competitive market interest rates based on down payment, credit score and Debt to Income Ratio (DTI)

Non-QM

A non-qualified mortgage (Non-QM) is a home loan designed to help homebuyers who can't meet the strict criteria of a qualifying mortgage. These loans are structured to accommodate self-employed borrowers and wage earners who want to purchase or refinance based on current circumstances to obtain financing now.

If you are self-employed or don't have all the necessary documentation to qualify for a traditional mortgage, you might need to look at non-qualified mortgages.

PROGRAM HIGHLIGHTS

  • Vast varieties of loan programs
  • No income - Investment loans
  • Bank Statement Loans - deposits used as qualifying income
  • 15% Minimum down payment in most cases
  • No Premium Mortgage Insurance (PMI) in some cases
  • Rental income may be used as a part of qualifying income

FHA

A FHA Loan is a mortgage which is insured by the Federal Housing Administration with an approved FHA Bank.

PROGRAM HIGHLIGHTS

 

  • The (FHA) Federal Housing Administration loans are backed by federal mortgages which are designed for homeowners who might have lower credit scores.
  • FHA loans also require a lower minimum down payment and a lower credit score than many conventional loans.
  • Qualified borrower(s) are required to purchase mortgage insurance, and also pay premium payments to FHA in order to obtain the guarantee of the FHA.

VA

A VA loan is a mortgage offered through the U.S. Department of Veterans Affairs (VA). VA loans, veterans, their surviving spouses and service members can purchase with little to zero down payment, no private mortgage insurance (PMI) and get a competitive market interest rate.

PROGRAM HIGHLIGHTS

 

  • A VA loan is a mortgage offered through a U.S. Department of Veterans Affairs program.
  • VA loans are available to active and veteran service personnel and their surviving spouses, which are backed by the federal government but issued through private banks.
  • VA loans have generous terms, such as no down payment, no mortgage insurance, and no prepayment penalties.

Jumbo

A Jumbo loan mortgage is a type of financing where the loan amount is higher than the conforming loan limits set by the Federal Housing Finance Agency (FHFA). For example, the 2021 loan limit for conventional is $548,250 in most areas & $822,375 in high-cost areas. These areas vary based on the city and the county they may be located.

PROGRAM HIGHLIGHTS

 

  • Offers lower than 20% down payment
  • No PMI and No Premium payments are required
  • 2-year tax returns required
  • At least 10% down payment required

Hard Money

A hard money loan is a type of loan that is secured by real property. Hard money loans are considered loans of "last resort" or short-term bridge loans. These loans are primarily used in real estate transactions, with the lender generally being individuals or companies and not banks. (Hard Money loan monthly payments are usually interest only.)

PROGRAM HIGHLIGHTS

 

  • Hard money loans are primarily used for real estate transactions and are money from an individual or company and not a bank.
  • A hard money loan, usually taken out for a short time, is a way to raise money quickly but at a higher cost and more required down payment.
  • Because hard money loans rely on collateral rather than the financial position of the applicant, the funding time frame is shorter.
  • Terms of hard money loans can often be negotiated between the lender and the borrower. These loans typically use property as collateral. 
  • Default by the borrower can still result in a profitable transaction for the lender through collecting the collateral.

Construction

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Commercial

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