Many Loan options…

Whether your credit is excellent, poor, or somewhere in the middle, there are many different types of loan solutions. Non-traditional programs are available, along with the standard, more common loan options such as Conventional, FHA, VA, or USDA.

Conventional

Many people still believe you need 20% down payment for the Conventional loan program, but this is only the case if you are removing the monthly mortgage insurance sooner than later. Otherwise, the minimum is 3% down payment for first-time buyers, and 5% down for those who have owned a home within the last 3 years. Requires a minimum of 620 FICO credit score. 

FHA

This program always has the lowest interest rates and your credit score must at least be a 580 for a 3.5% down payment. If your credit score is between 500-579, your loan approval will require a 10% down payment. However, the higher your credit score, the lower your interest rate will be. The mortgage insurance is for the life of the loan, so you will want to refinance into conventional down the line. Until that time, you can enjoy a nice low monthly payment through the FHA loan program. There is a cap on the loan amount. Inquire within to determine your county’s loan limit. 

VA

If you are a veteran, thank you for your service! This loan type is only available for retired or active duty veterans. Credit scores down to 500 allowed. 0% down payment. Low interest rates.

USDA

The USDA loan is insured by the U.S. Department of Agriculture and available for areas that are not considered a “major metropolitan area”…therefore the property of interest must be in a rural area, close to farmland, and less populated areas. 0% down payment.

JUMBO

There are several jumbo loan products available, including 10% down with no mortgage insurance. Inquire within for further information on these programs. There are credit score requirements and change with the particular lender outlet used. 

BANK STATEMENT LOAN

Didn't file taxes, or you don't file enough taxes? This loan type allows for that! The down payment depends on your credit score: a 620 score requires 25% down, while a 640 credit score will require 15% down, and only 10% down for a 660 or higher credit score. 12 month's bank statements will be needed to determine monthly qualifying income, and you will need to be at least a 25% or more owner of the business. Loan amounts up to $3 million available. 

FOREIGN NATIONAL LOAN

You not need to be a U.S Citizen, and do not need to file taxes in the U.S. for this program. The down payment requirement ranges from 20% - 30%, depending on the lender we use. Lenders that require more down payment are less intense on additional paperwork requirements. Check in with us for more information as lender requirements are subject to change.

INVESTORS

All lenders will allow you to purchase an investment property, whether you own another property as your primary residence, or not. However, if you qualify to purchase using a non-traditional method, like showing no income, or a stated income program, or through only qualifying the rental payment as qualifying income, then some lenders will require that you already own a property that you call your primary residence. We do also have lenders that will allow you to purchase using rental income on the new property, while not owning a primary residence. In other words, you can still be living with someone else or renting your own personal home. The down payment to purchase an investment property is 15%. Since there are credit score requirements, depending on the lender, please contact us to discuss application for these programs.