Loan Types

Click more to learn about loan programs you may qualify for.

FHA

Conventional

HELOAN

HELOC

Construction

USDA

NON-QM

Discover what a VA loan can do for you

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What is a VA loan?

VA guaranteed loans are made by lenders and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home or refinance.

How do I qualify for a VA loan?

In most cases, no down payment is required on a VA guaranteed loan and the borrower usually receives a lower interest rate than is ordinarily available with other loans.

What are the benefits of a VA loan?

Closing costs are comparable and sometimes lower – than other financing types

No private mortgage insurance requirement

Right to prepay loan without penalties

Ability to streamline or take cash out after 6 months of on time payments

Counselling and assistance available to veteran borrowers having financial difficulty or facing default on their loan

If the veteran does not have 10% or more disability the VA charges a funding fee to issue a guarantee to a lender against borrower default on a mortgage

The fee may be paid in cash by the buyer or seller, or it may be financed in the loan amount

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What is a FHA Loan?

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What are the requirements for an FHA?

The minimum credit score required is a 580

What are the benefits of an FHA loan?

The max loan amount is $472,030 for a single family

Down payment Options

Minimum 3.5% down

Benefits of a FHA loan

Less strict debt to income qualifications

Maximum loan amount in high-cost area is $1,089,300 for single family.

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What is a Conventional Loan?

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What are the requirements for a conventional loan?

The minimum credit score required is a 620

What are the benefits of a conventional loan?

The max loan amount is $726,200 in most counties.

Downpayment Options

1. Minimum 3% for 1st time homebuyers
2. Minimum 5% if you have owned a home in the last 3 years.

Benefits of a Conventional Loan

Ability to avoid PMI.

Can be used to buy a primary home, vacation home, and investment property.

Fixed and adjustable rates available

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HELOAN

For Primary, Secondary, and Investment Properties

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What are the requirements for a HELOAN?

The minimum credit score required is a 640

What are the limits of a HELOAN?

Maximum CLTV (Combined Loan To Value) is 90%

Benefits of HELOAN

Fixed Rate and Payment

Loan Terms up to 30 Years

Ability to take out a lump sum of cash without having to refinance your current mortgage

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HELOC

For Primary and Secondary homes only

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What are the requirements for a HELOC?

The minimum credit score required is a 660

What are the limits of a HELOC?

Maximum CLTV (Combined Loan To Value) is 95%
Maximum Line Amount of $500,000

Benefits of a HELOC

Allow you to access equity in your home without refinancing your current mortgage.

You can use the funds however you would like.

Only pay interest on what you borrow

Low Interest Only payments

Quick Access to Cash when needed

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Construction Loans

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Benefits of a Construction Loan

1 time close

Builders are not on the hook for the money upfront. The borrower can obtain the loan before construction begins.

Interest only payments during construction period

Ability to include land as part of the construction cost.

What are the requirements for a Construction Loan?

Conventional 700
VA- 620

Maximum LTV

Conventional- 95%
VA- 100%

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USDA Loan

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What are the requirements for a USDA loan?

The minimum credit score required is a 640

What are the down payment requirements for a USDA?

0% down payment requirement

Benefits of a USDA Loan

Typically in more rural areas and suburbs

Can be used to buy a primary residence only

Click here for a map for USDA

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Non QM Loans

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Non-QM Loan Benefits

DSCR- Debt Service Coverage Ratio

No income documentation

Best for investors who buy multiple properties

For investment properties only

Able to close in a business name.

Fix and Flip

Short term financing for the purchase and rehab of non-owner occupied properties

Ability to take draws for repairs

Multi-Family Properties

Short term financing for the purchase and rehab of non-owner occupied properties

Ability to take draws for repairs

Bank Statement Loan

Use 12- or 24-months bank statements as income

Best for self-employed borrowers

Able to close in a business name.

Asset Utilization Loans

Calculates income based upon Assets

Great for retired borrowers

Non-Warrantable Condos

Ability to purchase a condo that is outside of agency guidelines.

Foreign National Loans

For Non-citizens who want to purchase a vacation home or investment property's

Credit score not required

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