{"id":4844,"date":"2022-03-28T22:22:04","date_gmt":"2022-03-28T22:22:04","guid":{"rendered":"https:\/\/essentials.pixfort.com\/consulting-elementor\/?page_id=4844"},"modified":"2024-04-23T03:26:48","modified_gmt":"2024-04-23T03:26:48","slug":"loan-programs","status":"publish","type":"page","link":"https:\/\/motivationmortgage.com\/loan-programs\/","title":{"rendered":"Loan Types"},"content":{"rendered":"\t\t
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Loan Types<\/h3><\/div><\/div>
Click more to learn about loan programs you may qualify for. <\/div><\/div><\/div>
<\/i> VA<\/strong><\/a><\/div>
<\/i> FHA<\/strong><\/a><\/div>
<\/i> Conventional<\/strong><\/a><\/div>
<\/i> HELOAN<\/strong><\/a><\/div>
<\/i> HELOC<\/strong><\/a><\/div>
<\/i> Construction<\/strong><\/a><\/div>
<\/i> USDA<\/strong><\/a><\/div>
<\/i> NON-QM<\/strong><\/a><\/div><\/div><\/div><\/div>
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Discover what a VA loan can do for you<\/h4>
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What is a VA loan?<\/h6>
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. <\/div><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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How do I qualify for a VA loan?<\/h6>
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.<\/div><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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What are the benefits of a VA loan?<\/h6>
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<\/i>Closing costs are comparable and sometimes lower \u2013 than other financing types<\/span><\/div>
<\/i>No private mortgage insurance requirement<\/span><\/div>
<\/i>Right to prepay loan without penalties<\/span><\/div>
<\/i>Ability to streamline or take cash out after 6 months of on time payments<\/span><\/div>
<\/i>Counselling and assistance available to veteran borrowers having financial difficulty or facing default on their loan<\/span><\/div>
<\/i>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<\/span><\/div>
<\/i>The fee may be paid in cash by the buyer or seller, or it may be financed in the loan amount<\/span><\/div><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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What is a FHA Loan?<\/h4>
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What are the requirements for an FHA?<\/h6>
The minimum credit score required is a 580<\/div><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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What are the benefits of an FHA loan?<\/h6>
The max loan amount is $472,030 for a single family<\/div><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Down payment Options<\/h6>
Minimum 3.5% down<\/div><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Benefits of a FHA loan<\/h5>
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<\/i>Less strict debt to income qualifications<\/span><\/div>
<\/i>Maximum loan amount in high-cost area is $1,089,300 for single family.<\/span><\/div><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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What is a Conventional Loan?<\/h4>
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What are the requirements for a conventional loan?<\/h6>
The minimum credit score required is a 620<\/div><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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What are the benefits of a conventional loan?<\/h6>
The max loan amount is $726,200 in most counties.<\/div><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Downpayment Options<\/h6>
1.\tMinimum 3% for 1st time homebuyers 2.\tMinimum 5% if you have owned a home in the last 3 years.<\/div><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Benefits of a Conventional Loan<\/h5>
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<\/i>Ability to avoid PMI.<\/span><\/div>
<\/i>Can be used to buy a primary home, vacation home, and investment property.<\/span><\/div>
<\/i>Fixed and adjustable rates available <\/span><\/div><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t<\/i> Apply Now<\/span><\/a>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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HELOAN<\/h4>
For Primary, Secondary, and Investment Properties<\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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What are the requirements for a HELOAN?<\/h6>
The minimum credit score required is a 640<\/div><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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What are the limits of a HELOAN?<\/h6>
Maximum CLTV (Combined Loan To Value) is 90%<\/div><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Benefits of HELOAN<\/h5>
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<\/i>Fixed Rate and Payment<\/span><\/div>
<\/i>Loan Terms up to 30 Years<\/span><\/div>
<\/i>Ability to take out a lump sum of cash without having to refinance your current mortgage<\/span><\/div><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t<\/i> Apply Now<\/span><\/a>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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HELOC<\/h4>
For Primary and Secondary homes only<\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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What are the requirements for a HELOC?<\/h6>
The minimum credit score required is a 660<\/div><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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What are the limits of a HELOC?<\/h6>
Maximum CLTV (Combined Loan To Value) is 95% Maximum Line Amount of $500,000<\/div><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Benefits of a HELOC<\/h5>
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<\/i>Allow you to access equity in your home without refinancing your current mortgage.<\/span><\/div>
<\/i>You can use the funds however you would like.<\/span><\/div>
<\/i>Only pay interest on what you borrow<\/span><\/div>
<\/i>Low Interest Only payments<\/span><\/div>
<\/i>Quick Access to Cash when needed<\/span><\/div><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Construction Loans<\/h4>
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Benefits of a Construction Loan<\/h5>
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<\/i>1 time close<\/span><\/div>
<\/i>Builders are not on the hook for the money upfront. The borrower can obtain the loan before construction begins.<\/span><\/div>
<\/i>Interest only payments during construction period<\/span><\/div>
Ability to include land as part of the construction cost.<\/span><\/div><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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What are the requirements for a Construction Loan?<\/h6>
Conventional 700 VA- 620<\/div><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Maximum LTV<\/h6>
Conventional- 95% VA- 100%<\/div><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t<\/i> Apply Now<\/span><\/a>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\tFind a Loan Officer<\/span> <\/i><\/a>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t<\/div>
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<\/i><\/div>

USDA Loan<\/h4>
<\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\tGet a Free Quote<\/span> <\/i><\/a>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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\"\"<\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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<\/i><\/div>
What are the requirements for a USDA loan?<\/h6>
The minimum credit score required is a 640<\/div><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
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<\/i><\/div>
What are the down payment requirements for a USDA?<\/h6>
0% down payment requirement<\/div><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
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Benefits of a USDA Loan<\/h5>
<\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t
<\/i>Typically in more rural areas and suburbs<\/span><\/div>
<\/i>Can be used to buy a primary residence only<\/span><\/div>
<\/i>Click here for a map for USDA<\/span><\/a><\/div><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t<\/i> Apply Now<\/span><\/a>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\tFind a Loan Officer<\/span> <\/i><\/a>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t<\/div>
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<\/i><\/div>

Non QM Loans<\/h4>
<\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\tGet a Free Quote<\/span> <\/i><\/a>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
\n\t\t\t
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\"\"<\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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<\/i><\/div>
Non-QM Loan Benefits<\/h6>
<\/div><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t
<\/i>DSCR- Debt Service Coverage Ratio<\/span><\/div>
<\/i>No income documentation<\/span><\/div>
<\/i>Best for investors who buy multiple properties<\/span><\/div>
<\/i>For investment properties only<\/span><\/div>
<\/i>Able to close in a business name.<\/span><\/div><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t
<\/i><\/div>
Fix and Flip<\/h6>
<\/div><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t
<\/i>Short term financing for the purchase and rehab of non-owner occupied properties<\/span><\/div>
<\/i>Ability to take draws for repairs<\/span><\/div><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t
<\/i><\/div>
Multi-Family Properties<\/h6>
<\/div><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t
<\/i>Short term financing for the purchase and rehab of non-owner occupied properties<\/span><\/div>
<\/i>Ability to take draws for repairs<\/span><\/div><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
\n\t\t\t
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\n\t\t\t
<\/i><\/div>
Bank Statement Loan<\/h6>
<\/div><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t
<\/i>Use 12- or 24-months bank statements as income<\/span><\/div>
<\/i>Best for self-employed borrowers<\/span><\/div>
<\/i>Able to close in a business name.<\/span><\/div><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t
<\/i><\/div>
Asset Utilization Loans<\/h6>
<\/div><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t
<\/i>Calculates income based upon Assets<\/span><\/div>
<\/i>Great for retired borrowers<\/span><\/div><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t
<\/i><\/div>
Non-Warrantable Condos<\/h6>
<\/div><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t
<\/i>Ability to purchase a condo that is outside of agency guidelines.<\/span><\/div><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t
<\/i><\/div>
Foreign National Loans<\/h6>
<\/div><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t
<\/i>For Non-citizens who want to purchase a vacation home or investment property's<\/span><\/div>
<\/i>Credit score not required<\/span><\/div><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t<\/i> Apply Now<\/span><\/a>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\tFind a Loan Officer<\/span> <\/i><\/a>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div><\/div><\/div><\/div><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Loan Types Click more to learn about loan programs you may qualify for. VA FHA Conventional HELOAN HELOC Construction USDA NON-QM Discover what a VA loan can do for you Get a Free Quote What is a VA loan? VA…<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"yoast_head":"\nLoan Types - Motivation Mortgage<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/motivationmortgage.com\/loan-programs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Loan Types - Motivation Mortgage\" \/>\n<meta property=\"og:description\" content=\"Loan Types Click more to learn about loan programs you may qualify for. 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