Home Loan Programs
Conventional Loans
Conventional Loans are mortgage loans that are not insured by the government (like FHA, VA, USDA Loans), but they typically meet the lending guidelines that have been set by Fannie Mae or Freddie Mac. Typically, conventional loans have better rates, terms and/or lower fees than other types of loans. However, conventional loans typically require a borrower to have good-to-excellent credit, reasonable amounts of monthly debt obligations, a down payment of 5-20% and reliable monthly income. Conventional loans are ideal for borrowers with excellent credit and at least a 5% down payment.
FHA Loans
It's easy to understand why many people looking for a new home are turning to FHA insured loan programs. Because FHA Loans are insured by the Federal Housing Administration homebuyers have an easier time qualifying for a mortgage. Those who typically benefit most by an FHA loan are first-time home buyers and those who have less than perfect credit.
USDA Loans
A USDA Loan is a mortgage loan that is insured by the US Department of Agriculture and available to qualified individuals who are purchasing or refinancing their home loan in an area that is not considered a major metropolitan area by USDA.
VA Loans
A VA loan is a mortgage loan guaranteed by the U.S. Department of Veteran Affairs (VA) that is available to most US service members. It offers some very great benefits to those that have served our country.
DSCR Loans
DSCR (Debt Service Coverage Ratio) Loans are mortgage loans designed for real estate investors who want to purchase or refinance investment properties. Instead of relying primarily on personal income, DSCR loans use the property's rental income to help determine loan eligibility.
Construction Loans
Construction Loans are designed to help borrowers finance the building of a new home. These loans can cover expenses such as land preparation, building materials, labor, and other construction-related costs. Depending on the loan program, financing may be available for the construction phase alone or combined with permanent mortgage financing once the home is completed.
Home Equity Loans (HELOC & HELOAN)
Home Equity Loans and Home Equity Lines of Credit (HELOCs) allow eligible homeowners to access a portion of the equity they have built in their homes. A Home Equity Loan (HELOAN) typically provides a lump sum with structured repayment terms, while a HELOC offers a revolving line of credit that homeowners can draw from as needed during the draw period.
Reverse Mortgage
A Reverse Mortgage is a home loan designed for eligible older homeowners who want to access a portion of their home's equity without making required monthly principal and interest payments. Depending on the program, borrowers may receive funds through a lump sum, monthly payments, or a line of credit. The loan generally becomes due when the borrower sells the home, permanently moves out, or passes away. Borrowers must continue meeting property tax, homeowners insurance, and property maintenance obligations.
