Loan Programs
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Purchase
Conventional Loan
A conventional loan can be considered your standard home loan and is backed by Fannie Mae and Freddie Mac
While a 20% downpayment is encouraged in order to avoid mortgage Insurance, qualified buyers can put a downpayment as low as 5%, and in some cases, even as low as 3%.
Mortgage insurance (PMI) is required if the downpayment is less than 20%
FHA LOAN
Federal Housing Administration (FHA) home loans were created to make it easier for home owners to qualify – whether you are buying a home or refinancing your existing mortgage.
Lower FICO requirements and more flexible underwriting guidelines than Conventional loans and downpayments as low as 3.5%.
VA LOAN
The VA Loan was created for active-duty military, Veterans, reservists, National Guard, and surviving military spouses.
VA Loans require no down payment, no mortgage insurance, more lenient qualification requirements , and often have lower interest rates.
JUMBO LOAN
Jumbo loans are used to finance homes where a conventional loan cannot be used due to the loan exceeding the current conforming loan limits set by Freddie Mac and Fannie Mae.
Jumbo loans are often referred to as non-conforming loans as they are not backed by Fannie Mae and Freddie Mac but they still offer much of the flexibility of conforming loans (fixed and Adjustable rate products).
Alt-A, NON-QM PROGRAMS
Full Doc Programs: Traditonal full doc loan programs that don’t meet conforming guidelines due to FICO, DTI, Credit Event or property type
Bank Statement programs: 12 or 24 month. personal or business bank statement programs.
More options available….