Loan Programs

Often backed by Fannie Mae or Freddie Mac, conventional mortgages provide millions of Americans access to affordable home financing up to loan amounts of $726,200. One of the most popular loan options, they are available in a variety of terms, most commonly 30-year or 15-year loans. The minimum down payment on a conventional loan for first-time homebuyers is 3% of the purchase price, whereas more seasoned buyers will be expected to pay a minimum down payment of 5%. Fixed-rate conventional loans offer a steady interest rate and monthly payments that never change over the life of the loan. Adjustable-Rate conventional loans typically offer lower interest rates, but – as the name suggests – they adjust up or down with the market. Rates can be locked in for five, seven, or ten years.

Ideal for low-to-moderate income borrowers, an FHA loan is a federally backed mortgage insured by the Federal Housing Administration (FHA) and issued by one of their approved lenders. A solid option for some first-time homebuyers, most FHA loans only require a 3.5% down payment and often allow for lower credit scores than conventional loans.

A special mortgage option available to veterans, active-duty service members, and select military spouses, VA loans are backed by the US Department of Veterans Affairs. As thanks for their service to our nation, one of the multiple benefits of a VA loan is that many borrowers can qualify for a $0 down mortgage with no monthly mortgage insurance premium.

Unlike traditional conventional loans, Jumbo loans are not “backed” by Fannie Mae or Freddie Mac. As a result, programs and rates can vary significantly from one lender to the next. Because they often involve lending larger sums of money, they may require larger down payments. As a result, you may have to jump through a few more hoops and boast a higher credit score than you would for a conventional loan, but they tend to prove the ideal fit for anyone seeking a loan amount greater than the conforming loan limit, currently $726,200. The rules remain the same with regard to fixed-rate and adjustable-rate loans, whether choosing a conventional or jumbo loan.

AKA HELOC or second mortgage, home equity lines of credit are secured lines of credit used to pull equity out of a home. Common uses for a HELOC are to cover home improvements, fund a child’s college education, start a business, pay off debt, build a nest egg for retirement, and more.

This loan allows you to borrow more of your home’s equity for improvements than you would receive for a cash-out refinance or home equity line of credit because the loan amount is based on the value of your home after the improvements have been made.

This loan allows you to use our lenders’ money to build your dream home. In addition, you can lock your permanent rate upfront at the initial closing and potentially float down to a lower rate when your home is completed.

These federally insured mortgages for homeowners 62 and older can be a great retirement planning tool to eliminate mortgage payments or to provide supplemental income.

Also known as Non-Qualifying Mortgage, these loans often prove an excellent fit for self-employed individuals, such as 1099 contractors and Schedule C consultants. Unlike most traditional mortgage loans, NonQM loans allow alternative means for qualifying than conventional verification of income and credit score checks. These loans are sometimes called Bank Statement Loans because we’ll take a look back at your business or personal bank statements to get a read on your cash flow to get you approved and into your new home.