Products We Offer
TBD Program – Get your financing approved before you find a property with our "To Be Determined" option. In this case the property address is to be determined while your credit package is in underwriting.
Conventional Financing – Conventional mortgages are home loans that are not backed by the US government, but by a private lender or government-sponsored enterprise. Fannie Mae and Freddie Mac are the primary endorsers of conventional loans. You may qualify to put as little as 3% down. With a minimum of 20% down, there is no additional private mortgage insurance (PMI) payment added to the loan.
FHA Financing – FHA loans are insured by the Federal Housing Administration. The minimum down payment is typically 3.5%, but a 0% down option exists. FHA approval guidelines are more generous concerning credit history and debt-to-income ratios. Lower credit scores accepted. FHA loans have an additional upfront mortgage insurance premium cost, as well as monthly PMI.
VA – VA loans are insured by the Department of Veterans Affairs. They offer 100% financing for qualified veterans with no PMI. VA loans include an upfront funding fee that is added to the closing costs.
USDA – United States Department of Agriculture (USDA) backed mortgages offer 100% financing for qualified borrowers and properties in rural areas. A benefit of this loan is that the borrower can finance closing costs up to the amount of the appraised value of the property.
Jumbo Loans – Any loan amount over $806,500 is considered a Jumbo Loan. Credit requirements for Jumbo loans are different from Conventional loans. The typical down payment minimum is 20% and minimum credit score requirements are higher. Reach out to one of our loan originators for more information.
HELOAN - A HELOAN is a stand-alone second mortgage with a fixed term and fixed interest rate. Combining a first and second mortgage can be an attractive alternative to the Jumbo loan or HELOC.
HELOC - Home Equity Line of Credit. These second mortgages have variable interest rates and may be used, paid down, and used again. HELOCs are a popular tool for paying off other higher-interest debts, obtaining funds for home improvements, leveraging the equity to buy another property, etc.
DSCR - Debt Service Coverage Ratio (DSCR) loans are specifically for investment properties. Approval for these mortgages relies more heavily on the property value and rental income than the borrower's personal income.