“‘Mid pleasures and palaces though we may roam, be it ever so humble, there’s no place like home.”

- John Howard Payne

Homeownership Starts Here.

The homebuying process shouldn’t be one that leaves you questioning your decision. Every single person has a different financial situation, has different home buying goals and has different needs. 

Below you’ll find a brief overview of different loan programs that might be what you’re looking for. 

Have some questions about what options will be available to you? Click the button below to speak with a Mortgage Professional. 

How we can help you

Mortgages are not “one size fits all” loan. Below are different loan programs that can be tailored to your specific needs. 

Conventional Mortgages

Conventional mortgages are the most commonly used type of mortgage financing and can be used for primary homes, 2nd homes or investment properties.

FHA Mortgages

Government backed loans great for first time homebuyers. These can be used for primary residences.

Home Loan Refinance

Reduce your interest rate, your mortgage term length or pull cash out of your homes equity.

Down Payment Assistance

Used to help cover the initial cost of purchasing a home.

VA Mortgages

Government backed loan that Military Veterans have access to.

ARM's

Also known as 'Adjustable Rate Mortgages'.
ARM's have a fixed initial interest rate for a set amount of time followed by .

USDA Mortgages

Government backed loan that allow for up to 100% financing.

DSCR Loans

Debt Service Coverage Ratio (DSCR) loans are used for investment properties where you can qualify based on the cash flow of the property.

Bank Statement Loans

Qualify for a home loan with bank statements. These are great options for self employed borrowers.

Tools for you to use

Our goal is to help you get approved & moved. Check out some tools that we have to help you do just that. 

Mortgage Calculators

Play around with numbers and scenarios to get an idea of what monthly payments look like.

Free Credit Score

Knowing your credit score is an important step when applying for a home loan. Click here to get a free credit report.

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Conventional Mortgages

Varying Down Payment Options: Conventional mortgages offer a range of down payment options, with the standard typically being around 20%, but some lenders may accept lower down payments.

Private Mortgage Insurance (PMI): If you make a down payment of less than 20%, you’ll likely need to pay for PMI until you reach 20% equity in the home, which adds to your monthly costs.

Credit Score Importance: Conventional loans often have stricter credit score requirements compared to some other loan types, so a good credit history is essential.

Loan Limits: Conventional loans have loan limits set by the Federal Housing Finance Agency (FHFA), which can vary by location, and exceeding these limits may require a jumbo loan with different terms.

Fixed and Adjustable Rates: Conventional mortgages come in both fixed-rate and adjustable-rate options, allowing you to choose the type of interest rate that suits your financial goals and risk tolerance.

FHA Mortgages

Low Down Payment: FHA mortgages are known for their low down payment requirement, typically as low as 3.5% of the home’s purchase price.

Government-Backed: FHA loans are insured by the Federal Housing Administration, reducing the risk for lenders and allowing borrowers with lower credit scores to qualify.

Mortgage Insurance Premiums (MIP): FHA loans require upfront and annual mortgage insurance premiums, which increase the overall cost of the loan and should be factored into your budget.

Flexible Credit Requirements: FHA loans are more lenient regarding credit scores and may be accessible to borrowers with lower credit profiles, but individual lender requirements may vary.

Property Standards: FHA properties must meet specific safety and condition standards, and the loan can be used for various property types, including single-family homes, condos, and multi-unit properties.

Home Loan Refinance

Lower Interest Rates: Mortgage refinancing can enable you to secure a new loan with a lower interest rate, potentially reducing your monthly payments and saving you money over the life of the loan.

Equity Utilization: Refinancing can allow you to tap into your home’s equity, either through a cash-out refinance or a home equity line of credit (HELOC), providing funds for major expenses or debt consolidation.

Closing Costs: Be aware of the closing costs associated with refinancing, which can include fees for appraisal, title search, and application, and evaluate whether the potential savings outweigh these expenses.

Loan Term Adjustment: You can adjust the length of your mortgage term when refinancing, potentially switching from a 30-year to a 15-year loan or vice versa, which impacts your monthly payments and overall interest costs.

Credit and Financial Health: Your credit score and financial health play a significant role in your ability to refinance, so it’s important to maintain good credit and financial stability to secure the best terms and rates.

Down Payment Assistance

Financial Assistance: Down payment assistance programs provide financial support to help homebuyers cover a portion of their down payment and sometimes closing costs.

Eligibility Requirements: These programs often have specific eligibility criteria, such as income limits, credit score requirements, and sometimes, the need to complete homebuyer education courses.

Types of Assistance: Down payment assistance can come in the form of grants, loans, or second mortgages, with some programs forgiving the assistance over time if certain conditions are met.

Program Availability: Availability and terms of down payment assistance programs vary by location and can be offered by federal, state, or local governments, as well as non-profit organizations or private entities.

Impact on Homeownership: Utilizing down payment assistance can make homeownership more achievable for those with limited savings, but it’s important to understand the terms and obligations associated with the assistance to make an informed decision.

VA Mortgages

No Down Payment Required: VA mortgages offer the advantage of not requiring a down payment, making homeownership more accessible for eligible veterans and active-duty service members.

Competitive Interest Rates: VA loans often feature competitive interest rates, which can save you money over the life of your mortgage.

No Private Mortgage Insurance (PMI): VA loans do not require private mortgage insurance, which can reduce your monthly mortgage costs.

Flexible Credit Requirements: While there are no strict minimum credit score requirements, lenders may have their own standards, but VA loans tend to be more forgiving when it comes to credit history.

Funding Fee: Most VA borrowers pay a funding fee, which helps sustain the VA loan program but can be rolled into the loan amount, reducing the upfront costs of the mortgage.

Adjustable Rate Mortgages

Initial Low Interest Rate: ARM mortgages typically offer a lower initial interest rate compared to fixed-rate mortgages, which can lead to lower initial monthly payments.

Interest Rate Adjustments: ARM loans have periodic interest rate adjustments, which can result in higher monthly payments if market interest rates rise.

Index and Margin: The interest rate adjustments are based on an index and a margin specified in the loan terms, and understanding how these components work is crucial for predicting future payment changes.

Caps and Limits: ARM mortgages often have interest rate caps and limits that restrict how much the interest rate can increase during each adjustment period or over the life of the loan.

Risk and Planning: Homebuyers need to carefully consider their financial situation and long-term housing plans as ARM loans can be riskier due to potential payment increases, but may be suitable for those who plan to move or refinance before the initial fixed-rate period ends.

USDA Mortgages

Rural Location Requirement: USDA mortgages are available for properties located in designated rural areas, so it’s important to ensure your desired home qualifies under the program’s location criteria.

No Down Payment Required: One of the most significant benefits of USDA loans is that they do not typically require a down payment, making homeownership more accessible for eligible borrowers.

Income Eligibility: USDA loans have income limits, and to qualify, your household income must fall within these limits, which vary by location and family size.

Guarantee or Direct Loans: USDA offers two types of loans: guaranteed loans from approved lenders and direct loans from the USDA itself, so it’s essential to understand the differences and choose the right option for your situation.

Funding Fee: While USDA loans don’t require private mortgage insurance (PMI), they do involve an upfront and annual fee, which can be rolled into the loan but should be factored into your budget.

DSCR Mortgages

Commercial Real Estate Financing: Debt Service Coverage Ratio (DSCR) mortgages are typically used for commercial real estate investments and are not meant for traditional residential homebuyers.

Income-Driven Qualification: DSCR loans focus on the property’s income potential rather than the borrower’s personal income, so it’s essential to have a solid understanding of the property’s rental income or cash flow.

DSCR Calculation: Lenders assess the property’s DSCR by dividing the property’s net operating income (NOI) by the mortgage payment, so a higher DSCR indicates a better chance of loan approval.

Higher Down Payment: DSCR loans often require a larger down payment compared to residential mortgages, typically around 20% or more, so be prepared for higher upfront costs.

Rental Property Considerations: These loans are more suitable for real estate investors or individuals looking to purchase income-producing properties, and they often involve more stringent approval processes and underwriting criteria than traditional home mortgages.

Bank Statement Loans

Alternative Documentation: Bank statement mortgages are an alternative to traditional income documentation loans, allowing homebuyers to use their bank statements to prove their income.

Self-Employment and Income Variability: They are often a suitable choice for self-employed individuals or those with variable income streams, as they provide flexibility in verifying income.

Higher Interest Rates: Bank statement mortgages may come with slightly higher interest rates and fees compared to traditional mortgages due to the increased risk for lenders.

Strict Lender Requirements: Lenders may have specific requirements for the number of months’ worth of bank statements, minimum credit scores, and other criteria, so it’s crucial to understand the lender’s expectations.

Limited Availability: These mortgages are not offered by all lenders, so it’s important to research and find a lender experienced in bank statement mortgages if you believe this is the right option for your unique financial situation.