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Discover Your Ideal Loan

We’re committed to providing a diverse array of lending options tailored to your needs. Our Loan Experts are here to assist you every step of the way, from selecting the ideal loan to offering support, ensuring you find your dream home.

Mortgage Options Quick Guide

Select the statement that best describes your situation to find the right mortgage program for you.
I have EXCELLENT CREDIT, solid income, and significant equity. Which loan should I consider?

Conventional Loans: Tailored for Financial Stability

If you have strong credit, verifiable income, and substantial equity, a Conventional Loan might be your path to securing a competitive interest rate. Recognized for their adherence to standards set by Fannie Mae and Freddie Mac, these loans are designed for a variety of property types, including primary residences, second homes, and investment properties.

Key Features:

  • Flexibility: Choose between Fixed and Adjustable-rate options to match your financial goals.
  • Efficiency: Benefit from a streamlined approval process, thanks to the Automated Underwriting System (AUS), which simplifies documentation requirements for income, assets, and property details.
  • Rates: Enjoy competitive rates, reflecting the structured guidelines and documentation standards that minimize risk for investors.

Conventional loans stand out for their adaptability to different borrower needs while offering a straightforward path to home financing.

I'm purchasing a home and plan to use a family member's GIFT for the down payment.

FHA Loans: Empowering Home Ownership

FHA Loans are designed with the goal of broadening home ownership opportunities. They offer a more accessible route for individuals who may face challenges meeting strict credit and income requirements.

Key Features:

  • Accessibility: With more forgiving credit and income qualifications, FHA loans are particularly suitable for first-time homebuyers and those rebuilding credit.
  • Low Down Payment: You can begin your homeownership journey with as little as 3.5% down, making it easier to purchase a home sooner.
  • Gifted Contributions: The program allows for the down payment and closing costs to be fully gifted, providing flexibility in funding your home purchase.
  • Considerations: FHA loans come with set loan limits and typically higher mortgage insurance premiums compared to conventional loans. However, the option to refinance into a conventional loan becomes available as homeowners build equity and financial stability.

FHA loans are an excellent choice for those seeking a supportive path to home ownership, offering a blend of leniency and opportunity.

As a VETERAN without a down payment, what are my loan options?

VA Loans: Honoring Veterans with Homeownership Opportunities

VA Loans are dedicated to assisting military veterans and their families in achieving homeownership as a token of gratitude for their service. Tailored to meet the unique needs of the veterans' community, these loans provide a pathway to owning a home with significant benefits.

Key Features:

  • Exclusive Eligibility: Available exclusively to military veterans and their spouses, recognizing their service and sacrifice.
  • No Down Payment Required: One of the most significant advantages, offering the possibility of 100% financing to eligible veterans.
  • Flexible Closing Costs: Closing costs can be covered by gifts or grants, easing the financial burden associated with purchasing a home.
  • Loan Limits: While generally aligning with conventional loan limits, the exact amount may vary based on the property's location, ensuring alignment with local real estate markets.

VA loans are a testament to the nation's commitment to its veterans, providing them with a deserved opportunity for stable homeownership without the financial hurdles often encountered with traditional financing.

I'm a FIRST-TIME BUYER seeking assistance with down payment and closing costs.

Down Payment Assistance (DPA) Programs: Bridging the Gap to Homeownership

DPA Programs are designed to support aspiring homeowners by providing loans or grants that make it easier to afford the down payment on a new home. Tailored primarily for first-time buyers or those re-entering the housing market after a hiatus, these programs aim to make homeownership more accessible.

Key Features:

  • Targeted Assistance: Ideal for first-time buyers or those who haven't owned a home in the past three years, helping to navigate the initial financial barriers to homeownership.
  • Income Considerations: Aimed at applicants with low to moderate income, ensuring that financial support reaches those who need it most.
  • Primary Residence: The program is dedicated to those purchasing a primary residence, emphasizing the creation of stable home environments.
  • Location Specific: Eligibility often depends on the property's location, typically within designated census tracts, to target assistance where it can have the most impact.

DPA programs represent a crucial step forward for many potential homeowners, offering the financial lift needed to transition from aspiring buyer to proud homeowner.

I want to access my HOME EQUITY through monthly payments while remaining in my home.

Reverse Mortgage: Unlocking Equity for Seniors

Reverse Mortgages offer homeowners aged 62 and older a unique opportunity to tap into their home equity, converting it into cash without the need to make monthly loan payments. This financial tool is designed to provide retirees with enhanced financial flexibility by leveraging the value of their home.

Key Features:

  • Eligibility: Available to homeowners 62 years or older with significant equity in their property.
  • Flexible Payout: Receive funds as a one-time lump sum, a fixed monthly payment, or a line of credit, depending on your financial needs and goals.
  • No Monthly Payments: Unlike conventional loans, reverse mortgages do not require the homeowner to pay back the loan until the home is sold or the homeowner passes away.
  • Support for Retirement: Ideal for retirees looking to supplement their income or obtain a cash reserve using their home's equity.

Reverse mortgages can provide a valuable financial strategy for seniors, allowing them to live more comfortably in retirement by accessing the equity they've built up in their home over the years.

I'm interested in renovating a FIXER-UPPER. What loan options are available?

Home Renovation Loans: Transforming Potential into Perfection

Home Renovation Loans empower borrowers to breathe new life into properties needing repairs or improvements. Whether you're looking to purchase a fixer-upper or refinance your current home to fund renovations, these loans provide the financial support necessary to realize your home's true potential.

Key Features:

  • Funding for repairs: Loans cover the cost of necessary repairs or improvements, with funds held in escrow and released as work progresses.
  • Purchase and Refinance: Suitable for buying homes requiring TLC or refinancing your existing home to finance renovations.
  • Competitive Rates: As primary lien loans, they typically offer lower interest rates compared to second mortgages or unsecured loans.
  • Investment Opportunity: Ideal for purchasing homes below market value due to repair needs, allowing for value addition post-renovation.
  • Post-Closing Repairs: Complete your home's transformation after closing, ensuring repairs align with your vision.

Home Renovation Loans offer a pathway to not just restore a property, but to enhance it, turning a house into your dream home while potentially increasing its value.

I'm looking to finance a MANUFACTURED HOME on my property. What type of loan applies to me?

Manufactured Housing Loans: Financing Your Prefabricated Home

Manufactured Housing Loans are tailored for homes constructed offsite in a factory setting and then installed on a designated property. These financial programs are crafted to facilitate the ownership of manufactured homes, providing a more accessible and favorable alternative to traditional personal property or "chattel loans."

Key Features:

  • Specialized: Specifically designed for the financing of manufactured homes, accommodating their unique purchase and installation process.
  • Lower Down Payments: Offers the opportunity for reduced initial down payments, making homeownership more attainable.
  • Favorable Terms: Compared to chattel loans, these programs typically feature more advantageous terms, reflecting the permanence and stability of the home once installed.
  • Construction and Installation: Eligibility and terms may vary based on the manufactured home's construction standards and the method of installation on the site, ensuring quality and stability.

Manufactured Housing Loans provide a pathway to homeownership for those considering prefabricated homes, combining the convenience of factory-built housing with accessible financing options.

I need financing for a home EXCEEDING CONVENTIONAL LOAN LIMITS, what are my options?

Jumbo Loans: Financing Beyond Conventional Limits

Jumbo Loans, recognized for their capacity to exceed the conventional conforming loan limits, cater to borrowers seeking larger loan amounts for their home financing needs. These non-conforming loan programs are tailored for high-value property purchases, offering a broader scope in financial options.

Key Features:

  • Higher Loan Amounts: Designed to finance properties that surpass the price range covered by conforming loans, enabling the purchase of luxury homes or properties in high-cost areas.
  • Flexible Guidelines: Accommodates diverse financial situations with more adaptable criteria for income verification and calculation, catering to varied borrower needs.
  • Substantial Down Payment: Typically necessitates a larger down payment, reflecting the higher loan value and associated risks.

Jumbo loans open doors to expansive property opportunities, providing the necessary financial backing for substantial real estate investments with tailored terms to suit unique borrower circumstances.

Despite high income and good credit, I'm finding it CHALLENGING TO GET LOAN APPROVAL. What are my alternatives?

Portfolio Lending: Custom Solutions for Unique Needs

Portfolio Lending offers a distinctive approach to home financing, focusing on flexibility and personalization to address the needs of borrowers who may not fit into the traditional lending mold. These programs are designed to support the "underserved" by providing alternatives to the one-size-fits-all criteria of national guidelines, with a keen eye on the specific requirements of individual communities.

Key Features:

  • Flexible Guidelines: Tailored to accommodate a wide range of borrower circumstances, portfolio lending programs can adapt to unique financial situations that might not meet conventional lending standards.
  • Community-Focused: Aimed at serving the needs of local communities, these loans can make exceptions to broader guidelines to ensure that more people have access to home financing.
  • Diverse Borrower Support: Ideal for those who may have unconventional income sources, are self-employed, or have other unique financial scenarios that require a more customized lending solution.

Portfolio Lending stands out for its commitment to providing tailored loan options, ensuring that more individuals and families have the opportunity to achieve homeownership, regardless of their financial background.