We offer many types of Loan Programs
A mortgage loan is sometimes referred to as a "loan program" because it encompasses more than just a single type of loan. Instead, it encapsulates various loan options and structures that cater to different borrower needs, financial situations, and property types.
In essence, calling a mortgage loan a "loan program" emphasizes the structured and varied nature of mortgage financing options available to borrowers.
Our Loan Programs
The most common mortgage loans:
-
Interest rate and payments remain the same for the entire term of the loan.
Fixed rate mortgages are generally recommended for borrowers who plan to stay in their homes for an extended period or prefer the security of knowing their mortgage payments won't change over time. They provide peace of mind against potential interest rate fluctuations that could impact adjustable rate mortgages (ARMs).
-
ARM's offer an initial fixed-rate period, periodic adjustments based on market conditions and rate adjustment caps to protect against extreme market fluctuations.
Adjustable Rate Mortgages are suitable for borrowers who expect their income to increase or plan to sell or refinance before the initial fixed-rate period ends. They require careful consideration of potential future interest rate movements and their impact on monthly payments.
-
An FHA loan provides a government-insured loan with flexible loan options. FHA loans are popular among first-time homebuyers and those who may not qualify for conventional loans due to credit or financial constraints.
-
A first-time homebuyer loan is a specialized mortgage program designed to assist individuals who are purchasing their first home.
-
A VA loan is a mortgage loan program specifically designed for eligible veterans, active-duty service members, and certain members of the National Guard and Reserves, as well as eligible surviving spouses.
VA loans are a valuable benefit for those who have served or are serving in the U.S. military and can offer significant financial advantages over traditional mortgage options.Item description
-
A low down payment loan refers to a mortgage option that allows borrowers to purchase a home with a minimal initial cash investment.
Low down payment loans are suitable for first-time homebuyers, buyers with limited savings, and those who prefer to preserve cash for other investments or expenses. -
A jumbo loan is a type of mortgage that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA).
Jumbo loans are ideal for borrowers seeking to finance high-value properties that exceed conventional loan limits.
Additional mortgage loans:
-
Also known as a USDA Rural Development Guaranteed Housing Loan Program, is a mortgage loan program offered by the United States Department of Agriculture (USDA).
USDA loans are a valuable option for eligible homebuyers looking to purchase a home in rural or suburban areas with favorable terms and without a down payment requirement. These loans help stimulate rural economies by encouraging homeownership and revitalizing communities.
-
An investment property loan, also known as a rental property loan or non-owner occupied mortgage, is a type of loan used to finance the purchase or refinancing of residential or commercial real estate intended for investment purposes.
Investment property loans provide investors with the financing needed to purchase or refinance properties intended for rental income or resale. These loans enable investors to leverage their capital and potentially achieve long-term financial goals through real estate investments.
-
Our Down Payment Assistance program helps you achieve homeownership by providing financial aid to cover your down payment and closing costs. This program is ideal for first-time homebuyers or those who need a little extra help to get started. With flexible eligibility requirements, we make it easier for you to move into your dream home.
-
Bank Statement Loans are designed for self-employed individuals or business owners who may not have traditional income documentation. Instead of W-2s or tax returns, we use your bank statements to verify income, making it simpler for you to qualify for a mortgage based on your actual cash flow.
-
Debt Service Coverage Ratio (DSCR) Loans are tailored for real estate investors. These loans focus on the cash flow generated by the property rather than personal income. By assessing the rental income versus the debt obligations, we determine your eligibility, making it an excellent option for expanding your investment portfolio.
-
Asset Depletion Loans allow you to qualify for a mortgage based on your liquid assets. This program is perfect for retirees or individuals with substantial savings but limited regular income. By converting your assets into a stream of income, we help you secure the financing you need without relying on traditional income documentation.
These loan programs provide flexible options to cater to various financial situations, making it easier for you to find the right mortgage solution.
-
A rehab loan, short for rehabilitation loan, is a type of mortgage that provides financing to cover both the purchase price of a home and the cost of renovations or repairs needed to rehabilitate the property.
Rehab loans can be beneficial for buyers looking to purchase homes in need of repair or renovation without having to pay for these costs out of pocket upfront. They provide a financing solution that incorporates both the purchase and improvement aspects of a property into one loan package.
Our list of available loan programs is extensive, but there may be other options that could be a perfect fit for your needs.
To explore the best choices for you, we encourage you to set up a call with one of our friendly and knowledgeable team members. We're here to help guide you through every step of the process and find the ideal solution for your unique situation.
Contact us today to get started.
Questions? We can help.
Please use the form below to connect. We do our best to respond the same business day. We look forward to assisting you with your lending needs.