Loan programs
We offer various types of financing options to meet different needs and
financial
situations.
Conventional
-
The minimum representative credit score is 620.
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The minimum down payment is 5%. The first time home buyer can go 3% down payment. More down
payment can help secure a better interest rate.
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Private mortgage insurance (PMI) is required if the down payment is less than 20%. PMI can be
removed once sufficient equity is built.
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Conforming loan limits
set by Fannie Mae and Freddie Mac. Loans above these limits are considered
jumbo loans.
FHA
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The minimum representative credit score is 520.
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The Minimum down payment is 3.5%.
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Requires both an upfront mortgage insurance premium (UFMIP) and an annual mortgage insurance
premium (MIP) even if 20% or more down payment has been made. MIP may not be removed.
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Subject to FHA loan limits, which vary by region and are determined based on local housing market
conditions.
VA
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Available to veterans, active-duty service members, and certain members of the National Guard
and Reserves.
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Must meet specific service requirements and obtain a Certificate of Eligibility (COE) from the
VA.
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0% down payment is available for eligible borrowers.
- No loan limits if you have full
entitlement.
- No Private Mortgage Insurance (PMI) required.
- VA funding fee can be financed.
USDA
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Available to low- to moderate-income buyers in eligible rural and suburban areas.
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For primary residence only, no money down.
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Meet
income eligibility
. Borrower’s income cannot exceed 115% of the median household income for
the area.
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Property must be located in
USDA-eligible areas
.
Jumbo
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Loan amount exceeds the conforming loan limits, which vary by geographic location.
- Minimum credit score of 640
- Debt-to-Income Ratio must be 45% or lower.
- Stricter income and asset verification processes.
- Additional reserves of up to 18 months' worth of expenses may be required.
Non QM (Alternative income)
- Designed for borrowers with unique financial situations
that don’t fit standard mortgage guidelines, such as self-employed individuals, investors, and those
with irregular income.
- Offers more flexible qualification criteria compared
to traditional loans.
- May accept alternative forms of income verification,
such as bank statements or asset-based qualifications.
- Interest rates is higher due to the increased risk to
the lenders.
- Includes flexible loan options, such as interest-only loans, loans with balloon payments, and others
not covered under Qualified Mortgages (QM) guidelines.
DSCR
- A Debt Service Coverage Ratio (DSCR) loan is designed
for real estate investors.
- For investment properties only.
- Based on the property’s rental income and property
debts rather than the borrower’s personal income.
- Not required to provide personal income documentation,
such as tax returns or pay stubs.