Mortgage Programs

Mortgage
Programs
Simplified

Conforming Conventional

Conforming conventional loans follow lending rules set by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac).

Most common loan type

Down Payment

Minimum FICO Score

Recommended

Residency Type

Primary, Secondary & Investment Properties

Mortgage Insurance Requirements

Private Mortgage Insurance (PMI)

Waives PMI

Upfront

Annually*

PMI is automatically removed from the loan when the LTV reaches

*PMI range varies based largely on the LTV and Representative Credit Score, but other factors may apply.

Conforming loan limit varies by county.

Fixed & Adjustable Rates available.

Terms of 30 Years, 15 Years, or Other available.

Most Banks require “Reserves Money” at least 2 months PITI in liquid assets.
FHA

FHA loans are loans from private lenders that are regulated and insured by the Federal Housing Administration (FHA), a government agency.

First-time homebuyers may find that an FHA loan is the most affordable mortgage option.

Down Payment

Minimum FICO Score

Recommended

Residency Type

Primary Residence

Mortgage Insurance Requirements

Mortgage Insurance Premium (MIP)

Upfront

Typically lasts the life of the loan

Annually*

unless 10% down after 11 years

*Can range from .45% - 1.05%

FHA loan limit varies by county.

Allow lower credit scores than most conventional loans.

Fixed & Adjustable Rates available.

The home must meet the FHA's minimum property requirements and be your primary residence.

FHA loans are designed to make homeownership more attainable for low- and moderate-income earners.
USDA

USDA loans are mortgages backed by the U.S. Department of Agriculture as part of its Rural Development Guaranteed Housing Loan program.

USDA loans are available to home buyers with low–to–average income. They offer financing with no down payment, reduced mortgage insurance, and below–market mortgage rates.

USDA eligibility is based on the buyer and the property location.

For qualifying borrowers in rural and suburban areas that are within the specified income limits.

Down Payment

*For qualifying borrowers

Minimum FICO Score

Recommended

Residency Type

Primary Residence

Mortgage Insurance Requirements

Mortgage Insurance Premium (MIP)

Upfront

Typically lasts the life of the loan

Annually*

unless 10% down after 11 years

*Can range from .45% - 1.05%

First-Time Buyer Friendly.

USDA Rural Loans can be used by first-time buyers and repeat home buyers alike.

30 Year Fixed Rate Mortgage only.

No Homeowner Counseling Required.

Insured by the U.S. Department of Agriculture.

Via the USDA, you can finance 100% of a home’s purchase price while getting access to better-than-average mortgage rates.
VA

A VA loan is a mortgage loan available through a program established by the U.S. Department of Veterans Affairs (VA). With VA loans, veterans, service members, and their surviving spouses can purchase homes with little to no down payment and no private mortgage insurance and generally get a competitive interest rate.

Available to veterans, active-duty service members, and eligible spouses.

Down Payment

*Purchase or refinance at 100% of the home's value

Minimum FICO Score

Recommended

Residency Type

Primary Residence

Mortgage Insurance Requirements

Funding Fee

Upfront*

Monthly

*Can vary based on down payment and previous use

Fixed & Adjustable Rates available.

VA guidelines are more flexible compared to other loan programs.

Most VA loans are “assumable” which means you can transfer your VA loan to a future buyer if that person is also VA-eligible.

Seller can pay up to 6% Closing Costs.

Refinancing is fast and easy with VA Streamline refinancing.
Jumbo Loans

A jumbo loan, also known as a jumbo mortgage, is a type of financing that exceeds the limits set by the Federal Housing Finance Agency (FHFA). Unlike conventional mortgages, a jumbo loan is not eligible to be purchased, guaranteed, or securitized by Fannie Mae or Freddie Mac.

Utilized for large loans that exceed the typical conforming loan limits.

Down Payment

Minimum FICO Score

Recommended

Residency Type

Primary, Secondary & Investment Properties

Mortgage Insurance Requirements

Varies based on specific program and down payment

*PMI range varies based largely on the LTV and Representative Credit Score, but other factors may apply.

Eliminates Having to Obtain Multiple Loans.

Homeowners must undergo more rigorous credit requirements than those applying for a conventional loan.

Approval requires a stellar credit score and a very low debt-to-income ratio.
Non-QM Loans

A non-qualified mortgage - or non-QM - is a home loan that is not required to meet agency-standard documentation requirements as outlined by the Consumer Financial Protection Bureau (CFPB).

For borrowers who do need more flexibility on loan eligibility requirements.

Varies based on specific program

Down Payment

Varies based on specific program

Minimum FICO Score

Recommended

Residency Type

Primary, Secondary & Investment Properties

Mortgage Insurance Requirements
Here are the most common reasons a non-qm mortgage is used:

Low credit score or recent credit event (bankruptcy, foreclosure, short sale)

Business owners who have unique income on tax returns.

Real estate investors looking to get approved based on property cash flow.

Unique property type.

Foreign national with limited or no history in the US.
Depending on your situation, you may fall into one of several cases where a portfolio loan or non-QM loan will be needed.

Mortgage Rates

Fixed Rate VS Adjustable Rate

30-Year
Fixed Rate

A 30-year fixed rate mortgage features a steady interest rate throughout its lifetime. Spanning three decades, homeowners with this mortgage can look forward to consistent monthly payments for many years to come, which can provide peace of mind and help them budget their finances. Conforming Loan limit values range from county to county and adjust each year. For more information, reach out to us today!

15-Year
Fixed Rate

A 15-year fixed rate mortgage is similar to a 30-year fixed rate mortgage in many respects. A conforming 15-year fixed rate loan provides a consistent rate throughout its lifetime, giving you secure and predictable monthly mortgage payments. Conforming Loan limit values range from county to county and adjust each year. For more information, reach out to us today!

Adjustable
Rate

An adjustable rate mortgage (ARM) is a home loan with an interest rate that changes after a fixed amount of time—usually 5-7 years. Adjustable rate mortgages typically offer lower interest rates and lower monthly payments than a fixed rate mortgage. After the allotted time passes, the rate may adjust and your monthly mortgage payments will adjust accordingly.

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Refinance

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Our Process

Step-By-Step

We aim to make the mortgage process easy-to-understand for you and your family.

Step 1

Documentation

We will collect pertinent personal and financial documents and ask that you don't change any aspects of your financial picture.

Step 2

Appraisal

A licensed 3rd party appraiser will estimate the value of the home you plan to purchase to make sure the home is worth the price that is being offered.

Step 3

Underwriting

Documents will be reviewed and then prepared in order to organize, qualify and verify the information.

Step 4

Conditional Approval

The first sign that your mortgage loan is slated for approval, after an initial review by the Underwriter. Approval will be validated if certain conditions are met.

Step 5

Clear to Close

You’ve met the requirements and conditions to close on your mortgage. Your lender will also assemble any final documents that you’ll need to sign on your closing date.

Step 6

Closing

Sign the title documents and receive the keys. Congratulations!

Calculators

Determine your Needs

Our helpful tool will guide you in your decision making process

Explore Calculators

MortgageProgramsSimplified

Conforming Conventional

FHA

USDA

VA

Jumbo Loans

Non-QM Loans