A conventional mortgage is a home loan that isn’t guaranteed or insured by the federal government. Conventional mortgages that conform to the requirements set forth by Fannie Mae and Freddie Mac typically require down payments of at least 3%. Borrowers who put at least 20% down do not have to pay mortgage insurance premiums, which are typically required with FHA loans.
Loan amount above $453,100, usually requires higher credit score, lower debt to income with LTV's to 90%. Our rates are very competitive and in some cases pricing is better then conventional loans.
The VA loan is a $0 down payment mortgage option available to Veterans, Service Members and select military spouses. VA loans are issued by private lenders and guaranteed by the U.S. Department of Veterans Affairs (VA). VA offers cash out refinances up to 100% LTV, and streamline refinances are available under VA IRRRL program.
An FHA loan is a mortgage that’s insured by the Federal Housing Administration (FHA). They are popular especially among first time homebuyers because they allow down payments of 3.5% for credit scores of 580+. However, borrowers must pay mortgage insurance premiums, which protects the lender if a borrower defaults.
Borrowers can qualify for an FHA loan with a down payment as little as 3.5% for a credit score of 580 or higher. The borrower’s credit score can be between 500 – 579 if a 10% down payment is made. It’s important to remember though, that the lower the credit score, the higher the interest borrowers will receive.
Also known as alternative documentation loans. Most Alt-A loans aren’t typically full doc meaning you can use bank statements instead of tax returns and in some cases income can be stated not verified, and some kind of asset-based loan are available and interest only programs available under our Alt-A loans
A reverse mortgage is a type of home equity loan that’s reserved for older homeowners and does not require monthly mortgage payments. Instead, the loan is repaid after the borrower moves out or dies.
Reverse mortgages are often considered a last-resort source of income, but they have become a great retirement planning tool for many homeowners.