Residential and Commercial Loans

At Vesta Capital, we want to connect you with the loan that’s right for you. We also believe you should have access to loans despite your tax status or verifiable income, which is why we have an alternative documentation loan program. This program is available for those who are applying for both residential loans and commercial loans.

We offer loans to those who are looking to purchase property and we also offer cash out refinance loans to those who already own a home. Whether you need a first-time home buyer loan for a starter condo or you need a jumbo mortgage loan for your dream forever home, we’ve got you covered. Learn more about some of our loan products below.

Conventional Loans

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. The ability to qualify for a conventional mortgage or home loan requires a minimum credit score of 620. For those with good credit scores from 700 plus will qualify for a better rate. We do offer a lender paid PMI where the PMI is paid upfront and added to the rate. The debt-to-income (DTI) that lenders usually require is from 45-50% depending on LTV and credit score. Ask your mortgage broker to review your specific home loan situation.

Jumbo Loans

Jumbo loans start at $726,200, usually requires higher credit score, lower debt to income with loan to value to 90%. Also called non-conforming conventional mortgages, jumbo loans are considered riskier for lenders because these loans can’t be guaranteed by Fannie Mae and Freddie Mac, meaning the lender is not protected from losses if a borrower defaults. Jumbo loans are typically available with either a fixed interest rate or an adjustable rate, and they come with a variety of terms. Our rates are very competitive and in some cases pricing is better than conventional loans. Even if over 80% LTV, jumbo loans do not require any PMI. Lenders may require your FICO score to be higher than 700, and sometimes as high as 720, to qualify for a jumbo loan. Lenders will require borrowers to show they have enough cash reserves to cover 6 months to 1 year of mortgage payments. The max DTI ratios requirements is lower than a conventional loan with a max DTI between 43% to 45%.

Alt-A Loans

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. We have Innovative Non-QM programs to help you purchase or refinance any property you want.

Highlights include:

-Bank Statement- 12 months of personal or business bank statements used for income. We normally use 50% of total deposits for income and the max debt to income ratio is 50%. We can go to 90% on a purchase, rate and term refinance and 80% on a cash out loan.

-Asset Depreciation- Asset used for income. Normally at least 1x the loan amount is required to qualify.

-DSCR- (Debt Service Coverage Ratio)- for investment properties only. We use the total rents of the property to qualify. You use to total rents minus 25% for expenses. We can go as low as .75% of the net rents used to qualify and can up to 85% loan to value, 1-4 family units, condos qualify with loans up to 4 million.

-1099 Only- If you receive a 1099 for income, we can use only your 1099 for income to qualify excluding any taxes showing any write offs.

-State income- this is for primary and or investment properties. This is for borrowers whose bank statements do not show deposits and or the property doesn’t debt service. 12 months assets is required for this program and can go up to 80% LTV in most cases.