Mortgages can be overwhelming… We’re here to help you weigh your options and decide what makes the most sense for your situation if you’re purchasing a new home or refinancing your current mortgage. Each program is capable of accomplishing a home purchase, rate and term refinance and cash-out. Give us a call or email to help walk through each one and see which is right for you.
Conventional loans are the most strict with regards to credit requirements. They are best used when you have a high credit score and decent equity. Some key advantages of this program are that they allow down payments as low as 3% and offer no mortgage insurance with 20% or greater equity.
FHA loans are more flexible on their credit requirements. This program is best used when your credit scores are in the middle to low range. Some key advantages of this program are that it does not penalize lower credit scores as much as conventional loans and offers 3.5% down on purchases.
VA loans are exclusive to qualified active duty personnel and veterans. This program is a mixture of a conventional loan and FHA loan. VA loans do not have mortgage insurance, are flexible on their credit requirements and do not penalize middle to lower credit scores as much. They also offer financing up to 100% in most situations.
Non-QM loans are loans that are not insured by government entities. This gives them the freedom to use alternative methods of qualifying. If you’re self-employed, we can use bank statements to evaluate your cash flow instead of relying on your tax returns like traditional loans. If you’re an investor, we can qualify you without any income documents to buy a rental property by only evaluating the Debt Service Coverage Ratio (DSCR) of that property. The options with these programs are very wide but do generally cost more than traditional loans because they are not insured directly by the government.
We offer flexible loan terms that range from 8-30 years. If you don’t want to lose the progress you’ve already made on your mortgage, we can set a custom term to keep the progress you’ve made.
Home Purchase Road Map
Purchase loans can seem more daunting than refinances because you have more steps, inspections, and other steps involved. We’ve put together a helpful Roadmap to help give you an overview of the process!