Understanding what is available for you is a critical step in home buying process. This section will give you an insight as to what loan options are available for you.
Loan Options Explained
Investor DSCR mortgage loans are a type of non-qualified mortgage that allows real estate investors to secure financing for their investment properties based on the property’s ability to generate sufficient income to cover the mortgage payments and other debt obligations
Down payment assistance programs are available in the form of loans, grants, and other programs to help homebuyers meet their down payment requirements and increase mortgage affordability
A renovation home loan is a type of loan that provides funding specifically for home improvement projects. It allows you to finance renovations without tapping into personal savings. You can include up to six months’ worth of principal, interest, taxes and insurance in your renovation financing so you can live somewhere else during any major construction work
A conventional mortgage loan is a type of home loan that is not directly insured by a government program, and is available through or guaranteed by a private lender or the two government-sponsored enterprises (GSEs): Fannie Mae and Freddie Mac. Minimum 3% and up down payment to qualify.
FHA loans are government-backed mortgages that offer low down payments minimum of 3.5%, low closing costs, and easy credit qualifying for people who want to buy a home or refinance
VA home loans are a benefit provided by the US Department of Veterans Affairs to help eligible veterans, servicemembers, and surviving spouses become homeowners by providing a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy. Zero down payment
The USDA Rural Development Home Loans program provides mortgage loans and grants to individuals in rural areas to buy, build, repair, own, or rent safe and affordable homes located in rural areas based on income eligibility. Zero down Payment
A conventional mortgage loan is a type of home loan that is not directly insured by a government program, and is available through or guaranteed by a private lender or the two government-sponsored enterprises (GSEs): Fannie Mae and Freddie Mac. Depending on the location an upper limit 766,550.00 or greater.
Allow self-employed borrowers to apply for a home loan without having to provide pay stubs and W-2's from the past two years of employment.
Private money loan, is a type of short-term financing option that is secured by real estate. These loans are typically provided by private investors or private lending institutions rather than traditional banks or mortgage lenders.
A manufactured home is a mortgage eligible for Conventional, FHA, VA, and USDA with approved lender. This loan is designed to assist homebuyers who have low to moderate incomes. The advantage of a manufactured home loan is that securing one requires a lower down payment than is demanded for most other forms of mortgage loans. It's also possible to qualify for a manufactured home loan with a lower credit score than is usually accepted for a conventional home loan. The manufacture must be built prior to 1976, additional qualification is required.
A home equity line of credit, or HELOC, is a second mortgage that gives you access to cash based on the value of your home. (It can also be a primary mortgage if you own your home outright.) You borrow against your equity, which is the home’s value minus the amount you owe on the primary mortgage
Construction-to-permanent financing is a type of loan which allows you to build or renovate your home. When the construction process concludes, this loan rolls over into a traditional mortgage without you having to go through another closing. You’ll only have to pay for one set of closing costs.