LOAN PROGRAMS
In any circumstance, we offer tailored loan programs to suit your needs. Explore the information below to determine which program aligns with your requirements. Should you not find an option tailored to your specific situation, please do not hesitate to contact us, and we will jump into finding a solution for your needs!
QUALIFIED MORTGAGE LOANS
Conventional
Conventional home loans are a popular choice for many homebuyers. They typically require a higher score and a larger down payment than government-backed loans, but can offer flexibility in terms of loan and repayment options. If you're considering a conventional home loan, it's important to do your research and compare options to find the best fit for your financial situation.
Down Payment Assistance (DPA)
A down payment assistance program can be a great for those who are struggling to save up a down payment on a home. By providing financial assistance, these programs can help make homeownership more accessible and affordable. Additionally, some programs may offer other benefits such as lower rates or reduced closing costs.
FHA
FHA loans are government-backed mortgages that are designed to help people with lower credit scores or smaller down payments to buy a home. They offer more lenient credit requirements and lower down payment options than traditional mortgages. If you're buying a home, an FHA loan might be a good for you.
USDA
USDA loans, supported by the United States Department of Agriculture, are designed to promote homeownership in rural and certain suburban areas for low-to-moderate-income individuals. They offer the unique benefit of zero down payment, making them an ideal choice for eligible homebuyers who might struggle with upfront costs. USDA loans also typically feature lower interest rates and mortgage insurance costs compared to conventional loans.
VA
VA loans are a popular option for those who have served in the military or are currently. These loans offer benefits such as no payment, lower interest rates, and no private insurance. They can be a great for those who qualify and are looking to purchase a home.
Essential Workers
A Down Payment Assistance (DPA) loan tailored for first responders, teachers, police, firemen, charity workers, nurses, doctors, and public workers offers a unique pathway to homeownership. These specialized DPA programs provide forgivable grants to assist these vital community members in purchasing homes. The program is designed to make homeownership more attainable and affordable for these dedicated professionals.
NON-QUALIFIED MORTGAGE LOANS
Reverse Mortgage
A financial product typically available to homeowners aged 62 and older. Unlike traditional mortgages where the homeowner makes monthly payments to the lender, in a reverse mortgage, the lender pays the homeowner.
VOE Only
A Verification of Employment Only Loan streamlines the mortgage application process by focusing primarily on the borrower's employment status. This program simplifies the documentation required, usually necessitating only a verification of employment from the borrower's employer, rather than extensive income documentation. It's an ideal solution for borrowers who have stable and verifiable employment but may not easily document their income through traditional means.
Land
A land loan is a type of financing specifically designed to help individuals or developers purchase vacant land. Unlike traditional mortgages that are used to purchase homes or buildings, land loans are intended solely for the acquisition of undeveloped land.
DSCR
Debt Service Coverage Ratio loans are a type of financing often used in commercial real estate. The DSCR is a financial metric that measures a property's ability to generate enough income to cover its debt obligations, including loan payments. These loans are commonly used for income-producing properties like apartment buildings, office complexes, or shopping centers.
P&L Only
A Profit and Loss Only Loan offers a specialized mortgage solution tailored for self-employed individuals and business owners. This program allows borrowers to qualify for a loan based on their self-prepared or accountant-certified profit and loss statements, bypassing the need for traditional income documentation like tax returns. It's designed to accommodate the unique financial scenarios of entrepreneurs who may have complex income structures that are not reflected in standard documentation.
ITIN
A Individual Taxpayer Identification Number loan are specialized mortgage options designed for individuals who may not have traditional U.S. citizenship or residency status but do have a valid ITIN status. These loans provide a means for non-citizens, including undocumented immigrants, to obtain home financing.
Bank Statement
A type of mortgage that allows borrowers to qualify for a loan based on their bank statements rather than traditional income documentation such as tax returns or pay stubs. These loans are typically used by self-employed individuals or those with non-traditional sources of income who may have difficulty providing standard income verification.
Construction
A type of short-term financing used to fund the construction or renovation of a property. Construction loans are often used by individuals or developers building custom homes, renovating existing properties, or constructing commercial buildings. They can provide flexibility and control over the construction process by allowing borrowers to access funds as needed and only pay interest on the amount drawn.
Hard Money
A hard money loan is a type of short-term financing typically used by real estate investors or individuals who need quick access to funds and may not qualify for traditional bank loans. These loans are secured by the value of the property being purchased rather than the borrower's creditworthiness or income.
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