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VA Mortgages
VA mortgages allow Veterans to buy real estate with no down payment required, providing excellent rates and terms. These loans are well-suited for both new purchases and refinances, making homeownership more accessible for those who have served our country.
- Down Payment: None required
- Credit Score: No minimum required
- Eligibility: Must be a Veteran
- Cash-Out Refinance Limit: Up to 100% of the property value
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Conventional Mortgages
Conventional mortgages, backed by Fannie Mae and Freddie Mac, offer attractive rates and terms for borrowers with strong credit profiles. These loans are a great choice for both purchasing a new home and refinancing an existing mortgage.
- Down Payment: Typically 3-5%, depending on the program
- Minimum Credit Score: 620
- Maximum Debt-to-Income Ratio: Can go up to 50%, depending on the program
- Cash-Out Refinance Limit: Up to 80% of the property’s value
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FHA Mortgages
FHA mortgages are designed for borrowers with a lower credit score or a limited down payment. These loans are also an excellent option for those who have faced credit challenges such as foreclosure or bankruptcy. FHA loans can be used to purchase and refinance a home.
- Minimum Down Payment: 3.5%
- Minimum Credit Score: 580 (or 550 with a 10% down payment)
- Maximum Debt-to-Income Ratio: Up to 56.9%
- Cash-Out Refinance Limit: Up to 85% of the property’s value
NON QM
Bank Statement Mortgage Loans
Bank statement loans are designed for self-employed individuals with significant tax deductions that reduce their taxable income. Instead of traditional tax returns, lenders will use 12 to 24 months of bank statements to assess and qualify your income, making it easier to secure financing based on actual cash flow.
DSCR Mortgage Loans
DSCR (Debt Service Coverage Ratio) loans are tailored for real estate investors who rely on rental property income. These loans determine qualifying income based on the cash flow generated by the property, or a rental appraisal estimate can be used if the property is currently vacant.
Fix and Flip Mortgage Loans
Fix and flip loans provide short-term financing for real estate investors looking to purchase, renovate, and quickly resell properties. These loans are typically structured for a one-year term with interest-only payments during rehab, allowing investors to focus on property improvements and quick turnovers.
1099 Only Mortgage Loans
1099-only mortgage loans are specifically for self-employed contractors who receive income through 1099 forms and may have significant tax deductions. Instead of traditional tax returns, lenders use the 1099 form to qualify income, making it easier for contractors to obtain financing.
Asset Qualifier Mortgage Loans
Asset qualifier mortgage loans, also known as asset-based or asset depletion loans, allow borrowers to qualify for a mortgage based on their liquid assets rather than traditional income. This option is ideal for individuals with substantial savings or investments who may not have regular income streams.
Foreign National Mortgage Loans
Foreign national mortgage loans are available for non-U.S. residents who wish to purchase a second home in the United States. These loans offer a pathway to homeownership for international buyers who may not have a U.S. credit history.
ITIN Mortgage Loans
ITIN mortgage loans cater to immigrants who do not have a Social Security number but have an Individual Taxpayer Identification Number (ITIN). These loans use the ITIN for credit qualification, providing a valuable option for those looking to buy a home in the U.S.
VOE Only Mortgage Loans
VOE (Verification of Employment) only mortgage loans are for borrowers who prefer employment verification instead of paystubs to qualify. This program is particularly beneficial for those with variable income, such as those with recent overtime or bonus income that may not be reflected in regular paystubs.
P and L Only Mortgage Loans
P and L-only mortgages, sometimes called lite doc mortgages, are designed for self-employed individuals without current tax returns. An accountant's certified profit and loss statement determines qualifying income, making this a suitable option for entrepreneurs.
Alt-A Mortgage Loans
Alt-A mortgage loans, also known as near-miss programs, are ideal for borrowers close to qualifying for a conventional mortgage but fall short due to minor credit issues or other factors. These loans provide a flexible alternative for those who need slightly different terms to qualify.
Stated Income Mortgage Loans
Stated income mortgages, also called community mortgages, are for borrowers with difficult-to-document income. These loans rely on the borrower's assets and credit history for qualification rather than traditional income documentation, making them ideal for those with unconventional financial situations.
Bankruptcy and Foreclosure Loans
Bankruptcy and foreclosure loans provide an option for borrowers looking to buy a home or refinance after experiencing bankruptcy or foreclosure. These loans are designed to accommodate those who do not meet the minimum waiting periods required by conventional mortgages.
Non-Warrantable Condo Loans
Non-warrantable condo loans are available for purchasing condos that do not meet the approval criteria for traditional mortgage financing, such as condotels or other unique properties. These loans provide financing solutions for properties that are otherwise difficult to finance.
Cannabis Loans
Cannabis loans are designed for business owners in the marijuana industry who face challenges in securing traditional mortgage financing due to the nature of their work. Note that employees of cannabis businesses may still qualify for traditional mortgage loans.
