Loan Programs

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Loan programs

FHA Loans

These are loans insured by the government through the Federal Housing Administration (FHA). With more flexible requirements such as down payment as low as 3.5% and more lenient credit scores, it may make it easier for you to buy your dream home. Debt to income ratios and credit scores are more forgiving for this product. FHA has maximum loan amounts per county and for 2024 the loan amount for most of the country is $ 498,257.

Conventional Loans

A conventional loan or “conforming loan” is a loan that follows Fannie Mae and Freddie Mac guidelines. With as low as 3% down payment and exceptional credit, you can obtain a Conventional loan, however, 5% down payment is the most common type of loan as it provides more favorable debt to income ratios. With a conventional loan you can put 20% down payment or more and avoid mortgage insurance. I will guide you to decide what is the best option for your situation. Conventional loans have maximum loan amounts per county and for 2024 the loan amount for most of the country is $ 766,550.

VA Loans

USDA Loans

Provided by the United States Department of Agriculture for properties located in rural areas or outside city limits. No down payment is required, and low closing costs are another benefit of this type of loan. For 2024, most of the U.S. has a limit of $766,550 for a single 1-unit property.

Jumbo Loans

This is a loan that exceeds the “conforming loan limits” as set by FNMA and Freddie Mac. In 2024, any loan above $766,500 is considered a Jumbo Loan. Rates are typically higher because these types of loans CAN NOT be sold in the secondary market, so they are riskier for the lenders. They also require larger down payments and tighter debt to income ratios. Each lender has its own guidelines. I will help you decide what lender provides the best program for your needs. I can provide jumbo loans up to $5,0000,000.

15 years or 30 years loan and even flexible terms

At the time of purchase or refinance, you can decide the term for your loan. The shorter the term, the higher your monthly payment would be and the lower your rate is. On a fixed rate mortgage, your monthly payments never change as the rate is constant.

Reverse Mortgages

A Reverse mortgage is a loan for seniors aged 62 and older. HECM reverse mortgage loans are insured by the Federal Housing Administration (FHA) and allow homeowners to convert their home equity into cash. Whether you have a mortgage or your house is paid in full, you can have access to this type of loan. Your disbursement can be structured to be received in a lump sum OR it can be received in equal installments.