LOOKING TO BUY A HOME OR REFINANCE?
Your Financing Options
The conventional loan is your standard mortgage product and has down payment options as low as 5% down with about half the mortgage insurance as an FHA loan. To have no added mortgage insurance the 20% down option is what you'd want and usually gets you a slightly better rate as well. With fixed terms that range from 30 years down to 10 years you can easily find the perfect mortgage for your budget. Reach out today and see which lenders have the best rate for your scenario.
Jumbo loans are mortgages that exceed your counties conforming loan limit which you can easily find on google. We can typically find you a mortgage up to 3 million with rates close to your standard conventional loan. With home prices skyrocketing the jumbo loan product is becoming more and more common so don't let the jumbo word discourage you, Lenders are making them more and more accessible. A jumbo loan is also a great way to keep more money in your pocket in case you are wanting money for renovations or use to invest in more properties.
FHA and VA mortgages
FHA and VA mortgage loans are fully backed and insured by the government. That means less risk for the lender which results in lower interest rates. However for an FHA loan you pay an up front mortgage insurance premium of 1.75% and a monthly currently of .8% which can increase your monthly payment. When in an FHA loan you will want to eventually refi into a conventional loan to drop the private mortgage insurance (PMI) once you reach 20% equity (80% LTV). VA loans on the other hand do not carry PMI and if you have a service disability rating with the VA you would be fully exempt from the funding fee. VA funding fees can vary depending on the type of loan. (purchase, cash out, or IRRRL) Call us today to find the best option for you.
DSCR Program for Rentals
The DSCR program is a debt service coverage ratio loan that requires no personal income. Down payments as low as 15%. You qualify as long as your new monthly payment will be equal to or less than the estimated rent. Most lenders will require you to show at least 12 months of reserves just in case you don't end up renting for awhile.
Bank Statement Program
The bank statement program is great if you are self employed and don't show a lot of income. You have the option of showing either 12 or 24 months of bank statements and the underwriters will use 50% of all eligible deposits as your income. 12 months requires a minimum of 15% down but the 24 months can go as low as 10% down.