top of page
Leasing a Home

Loan Programs

Self-employed

For Self-employed individuals who have amazing tax preparers, I have solutions for you.

 

  • No tax return options for self-employed borrowers

  • 10-15% minimum down payments

  • Financial reserves vary per scenario

  • Ideal for buyers who aren't approved for what they need using traditional underwriting. 

​

​

HELOCS/ EQUITY LOANS/BRIDGE LOANS

  • HELOC 's down to 640 FICO scores

  • Equity Loans - 10yr/20yr/30yr terms available 

  • Combined loan to value dependent on occupancy and credit.

  • Private money 2nd liens available for those in more challenged credit situations. These lenders will typically not allow total combined  

  • Bridge loans on departing residence 

Land Loans

  • Traditional documents or alternative documentation can be used for loan qualification

  • 20yr Term MAX

  • 660 Minimum FICO Score

  • Minimum 35% down payment 

  • 100k minimum loan / 825k max loan

  • No prepayments/ No reserves/ No gifts 

​

​

Private or Hard Money

  • Case by case basis

  • 25%-30% down depending on parameters of loan

Investor

  • DSCR Loans

    • down to .75 DSCR​

  • Fix and Flip financing

  • Bridge Loans

  • Private/hard money 

  • Ground-up Construction loans on case-by- case 

​

If there are any specific products you are looking for that you don't see here, please let me know. 

Reverse 

  • Reverse mortgage refinance or purchase is available for borrowers who are 62+ and meet all loan requirements.  These loans establish equity/down payment requirements based on the borrowers age and current interest rates. 

     

  • The benefit of using this program is that it does NOT require monthly payments. In fact, depending on the equity available in the home, the borrowers may continue to live in the home and have the mortgage company open a line of credit for them, establish tenure or term payments, or deliver a lump sum distribution to the borrower. 
     

  • ​

Conventional

ADVANTAGES

  • Tends to provide the best cash flow for higher FICO score applicants as compared to other options

  • Mortgage insurance is removable 

    • without refinancing the loan*

  • Best long term loan available for most non-military applicants.

  • Lower Costs:

    • Conventional loans often have lower upfront mortgage insurance costs and ongoing private mortgage insurance (PMI) premiums.

  • No Upfront Funding Fee:

    • Conventional loans do not require an upfront funding fee, unlike FHA loans.

​

Disadvantages

  • Can be more expensive than other options for FICO Scores ≤ 720

  • May not provide the best cashflow for financing a condominium with minimum down payment.

  • Stricter qualification requirements 

FHA 

​ADVANTAGES

  • Lower Down Payment:

    • ​FHA loans typically require a lower down payment, often as low as 3.5% of the home's purchase price.

  • Lower Credit Score Requirements:

    • ​FHA loans may be available to borrowers with lower credit scores compared to conventional loans.

  • Government Backing: FHA loans are backed by the federal government, providing lenders with more confidence to approve riskier borrowers or riskier loans with higher debt to income ratio

  • Lowest Down payment option for Multi-unit primary residences

    • 2-4 unit, primary residences require only â€‹a 3.5% down payment 
       

​

    •  

Disadvantages 

  • Mortgage Insurance Premiums (MIP):

    • FHA loans require both an upfront and ongoing mortgage insurance premium, increasing the overall cost of the loan.

  • Loan Limits:

    • FHA has limits on how much you can borrow, which may not be sufficient for more expensive homes in certain areas.

  • Property Requirements:

    • FHA loans have stricter property condition requirements, potentially limiting the types of homes you can purchase with this loan.

​​

Veterans Affairs

​

  • No Down Payment Required:

    • VA loans typically allow eligible veterans and service members to purchase a home with no down payment. This can make homeownership more accessible, as borrowers don't need to save for a substantial down payment.

    • ​

  •  Competitive Interest Rates:

    • ​VA loans often offer competitive interest rates, which can result in lower monthly mortgage payments compared to other loan types. The Department of Veterans Affairs backs these loans, reducing the risk for lenders, which can lead to more favorable terms for borrowers.

    • ​

  • No Private Mortgage Insurance (PMI):

    • VA loans do not require private mortgage insurance (PMI), even with no down payment. This can save borrowers hundreds of dollars each month compared to loans that require PMI, such as conventional loans with less than a 20% down payment.

​

​​​

It's important to note that while VA loans offer these advantages, they are exclusively available to eligible veterans, active-duty service members, and certain members of the National Guard and Reserves, making them a valuable benefit for those who have served in the military.

​

USDA

If you live in a rural area and meet certain income requirements, you may be eligible for a USDA home loan. USDA home loans are low-interest, 0%-down mortgage loans that are guaranteed by the US Department of Agriculture through its Rural Development Guaranteed Housing Loan program.

​

Because these loans are backed by the government, they offer more affordable terms with the goal of helping low- to moderate-income rural residents who cannot afford more expensive conventional home mortgage loans.

​

​

bottom of page