Loan Types

Conventional Loans

A mortgage not insured or secured by a government entity. It is issued based on guidelines of the (GSEs) Government Sponsored Enterprises. Fannie Mae and Freddie Mac, These loans offer down payments from 3% up.

They can be used for a primary residence, second (vacation) home, or investment property. Loan limits vary by county and will change annually.

HELOC / Equity Lines

A home equity line of credit, also known as a HELOC, is a line of credit secured by your home. This can be used to make large purchases, consolidate debt or when purchasing a home to assist in eliminating mortgage insurance premiums.

Renovation Loans

Finance both the purchase price of the house and the cost for repairs.

Construction Loans

A short-term interim loan for financing the cost of construction. The lender advances funds to the builder at periodic intervals as the work progresses. Once the construction has been completed the loan typically is converted or refinanced to traditional longer-term loans.

VA Loans

Zero down or low down payment loan guaranteed by the Department of Veterans Affairs. Available only to individuals eligible by military service or other entitlements. Loan amounts can exceed 1MM without mortgage insurance. Requires the borrower to occupy the home as a primary residence. Can be used on 1 to 4 family homes and approved condominiums.

Jumbo Loans

A loan that is larger than conventional loan limits set by the Federal Housing Finance Agency (FHFA).

FHA Loans

A loan insured by the Federal Housing Administration is open to all qualified home purchasers and requires two forms of mortgage insurance. FHA loans allow for 3.5% down payment with a 580 credit score or 10% down for 500-579 scored borrowers. Loan limits for the FHA loan program vary by county and change yearly. Requires the borrower to occupy the home as a primary residence. Can be used on 1 to 4 family homes and approved condominiums.

USDA Loans

Zero down or low down payment loan guaranteed by the US Department of Agriculture and allows for low to moderate-income loans in rural areas. This program like the FHA has 2 forms of mortgage insurance. The USDA does not have score criteria, 640 appears to be the score needed. This program is very address-specific ( Eligible Homes) and will require verification a home is in an approved area.

Low Document / Stated Loans

Low/no documentation loan allows a borrower applying for a mortgage to provide little or no information regarding their employment, income, or assets. Typically available for self-employed, 1099, or tipped service workers these loans allow for various alternative income verification.