Mortgage Descriptions

Review the details below to learn more about what type of mortgage loan will work best for you,

Conventional Home Loans

1- to 4-unit primary residence

3% down payment for first-time home buyers; 5% for repeat buyers.
2% down payment assistance grant available for first time home buyers.
Funds may be gifted/seller assists allowed

Vacation Homes

10% minimum down payment.
Funds may be gifted/seller assists allowed.

Investment Properties

15% minimum down payment for 1-unit homes. 25% minimum down payment for 2- to 4-unit homes.
Must be deeded to the buyter. Cannot be deeded to an LLC.

Veterans Administration Loans

100% financing available. No cash reserve requirements
No application fees
No monthly mortgage insurance
VA funding fee may be financed into the mortgage
Funds may be gifted

Jumbo Loans

Residential mortgage loans above $726,200
Primary residence, vacation home, investment properties
10% minimum downpayment
Cash reserves required
Seller assists allowed up to 6%

FHA Loans

Primary residence only
3.5% minimum downpayment
Funds may be gifted/seller assists allowed
Funding fee may be financed into mortgage
Cash reserves may not be required
1- to 4-unit properties. Owner must occupy one unit.

USDA Home Loans

Primary Residence /1 Unit
100% Financing
Competitive Interest rates
Cash Out Refinance not allowed
Dwelling must be located in an eligible rural area
Upfront 1% Guarantee fee may be financed into the mortgage
Seller Assists up to 6% permitted

Commercial Real Estate Loans

A Commercial real estate loan is a mortgage secured by a lien on a commercial property.
They are generally made to investors such as corporations or organizations that own and operate commercial real estate.
Commercial real estate loans are offered by banks, independent lenders, insurance companies, pension funds, private investors, and other capital sources.
The Small Business Administration’s 504 Loan Program is a major source.
Lenders consider the nature of the collateral (the property being purchased), the creditworthiness of the borrower, and financial ratios when evaluating commercial real estate loans.
Commercial real estate loans have different rates and terms than residential mortgages.
Investors who desire to deed residential properties in an LLC must finance using a commercial real estate loan.

New Construction Loans

One closing
One interest rate (with the option to modify down if the market improves)
One down payment
Available on conventional loans, including adjustable rate mortgages
Minimum down payment
Lender facilitates communication with the builder and provides you with checklists for the project approval and builder approval to help keep the approval process moving.
No second approval needed. After the first approval, the borrower is good to go, helping to deliver a more seamless, efficient experience.
Float down option. Once the loan is complete, borrowers can float down to secure a lower interest rate if the market changes or stay locked in no matter how the market moves.
Initial interest-only payments. During the build period, the borrower can enjoy a lower, interest-only payment.

Less out-of-pocket expense. The borrower doesn’t have to pay for the build and then get a mortgage. The mortgage pays for the build.

Levels the playing field. Gives general contractors more freedom to build unique dream homes for their clients, rather than cookie-cutter developments.