Loan Programs

We offer a variety of different mortgage products to meet a variety of needs, and our contracts with many different lending institutions means that we always offer innovative and competitively priced products. We understand that things can be tough and ever-changing these days, and we want to offer you a lending service that has a lot more to offer by giving you access to all our lenders through one bank. We don’t believe in strict one-size-fits-all guidelines like other banks do – like limiting access because of certain credit scores or acceptable debt – which is why you get access to all our lenders, who all have different rules, so you can find the one that’s right for you and greatly improve your chances of getting approved. While we can’t guarantee that every loan gets approved, we have the lenders, the products, and the experience to increase your chances of approval.

Review our Available Loan Products below

Or, Jump to a Product:

USDA | HomeReady | Multiple Property Program | Jumbo | Second | Construction | HomeStyle | Good Neighbor Next Door | FHA Refinance | VA | FHA | Non-QM

USDA Rural Development Loan Program

This product helps you finance your home with no money down through the Guaranteed Rural Housing (GRH) Loan Program, which has fixed-rate and fixed-term mortgage financing guaranteed by the U.S. government. It is ideal for low-income borrowers with interest in purchasing homes in rural areas.

Features and Benefits:

  • No down payment required
  • Closing costs may be financed on some transactions
  • Flexible credit standards
  • No reserve requirement
  • No limit on seller contributions

In order to qualify, the property must be located in an eligible rural area, and those interested must reach certain income limits. Programs are subject to change without notice, and underwriting terms and conditions, as well as some restrictions, may apply.

Term: 30 years

Maximum Amount: $453,100

HomeReady

A HomeReady™ mortgage is an affordable loan option that is well-suited for the modern homebuyer. HomeReady by Fannie Mae is the ideal loan for borrowers with good credit who have had some financial difficulties in the past that have made owning a home seem impossible.

Features and Benefits:

  • Income from a household member may help a borrower qualify
  • Non-occupying co-borrowers can help with the home purchase
  • Gifts, grants, and Community Seconds® can be used as a source of funds for down payment and closing costs on 1-unit properties
  • Additional sources of income could help qualify a borrower
  • Maximum loan-to-value (LTV) up to 97% on a new purchase of a single-family residence
  • Fixed-rate purchase and rate/term refinance

Income limits and other restrictions may apply. Borrowers are subject to credit approval. Programs are subject to change without notice. Underwriting terms and conditions apply. Online homeownership education required. HomeReady is a trademark of Fannie Mae.

Term: 30 years

Maximum Amount: $453,100

The Fannie Mae Multiple Property Program

This loan is specifically designed for borrowers who own 5-10 fully financed properties and is a fully amortizing, conforming first lien mortgage with flexible terms, 30- and 15-year fixed-rate options, and an adjustable-rate option with a 5-year fixed rate period.

Features and Benefits:

  • Second home and investment properties are both eligible
  • Interested party contributions of up to 9%
  • Financing on up to 75% of the value of your home when purchasing or 70% for rate/term references

Geographic, unit, and other restrictions apply. Programs are available only to qualified borrowers and are subject to change without notice. Underwriting terms and conditions, as well as some restrictions, may apply.

Tem: 30 years

Maximum Amount: $453,100

Jumbo Loans

We offer jumbo mortgages for those buyers who are looking for a way to finance their dream homes which require loans over $417,000. With our loans, you have maximum flexibility, low rates, and you can easily purchase or refinance your dream home.

Features and Benefits:

  • Fixed or adjustable rates
  • Loan amounts up to $3 million
  • Purchase, rate/term refinance, and cash-out refinance options for primary residences
  • Purchase and rate/term refinance options for second homes

Programs are only available to qualified borrowers and are subject to change without notice. Underwriting terms and conditions, as well as some restrictions, may apply.

Term: 30 years

Maximum Amount: $3,000,000

Second Mortgages

We value your ability to explore your financing options and give you the opportunity to combine a conventional first mortgage, which covers most of the purchase price, with a fixed-rate second mortgage.

Features and Benefits:

  • Avoid jumbo financing, which usually has limited availability and higher rates
  • Choose from purchase, rate-term, and cash-out refinance options
  • Purchase a home with a much lower down payment

Some restrictions may apply. All borrowers are subject to credit approval. Programs subject to change.

Construction Loans

We want to give you the opportunity to build your dream home. Our construction-to-permanent loan covers FHA, Conventional, and VA construction and provides financing for the home’s construction as well as the mortgage once construction is complete. This loan provides financing to purchase the lot or, if you already own it, to use your equity as a down payment.

Features and Benefits:

  • Pay closing costs and fees only once by combining construction and purchase loans
  • No need to requalify for a new loan once construction is complete
  • Loan amount based off the finished appraised value
  • Up to 12 months for complete construction of the home
  • Interest-only payments while the home is under construction
  • Rate for mortgage locked in before closing
  • Simple draw process with no set draw schedule

Programs are only available to qualified borrowers and are subject to change without notice. Underwriting terms and conditions, as well as some restrictions, may apply.

HomeStyle Renovation Loans

This loan is designed for those who see opportunity in homes and realize that any house can be a dream house with a little updating it. The Fannie Mae HomeStyle Renovation Mortgage combines the cost of a home with renovation and remodeling costs and finances it all in one loan in a simple process. At closing, all renovation funds are escrowed into an interest-earning account and after all renovation work is done, the remaining funds are used to pay down the principal balance of the loan.

Features and Benefits:

  • Finance your home and renovation costs with one low down payment
  • Escrow renovation funds into an interest-earning account and use to finance your soft costs
  • Refinance options also available

Programs are only available to qualified borrowers and are subject to change without notice. Underwriting terms and conditions, as well as some restrictions, may apply.

Term: 30 years

Maximum Amount: $453,100

Good Neighbor Next Door Program

The Good Neighbor Next Door program offers special financing to eligible law enforcement officers, teachers, firefighters, and emergency medical technicians. Those borrowers can simply purchase specific properties with an FHA mortgage and finance all reasonable and customary closing costs.

Features and Benefits:

Programs are only available to qualified borrowers and are subject to change without notice. Underwriting terms and conditions, as well as some restrictions, may apply.

Term: 30 years

Maximum Amount: $453,100

FHA Refinance

We offer FHA Streamline Refinance Loans to make refinancing easy for you. If you already have a Federal Housing Administration loan, you may qualify for a simple, money-saving way to reduce your interest rates.

Features and Benefits:

  • Lower monthly principal and interest payments
  • No income verification for non-credit qualified streamlined
  • Option to refinance without an appraisal
  • Subordinate financing may remain in place

Programs are only available to qualified borrowers and are subject to change without notice. Underwriting terms and conditions, as well as some restrictions, may apply.

Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $424,100 for the contiguous states, District of Columbia, and Puerto Rico or below $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $8,340. Jumbo Loans (whose maximum loan amount exceed $424,100 for the contiguous states, District of Columbia, and Puerto Rico or exceed $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.

VA Loans

Maximum Amount: $453,100 (Martin & St. Lucie) Or $529,000 (Monroe – The Keys)

The VA Loan is a mortgage loan issued by approved lenders and guaranteed by the U.S. Department of Veterans Affairs (VA). The program was created in 1944 by the United States government to help returning service members purchase homes without needing a down payment or excellent credit. This historic benefit program has guaranteed more than 22 million VA loans to help veterans, active duty military members and their families purchase homes or refinance their mortgages.

Today, the VA Home Loan program is more important than ever to service members. In recent years, lenders nationwide have tightened their lending requirements in the wake of the housing market collapse, making the VA Loan a lifeline for military homebuyers, many of whom find difficulty when faced with tough credit standards and down payment requirements.

Before arranging for a new mortgage to finance a home purchase, veterans should consider some of the advantages of VA home loans: No down payment is required in most cases. … Sellers can pay all of a buyer’s loan-related closing costs and up to 4 percent in concessions. Lower average interest rates than other loan types. VA guaranteed loans are made by private lenders, such as banks, savings & loans, or mortgage companies to eligible veterans for the purchase of a home, which must be for their own personal occupancy. The guaranty means the lender is protected against loss if you or a later owner fails to repay the loan.

While you don’t need your VA Certificate of Eligibility in hand to start the loan process, this certificate is a very important part of your loan application. Your COE verifies that your length and character of service make you eligible to use the VA home loan benefit. You can apply for a VA Loan Certificate of Eligibility through a VA approved lender or online through the VA’s eBenefits portal or if you prefer to do the work yourself, VA Loan applicants can contact the Veterans Administration directly and fill out a Certificate of Eligibility (VA Form 26-1880). As a Veteran, let us help you with this benefit you earned.

 

FHA

Maximum Amount: $316,250 (Martin & St. Lucie) Or $529,000 (Monroe – The Keys)

An FHA loan is a mortgage issued by federally qualified lenders and insured by the Federal Housing Administration (FHA). FHA loans are designed for low-to-moderate income borrowers who are unable or do not want to make a large down payment. Borrowers can qualify for an FHA loan with a down payment as little as 3.5% for a credit score of 580 or higher. The borrower’s credit score can be between 500 – 579 if a 10% down payment is made. It’s important to remember though, that the lower the credit score, the higher the interest borrowers will receive. For most borrowers, the benefits of the FHA loan program are still untouchable by any other mortgages out there. The lower down payment, higher seller contribution allowances and small reserve requirements make it easier for an increasingly cash-poor pool of home buyers get into the market. Buyers will simply have to plan for their future refinance, improving their credit as much as possible before they reach the 80 percent loan to value point.

First time homebuyers, more than any class of homeowners, tend to be cash poor. That’s not a judgement statement — we all start somewhere. However, compared to other loans, FHA is much more forgiving of your liquidity-related woes. Because of FHA’s low down payments and small reserve requirements, along with options to roll your up-front mortgage insurance into the loan, many buyers find they can get into an FHA loan and onto the road to homeownership much more quickly than they can with traditional products. No matter how you slice it, homeownership still fosters a sense of social stability and hedges against ever-inflating rent costs. If it makes sense to own today instead of renting, it’ll probably still make sense in five years — and that’s the key. Despite the few drawbacks, your new home offers intangible benefits that you’ll can’t really quantify or put a price tag on. Contact us to discuss this type of loan in detail.

 

Non QM Loan

The term “Non-Qualifying Mortgage” or Non-QM can sound intimidating. At its most basic level, a Non-QM loan is a loan that does not meet the standards set forth in regulatory reform imposed after the 2008 housing crisis. Below we take a closer look at what this really means in terms of risks and benefits for both consumers and lenders. In 2014, the Consumer Financial Protection Bureau (CFPB) adopted new regulations that defined Qualifying Mortgages (QM). This provided mortgage lenders and banks with protection on loans that meet QM standards, to reduce risk with fewer buybacks or claims resulting in monetary losses. In addition, the CFPB imposed the Ability to Repay (ATR) minimum standards, which take into consideration a variety of income. After these regulations were adopted, loans that didn’t adhere to QM standards were deemed non-QM loans. All loans, even non-QM loans, must adhere to certain ATR requirements. Non-QM loans can have stated income, which does not qualify as “fully documented” in income underwriting protocol for Qualifying Mortgages. If you can’t provide a fully documented history and proof of income, you may fall under the Non-QM umbrella – even if you have great credit, assets and employment history. Interest-only loans, although popular, are not considered Qualifying Mortgages. Jumbo loans that exceed a 43% DTI are most likely considered non-qualifying. Exceptions include loans backed by Fannie Mae and Freddie Mac, or loans insured by the FHA, VA or USDA. Under the QM definition, any loans that extend passed a 30 year term are considered Non-QM. There are a variety of lending products available to potential homebuyers today that fit both within the QM and Non-QM threshold. Contact us to discuss your lending options and financial goals.