Loan Programs
FHA Financing: Maximum $524,225 loan amount for a 1-unit property
Primary Residence:
- 580 minimum credit score
- 6% max interested party contributions
- FHA Upfront mortgage insurance premium rolled into loan amount
- FHA Monthly mortgage insurance payment for the life of the loan
- Water test required if within ¼ mile of hazardous waste area – ie Farm, Gas Station, Dry Cleaner
USDA Rural Development Financing: Maximum $806,500 loan amount for a 1-unit property
Primary Residence:
- Household income limit applies - varies by county and number of household occupants
- Property Eligibility applies - varies by location (property cannot reflect possibility to generate income nor indication of working farm)
- 580 minimum credit score & minimum trade line requirements
- 6% max interested party contributions
- RD Upfront Mortgage Insurance premium rolled into loan amount
- RD Monthly mortgage insurance payment for the life of the loan
- Document distances between well & septic (if applicable)
- Water test required (if non-municipal)
Conventional Financing: Maximum $806,500 loan amount for a 1-unit property (Jumbo Financing is available for loan amounts over $806,500)
Primary Residence:
- 620 minimum credit score
- 3% max seller contributions w/ less than 10% down
- 6% max seller contributions w/ 10%-25% down
- 9% max seller contributions w/ 25%+ down
- Monthly mortgage insurance payment with less than 20% down
Investment Properties:
- 620 minimum credit score
- Minimum 15% down on a Single Family Home
- Minimum 25% down on 2-4 Unit Properties
- 2% max interested party contributions
Secondary (Vacation) Properties
- 620 minimum credit score
- 3% max seller contributions w/ less than 10% down
- 6% max seller contributions w/ 10%-25% down
- 9% max seller contributions w/ 25%+ down
VA Financing:
Primary Residence
- Pest inspection required for select counties and cannot be paid for by the buyer
- Must present VA Certificate of Eligibility to apply
- 580 minimum credit score
- 4% max interested party contributions
Home Equity Line of Credit Financing:
Primary Residence:
- Available as a piggy back or standalone loan.
- 89.99% combined LTV.
- 680 minimum credit score .
- 1- to 4-unit properties eligible.
- DSCR and bank statement programs are also available. Perfect for the self employed borrower.
What kind of loan program is best for you?
Deciding which mortgage product is best for you will depend largely on your unique circumstances, and sometimes there may be more than one loan program available to you. Any one of our licensed Mortgage Loan Originators will be happy to go over your options.