Loan Programs

 

FHA Financing: Maximum $498,257 loan amount for a 1-unit property

Primary Residence:

  • 580 minimum credit score
  • 3.5% down payment
  • 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 $766,550 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
  • 0% down payment
  • 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 $766,550 loan amount  for a 1-unit property (Jumbo Financing is available for loan amounts over $766,550)

Primary Residence:

  • Minimum 3% down payment
  • 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

  • Minimum 10% down payment
  •  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:

  • 0% down payment
  • 580 minimum credit score
  • 4% max interested party contributions
  • Pest inspection required for select counties and cannot be paid for by the buyer
  • Must present VA Certificate of Eligibility to apply

Bridge Loan Financing: 

Primary Residence:

  • 6-Month balloon with interest only payments. 
  • 90% combined LTV. 
  • 680 minimum credit score . Costs can be rolled in. 
  • Max debt ratio is 50% including current housing, proposed housing and bridge loan payment. 
  • Exterior appraisal only. 
  • Title search required. 
  • Mortgage on new home must be Conventional financing. 
  • Mortgage can be re-cast but NOT paid in full after selling current home.

Home Equity Line of Credit Financing: 

Primary Residence:

  • Available as a piggy back or standalone loan. 
  • 89.99% combined LTV. 
  • 680 minimum credit score .
  • 30-year full HELOC term: 10-year draw period followed by 20-year repayment period. 
  • 1- to 4-unit properties eligible. 
  • Standalone HELOCs with line amount requests up to $250,000 will often be eligible for a collateral evaluation in lieu of a full appraisal.   
  • $75 Annual Fee.



 

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 licenced Mortgage Loan Originators will be happy to go over your options.