Mortgage Loan Products

• Only for primary residence

• FHA mortgage loans only require a 3.5% down payment

• Seller can contribute up to 6% of buyers closing costs

• Loan applicant can receive a gift for the down payment from a relative or employer. Move in a house with 0 cash out of your pocket!

• Minimum/low credit requirements

• To obtain mortgage insurance from the Federal Housing Administration, a mortgage insurance premium (MIP) equal to 1.75 percent of the loan amount at closing is required

• There is a monthly premium as well

• Same requirements as FHA

• All repairs can be financed in the loan (purchase price+repairs=loan amount)

• Primary residence or investment property

• Higher loan limits than FHA

• Minimum 620 credit score

• 3% down payment (will require Mortgage Insurance) with a 680 credit score

• 20% down payment (no Mortgage Insurance)

• Income restrictions apply

• No down payment

• Closing costs payed by the seller or financed into loan

• Primary residence only

• 620 credit score

• For Veterans

• 0 down payment

• VA Funding Fee requirement

• Seller can pay all closing costs

• Minimum 620 credit score

62 years of age or older

• Reverse Mortgage Purchase

  • Down payment based upon age of clients

  • No monthly payments! (taxes and insurance must be paid by homeowner)

• Reverse mortgage cash out:

  • Based upon age and equity in your home

  • No monthly payments! (taxes and insurance must be paid by homeowner)

• 20 % down payment

• Seasoned one day bankruptcy, short sale, foreclosure

• VA/FHA only

• FHA 3.5% down / VA 0 down payment

• Lot price + construction cost = loan amount