Whether purchasing or refinancing, we are here to make the lending process go smoothly and efficiently. For a first-time homebuyer, or a seasoned investor, there are many products on the market to serve your specific needs.
Conventional Loans–(Conventional, and Conventional high balance)
Conventional loans are loans that are not secured through a government organization, such as FHA or VA, but are instead offered through private lenders which can include banks and credit unions, private mortgage companies, etc.
The process to apply for a conventional loan includes filling out a loan application, providing required documents, as well as credit history and credit score.
FHA Loans – Federal Housing Administration
FHA Loans are loans that are offered and backed by the Federal Housing Administration, which is a government agency. FHA loans are options for individuals who may not be able to afford conventional financing. The FHA offers mortgage insurance to FHA-approved lenders that meet a specific criteria, and protects them from losses in the event of mortgage default.
VA Loans –Veterans Administration
VA Loans are offered through the U.S. Department of Veterans Affairs to eligible veterans who have served on active duty in the Army, Navy, Air Force, Coast Guard or Marines. Once eligibility is determined, this loan can be obtained from any mortgage lender who participates in the program. The benefits of this loan include 0% down payment.
Jumbo mortgages are loans that exceed limits set by the FHFA and are not eligibly to be purchased by Fannie Mae or Freddie Mac. Jumbo loans have specific requirements and require higher down payments and credit scores. These loans are usually used to finance more expensive, larger, or luxury properties.
Commercial & SBA Loans
Commercial loans are used for income-producing/investment properties which include commercial properties such as shopping centers, apartment building, office buildings, warehouses, etc. Commercial loans are usually made to business entities such as LLCs, corporations, etc., and often require the principals of the business entity to guarantee the loan.
Lenders for commercial loan include banks and private lenders, but also pension funds, private companies, and the U.S. Small Business Administration’s 504 Loan Program.
Non-QM Loans – Non-Qualified Mortgage
Non-QM loans are typically for borrowers who may not qualify for other routes of financing, and are usually self-employed or cannot provide proof of capability of making mortgage payments. These loan are a bit riskier, and examples include interest-only or limited/alternative documentation loans.