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LOAN PROGRAMS and options

The Perfect Loan For Your Perfect Home

We can help you understand the different loan programs and choose the right loan option for you.

LOAN PROGRAMS

CONVENTIONAL

A conventional loan is any type of loan not secured or guaranteed by a government agency.

+ Is typically quicker and easier to process

+ Down payment amounts as low as 3%

+ Monthly mortgage insurance is typically lower than government programs and is not required with 20% down

FHA

The most common of the government-backed loans and typically have more flexible lending requirements which make them easier to qualify for than conventional loans.

+ Down payment as low as 3.5%

+ Allows for a higher debt to income ratio and lower credit scores

Borrowers that qualify for an FHA loan are also required to pay mortgage insurance. There are two premiums. The first is paid up front or financed into the loan and the second is paid monthly.

USDA

A great option to help make purchasing a home more affordable for individuals in designated rural areas.

+ This requires little to no down payment from qualified borrowers that are buying a primary residence

+ Has the ability to qualify up to 100% of the purchase price

USDA does not lend money, but it insures mortgages. Additionally, you will need to pay a guarantee fee. There are two fees. One up front and the other is included in your monthly payment.

VA

Designed for most active-duty military personnel, veterans, and select members of their families. Veterans don’t have to be first-time buyers and this benefit may be used again in the future.

+ Little to no down payment from qualified borrowers that are buying a primary residence

+ Has the ability to qualify for up to 100% of the purchase price

+ No private mortgage insurance premiums to be paid

Remember, the VA does not lend money. It guarantees private lender loans. Additionally, there is also a funding fee of between 1.4% to 3.6% of the loan amount and it can be paid upfront or financed into the loan.

REVERSE MORTGAGE

Allows homeowners to borrow money by using their home as security for the loan.

+ The loan is repaid when you are no longer living in the home.

+ Interest and fees are added to the loan balance each month

+ Most importantly, one borrower must be 62 or older

+ Borrowers don’t have to make a monthly mortgage payment.

NON-QM LOANS

Mortgages that don’t meet the Consumer Financial Protections Bureau’s requirements to be considered qualified mortgages (QM).

A qualified mortgage meets the CFPB’s “ability to repay” rule. This rule requires that lenders vet your finances and set terms on the loan that you’ll likely to be able to pay back.

While standard QM loans require you to verify your income with tax returns, W2s and pay stubs, non-QM lenders may be able to use your bank statements and/or rental income to calculate income to qualify for your loan.

Options for borrowers:

+ Who are self employed

+ With high net worth

+ Investing in multiple rental units

+ With recent credit issues

LOAN OPTIONS

FIXED RATE

Most popular mortgage loan option with a specific interest rate for the entire term of the loan.

Your interest rate on your mortgage will not change over the lifetime of the loan and your principal and interest will remain the same each month.

With this type of mortgage, even fluctuations in the market will not have an impact on the rate.

ADJUSTABLE RATE MORTGAGE (ARM)

This is the best mortgage loan option if your goal is to get the lowest possible rate STARTING out.

Is a mortgage loan with an interest rate that adjusts over time based on the market.

ARMs typically will begin with a lower interest rate than fixed rate mortgages. Your initial interest rate won’t last forever and after the initial period your monthly payment can fluctuate periodically. This makes it difficult to factor into your budget.

JUMBO

Jumbo loans exceed the maximum conventional loan limits established by Fannie Mae and Freddie Mac.

The limit on conforming loans in 2024 is $766,550 in most areas of the United States. Jumbo mortgages offer much higher purchase limits.

Compared to conventional loans, jumbo loans will typically come with higher interest rates and down payment requirements. The minimum down is as low as 10.1%.

Jumbo loans are more attractive to those borrowers that have:
– A lower debt-to-income ratio
– A healthy credit score of 700 or higher
– The ability to make a larger down payment.

HIGH BALANCE

This loan option is for home buyers and owners in high income areas. It exceeds national conventional loan limits, but meets local limits.

These loans are backed up by Fannie Mae and Freddie Mac.

Loan limits vary by county and are set by FHFA.

Down payment as low as 5% and minimum credit score of 620.

The maximum debt-to-income allowed is 45%.

Are you ready for speedy service?

We can get you approved quickly.

We take pride in our speed and quality of service. As a result, we typically have same day approval once the application has been completed and offer top-notch experience all around.

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our team

Ready to guide you through The loan process

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Keri Imhof

owner/Loan Officer

Works with the client every step of the way to get them the best loan for their individual situation.

Kirstie Conradson

Loan Officer Assistant

Works with the borrower to collect documents and information needed to assist Keri with the pre-approval process and processing the loan.