PROGRAM DETAILS

Read our loan program details

Conventional

(Fannie Mae & Freddie Mac)

“Conventional” refers to the fact that the loan is not part of a specific government program. There are two main categories of conventional loans, "conforming" and "non conforming."  Conforming loans have maximum loan amounts that are set by the government and other rules set by Fannie Mae or Freddie Mac, entities that provide backing for conforming loans.  Non-conforming loans are less standardized and offer certain borrowers broader eligibility and features. 

 

Jumbo

Loans

Jumbo loans are conventional, non government-insured loans that exceed conforming mortgage limits as established by Fannie Mae and Freddie Mac.  As of 2022, any loans exceeding $647,200 fall within jumbo limits.  There are exceptions, however, in certain counties throughout the U.S where these limits are increased. 

 

Federal Housing Administration Loans

FHA loans are loans that are regulated and insured by the Federal Housing Administration (FHA), a government agency, and are issued by private lenders

FHA loans:

  • Offer down payments as low as 3.5%

  • Allow for lower credit scores than most conventional loans

  • Require mortgage insurance 

  • Carry maximum loan amounts that vary by county

 

Veterans Administration

Loans

The Department of Veterans' Affairs (VA) offers loan programs for current servicemembers, eligible veterans, and surviving spouses. VA loans are issued by private lenders and guaranteed by the VA.

VA loans:​

  • Offer low or even zero down payment options

  • Can provide reduced cost, streamlined refinance options 

  • Typically require an upfront closing fee as opposed to monthly mortgage insurance 

 

Non-QM

Loans

Non-Qualified (Non-QM) mortgages are home loans that do not adhere to conventional, agency standard guidelines and offer broader, more flexible terms for approval.  In certain cases, limited docs and review are required depending on the borrower's profile and financing goals. 

 

Construction

Loans

Construction loans are well suited for those who have land in place and a vision for what they want to build.  There are a several construction loan types to consider depending on project scope and timing.  Traditional loans will require 20% down, though certain government endorsed loans, e.g. VA, FHA, and USDA, require as little as zero to 3.5% down. 

 

Land 

Loans

Land loans, often referred to as lot loans, are lending instruments used to finance the purchase of a plot of land.  If your goals and vision of building are not yet sorted, a land loan may provide a better alternative to a construction loan.

 

Fix and

Flip

Fix and flip loans, also known as bridge loans, are used to purchase property, make improvements, and ultimately sell for a profit.  These loans are typically short-term and use the subject property as collateral. 

 
 

Hard

Money

Hard money loans are short-term lending instruments, which, unlike traditional bank loans, are based on the value of the subject property instead of the borrower's creditworthiness.  They are often short-term and can offer a faster, more flexible means of acquiring property. 

Reverse

Mortgages

Reverse mortgages are offered to senior borrowers ages 62 and older and allow for equity to be converted to cash.  This conversion of equity can paid as a lump sum, fixed monthly payment or line of credit. Reverse mortgages, unlike a forward mortgage conventionally used to acquire a home, does not require monthly loan payments.   Instead, the entire balance is due when the borrower passes, permanently moves, or sells the property.