Conventional Loans
The 2023 conforming loan limit for most of the United States is $726,200, up from $647,200 in 2022. It's higher at $1,089,300 in Alaska and Hawaii and typically change yearly.
Conventional Loans
Conventional loans appeal to credit-qualified borrowers, providing competitive financing for home purchase or refinance, especially with strong credit and a significant down payment
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Jumbo Loans
Jumbo loans, or jumbo mortgages, exceed limits that Fannie Mae and Freddie Mac can guarantee and may vary by location and are subject to change.
Jumbo Loans
Jumbo loans finance high-value properties exceeding conforming loan limits. They require stricter qualifications, like excellent credit, lower debt-to-income ratios, and substantial down payments. Interest rates may be slightly higher than Conventional Loans due to increased lender risk.
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FHA - Federal Housing & Administration
An FHA loan is a type of mortgage loan insured by the Federal Housing Administration (FHA), which is part of the U.S. Department of Housing and Urban Development (HUD). FHA loans are designed to make homeownership more accessible.
Federal Housing & Administration
FHA loans offer advantages like low down payments as low as 3.5%, credit score flexibility, and both fixed and adjustable rates. Borrowers must pay mortgage insurance, property must meet safety standards, and loan limits vary by location. FHA also offer streamlined refinancing options for existing borrowers.
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VA - Department of Veterans Affairs
A VA loan is a mortgage program established by the U.S. Department of Veterans Affairs (VA) to assist eligible veterans, active-duty service members, and certain members of the National Guard and Reserves in buying homes.
VA - Department of Veterans Affairs
VA loans offer several advantages, including no down payment requirement, competitive interest rates, and limited closing costs. They aim to make homeownership more accessible for military personnel, recognizing their service by providing a pathway to home ownership with favorable terms and reduced financial barriers.
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Bank Statement & Credit Challenged Loan Programs
Progams that allow you to providing bank statements instead of tax returns to demonstrate your income may have higher rates and fees however, they could provide the option you need to finance your property.
Programs for credit challenged borrowers are also available.
Non-Prime / Subprime Loans
Bank statements programs typically require 12 months bank statements, good credit and at least 10% downpayment.
Programs for Borrowers with credit scores down to around 575, or with a history of bankruptcy or foreclosure are also considered. Loan amounts vary. So contact us for more information.
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Reverse Mortgage
A reverse mortgage is a financial product available to homeowners, 55 or older, that allows them to convert a portion of their home equity into tax-free cash without selling their property.
Reverse Mortgage
The benefits include providing supplemental income, paying off existing mortgages, and covering healthcare expenses. Borrowers can remain in their homes as long as they meet loan obligations, and repayment is deferred until they sell the home or pass away.
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Second Mortgage – Line of Credit
A second mortgage or home equity line of credit (HELOC) is a loan secured by your home, in addition to your primary mortgage.
Second Mortgage – Line of Credit
A second mortgage is a lump sum loan against your home's equity, typically with a fixed interest rate, used for various purposes. On the other hand, a Home Equity Line of Credit (HELOC) is a flexible revolving credit line secured by home equity, similar to a credit card.
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Rehab or Fix and Flip
This is short-term financing, typically 12 - 18 months, designed for real estate investors who want to renovate and then sell or keep their property as a long term rental.
One of the diffences between a Rehab loan and a Bridge loan is that the value after competion is considered in a Rehab loan. This is typically not factored in for a Bridge Loan.
Fix and Flip
Approval for these loans can occur swiftly, with terms and availability contingent on factors such as your credit scores, relevant project experience, and the down payment or equity you can offer in the property.
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Bridge, Hard Money and Private Loans.
Bridge loans get their name from the idea that the short term, typically 12 month loan, will provide a finacial Bridge between one objective to another. Like financing the acquisting of an additional property before selling the existing. Or to renovate or lease up a property before selling or converting the loan to long term financing.
Hard Money Private Loans
The name Hard Money is often used synonymously with Bridge Loan. But Hard Money loans tent to prioritize the property's value over the borrower's creditworthiness.
Both Bridge and Hard Money Loans differ from Rehab loans as they don't typically consider the increase in value over the term of the loan in making their underwriting analysis.
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Construction Ground Up
These loans are specifically intended for investors looking to build or renovate residential or commercial properties to generate rental income or sell them once construction or renovation is complete.Construction loans are typically short-term loans, often with terms ranging from six months to a few years.
Construction Ground Up
Funds are disbursed in installments or "draws" at various stages of the project's completion. Down payment can vary from 10% to 30% or more of the total project cost.
Experience commensurate to the proposed project is important. Creditworthiness and financial stability are also key considerations during the approval process.
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Long Term Rentals
Long Term Rentals or also know as DSCR (Debt Service Coverage Ratio) loans are specialized mortgage products tailored for income-generating properties. Key features include lenders assessing the property's cash flow, placing less reliance on the borrower's personal income and credit, longer loan terms (typically 10 to 30 years), variable interest rates based on property performance, and varying down payment requirements.
Long Term Rentals
These loans are versatile, applicable to both commercial and residential rental properties, making them valuable tools for real estate investors. Investors should prepare detailed property financials to demonstrate the property's ability to generate rental income that covers the loan's debt service, unlocking opportunities beyond traditional financing constraints.
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What’s your Biggest Challenge?
Credit Challenge
Despite low credit scores, high debt, mortgage delinquencies, bankruptcy, foreclosure, and forbearance, there could still be a suitable loan product available for you.
Down Payment and Equity
Even with minimal down payment funds or limited home equity, it’s still may be possible to secure the financing you require.
Income
Despite non-traditional or irregular income, you still may be able to qualify for the financing you are weeking.
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