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Loan Programs

There are a number of standardized programs available to borrowers who are looking to purchase or finance a home for themselves or their families.
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Conventional Loans

Conforming conventional loans are loans that adhere to the standards set by Fannie Mae and Freddie Mac, including maximum loan amounts.

As of 2022, the standard limit for a conforming conventional mortgage loan maximum is $647,200 for a single-family home that you intend to live in. For borrowers in high-cost areas, the limit can be as high as $970,800.

Learn more
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Jumbo Loans

Jumbo Loans, also known as High Balance loans, are when they are over $624,200 for a single-family home, and over $970,800 in high cost areas. These loan amounts are over what is considered the lending limits for conforming loans.

Jumbo loans typically require higher credit scores than conforming loans (680+). You may also need to have a lower debt-to-income ratio (DTI) and put down a larger down payment.

FHA – Federal Housing & Administration

These loans allow you to get into a home with a credit score as low as 500 if you have a 10% down payment, or 580 if you have a 3.5% down payment. This may be a good option if your credit score isn’t high enough to qualify for a conventional loan. Learn more
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VA – Department of Veterans Affairs

VA loans are designed for select members of the military community, their spouses, and other beneficiaries. They don’t require a down payment and don’t charge private mortgage insurance. Learn more
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Non-Prime / Subprime Loans

Conforming loans require that you have a debt-to-income ratio below 50% and a credit score of 620 or higher. But if your credit isn’t quite there, you may qualify for a subprime mortgage loan.

These loans are non-conforming and may charge high closing costs and interest rates. However, they can provide a way to get into a home without needing to wait until your credit is in excellent shape. Learn more
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Reverse Mortgage

Get supplemental retirement income by converting a portion of your home’s equity into cash. Receive payments as a lump sum or in monthly distributions. Learn more
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Second Mortgage – Line of Credit

A second mortgage is a loan made in addition to the homeowner’s primary mortgage. HELOCs are often used as second mortgages. Learn more
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