Purchase options

Conventional mortgage loans offer borrowers the following options:

• up to 97% LTV on primary residences (95% on 2-4 units)
• 90% on Second homes (Single family only in most cases)
• 75% on investment 1-4 unit properties 
• 620 minimum credit score
• Mortgage insurance required on most above 80% LTV
• 1-4 units, condos, single and double wide mobile homes are all eligible. 
• Available in fixed and several ARM products

 FHA mortgages offer a low down payment and affordable mortgage insurance

• 3.5% down with a 580 minimum credit score
• 10% down with a 500 credit score
• 1-4 family properties, condos, single and double wide mobile homes
• Must be Primary Residence
• you do NOT have to be a first time homebuyer
• Lower interest rates than conforming loans typically
• very flexible credit guidelines
• Higher Debt to income ratios allowed
• Down payment assistance available for the option of 0% down
• must be under the maximum loan 

VA mortgage loans are exclusively  available to eligible veteran's, active-duty service members and certain members of the National Guard and reserves.   

• 0% down payment
• no monthly mortgage insurance payments
• very flexible credit guidelines for veterans
• Credit scores as low as 500
• Aggressive interest rates
• 1-4 units, condos, double wide mobile homes (some restrictions on 2-4 unit)
• must be primary residence

  USDA loans are a great affordable loan option for borrowers who meet income requirements based on where the property is

• 100% financing
• Available for Single family homes and certain mobile homes only
• Income must be under the USDA limit for area
• 580 minimum credit score
• must meet income limits for the zip code the property is located in
• Lower interest rates

  Jumbo mortgage loans are loans that are greater than the conforming loan limit for the area.  Most Jumbo mortgage loans have slightly more strict guidelines for qualification

• -Loan must exceed the county conforming loan limit
• available on 1-4 unit and condos
• up to 95% loan to value based on credit score and location
• Mortgage insurance may be required over 80%
• Flexible  guidelines on some programs allow for the use of bank statements and assets as income
• Available in both fixed and adjustable rates

 HECM, or reverse mortgage loans for purchase are mortgage loans that use a combination of a down payment and the equity from that down payment to fund a mortgage loan that has no monthly 

principal and interest payment for the borrowers until both eligible borrowers either move or pass away. 

• Borrowers are still responsible for taxes and insurance
• There are age and LTV restrictions on how much you can borrow
• You must live in the house as a primary residence to qualify