Loan Programs Details

Conventional loans are the most common mortgages and typically follow Fannie Mae/Freddie Mac guidelines. They can work well for borrowers with stronger credit and stable income. Down payments can be low for qualified buyers, and mortgage insurance rules vary based on down payment and credit profile. Conventional loans often offer flexible property types and terms.

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FHA loans are government-insured and often helpful for buyers with lower down payments and more flexible credit criteria. FHA allows higher DTIs in some cases, but includes upfront and monthly mortgage insurance. It can be a strong choice for first-time buyers or buyers rebuilding credit, especially when cash-to-close is limited.

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VA loans are available for eligible Veterans, active-duty service members, and some surviving spouses. They often allow 0% down, no monthly mortgage insurance, and competitive rates. VA loans do require a funding fee in many cases (some are exempt), and property must meet VA appraisal and occupancy requirements.

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USDA loans are designed for eligible rural and some suburban areas, often allowing 0% down for qualified buyers. Income limits apply and the home must be in an eligible location. USDA includes guarantee fees (similar to mortgage insurance), but can be an excellent affordability option for buyers who qualify.

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Jumbo loans exceed conforming loan limits and are used for higher-priced homes. Requirements are usually stricter: stronger credit, larger reserves, and tighter underwriting. Jumbo can be fixed or adjustable, and pricing varies by lender. Great for buyers purchasing above conforming limits who have strong financial profiles.

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Non-QM loans are alternatives for borrowers who don’t fit standard underwriting—such as self-employed borrowers, bank-statement qualification, recent credit events, or complex income. Non-QM often trades flexibility for higher rates and/or larger down payments. Useful when conventional/FHA/VA/USDA guidelines don’t fit the borrower’s scenario.

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DSCR loans qualify primarily based on the property’s cash flow (Debt Service Coverage Ratio) rather than the borrower’s personal income. Common for real estate investors buying or refinancing rentals. Down payment, reserves, and pricing vary by DSCR score, credit, and property type. Great for investors scaling portfolios.

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The FHA 203(k) program combines the purchase (or refinance) of a home with renovation financing into one loan. It can be used for repairs, improvements, and in some cases structural work (depending on program type). Requires contractor bids, timelines, and extra documentation. Helpful for buyers wanting to upgrade a home after closing.

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Home equity products allow homeowners to borrow against equity. A HELOC is a revolving line of credit (like a credit card), while a home equity loan is typically a fixed lump sum. Great for renovations, debt consolidation, or large planned expenses. Rates and requirements depend on credit, equity, and property type.

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