The guidelines for many products change frequently and what’s right for one person may not be right for the next. Typically it’s best to go through the application process so that we can try to match you up with the best product to meet your goals. That being said we do offer a large range of mortgage products for primary residences, second homes, investment properties, and commercial space. We offer Conventional, Federal Housing Administration (FHA), Veteran’s Administration (VA), USDA Guaranteed Rural Housing (GRH), and Reverse Mortgages.
Here are some of the new additions so far for 2018:
Conforming/Conventional loans have a new loan limit of $453,100 (high balance and jumbo loans also available)
FHA no money down with down payment assistance through the lender
Conforming/Conventional 1% down with down payment assistance through the lender
Conforming/Conventional 3% down
USDA – no money down and lower mortgage insurance
Fix and flip – investors can finance up to 85% of purchase and 95% of repairs with no experience necessary. Also, can set up a similar line of credit for investors who have flipped at least 1 property in the last two years.
Fannie Mae Homeready – 3% down with lower mortgage insurance for owner occupants on single family homes. MI company offers job loss security insurance for free for the first 6 months. You do not need to be a first-time homebuyer but must take a course and be under the income limits for that market. Also allows for you to own another property and allows for a non-occupant co borrower.
Freddie Mac Home possible – Similar to Homeready but can do a multi-unit with as little as 5% down (need 3-months reserves for multis). All borrowers must be owner occupants and cannot own another property. First time homebuyer course only necessary if all applicants are not first-time homebuyers.