Conventional Loans
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Generally for buyers with good credit and down payments of 3.5% or more.
Conventional loans are for buyers with good credit, good savings, and the ability to put more than a 3.5% down payment. Conventional loans are also good options for buying investment property. We offer the following conventional loan programs:
Direct Freddie Mac
FNMA Direct
Freddie Home Possible
Fannie Mae HomeReady
Aggregators and Minimum FICO 620
Pros
Easy approval process
Only 1 year of tax documents required for W2 borrowers
Flexible mortgage insurance options for borrowers with less than 20% down
Easier appraisals for condo financing
Cons
Harder to qualify with low credit score
Longer waiting periods after a bankruptcy, loan modification, short sale or foreclosure
FICO score and loan amount can affect mortgage insurance and rate
Government Loans
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Great for buyers with low credit and/or small down payments.
Government loans are great for the first-time homebuyer with little - to - no credit. Some programs, such as USDA and VA loans, require no down payment at all. Our Government loans include:
FICO 620
FHA Purchase Streamline
FHA Standard
FHA High Balance
VA High Balance
USDA
VA Purchase & IRRL
Jumbo
Fixed Loan Programs
Pros
Greater Flexibility for lower credit scores
Little to no down payment required
Non-Occupant co-signers allowed
Lower interest rates compared to conventional loans
Ability to streamline refinance process
Cons
Mortgage insurance must be paid upfront
Mortgage insurance cannot be removed without refinancing
Harder to approve once declined by another bank