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Loan Programs

TYPES OF LOANS

We offer a variety of mortgage loan types...We'll find the right one for you!

FHA
Loans

FHA insured loan programs

It's easy to understand why many people looking for a new home are turning to FHA insured loan programs. Because FHA Loans are insured by the Federal Housing Administration homebuyers have an easier time qualifying for a mortgage. Those who typically benefit most by an FHA loan are first-time home buyers and those who have less than perfect credit.

Low down payments
Low closing costs
Easy credit qualifying
Shorter time to qualify after negative credit
More lenient on gift funds
Low closing costs
More affordable FHA mortgage insurance
Lenient FHA debt-to-income ratio
Non-occupant co-borrowers accepted

FHA loans are backed by the federal government to help make homeownership accessible to people with either average credit scores and/or limited savings. FHA loans offer low interest rates and predictable payment options. FHA borrowers do not have to worry about their payments varying from month-to-month. Instead, they can plan their payments ahead of time and then focus their concerns on saving money for the future.

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Non
QM

P & L refers to loans that are provided based on a company's profit and loss statement or financial performance. In general, traditional lenders such as banks typically assess a company's financial health before approving a loan. They review the company's financial statements, including the profit and loss statement (P&L), balance sheet, and cash flow statement, to evaluate its creditworthiness and ability to repay the loan.

Easier Access to Financing
Competitive Interest Rates
Flexible Loan Amounts
Improved Cash Flow Management
Business Expansion and Investment
Building Credit and Relationships
Customized Loan Terms

If a company has a strong and positive P&L statement, showing consistent profits and healthy financial performance, it can enhance its chances of obtaining a loan with favorable terms, as it indicates the company's ability to generate sufficient revenue to meet its obligations.

On the other hand, if a company has a weak or negative P&L statement, indicating losses or financial instability, traditional lenders may be more cautious about extending a loan or might offer less favorable terms, or even deny the loan application.

P & L (Profit & Loss) Loans

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Conventional
Loans

Non insured government loan programs

A conventional loan is any mortgage loan that is not insured or guaranteed by the government (such as under Federal Housing Administration, Department of Veterans Affairs, or Department of Agriculture loan programs).

Offers transparency and peace of mind.
Stability in an unstable world.
Rewards good credit with lower interest rates.
Low down payment options.
Save money with a shorter term loan.
Can be used for many types of homes.
Often preferred by sellers.
Tend to be cheaper to close.

Conventional loans are broken down into conforming and nonconforming loans, depending on whether or not they conform to guidelines set by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), the two government-backed mortgage companies that own many mortgages in the U.S.

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Non
QM

VOE (Verification of Employment)

Verification of Employment (VOE) is a process used by banks and mortgage lenders in the United States to review the employment history of a borrower, to determine the borrower's job stability and cross-reference income history with that stated on the Uniform Residential Loan Application (Form 1003).

With VOE Loans you don't need W-2's, pay stubs or tax returns.
Flexible terms
Competitive interest rates
A suitable way to spend your gift fund

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NON
QM

Bank Statement Loan

Bank statement loans are a type of non-QM loan that allow borrowers to use bank statements to verify their income instead of traditional forms of documentation such as pay stubs or W-2s. This type of loan is ideal for self-employed individuals or those with fluctuating income. Bank statement loans are a great option for self-employed borrowers and those with non-traditional forms of income.

Eligibility Requirements

Credit Score
Bank Statement History

It's important to note that bank statement loans may have higher interest rates and require a larger down payment to compensate for the increased risk taken on by the lender. Borrowers should carefully review the terms and conditions of the loan and compare them with other loan options before deciding on the most suitable financing solution. As with any financial decision, seeking advice from a qualified mortgage advisor or financial professional is recommended to make an informed choice.

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We offer a variety of mortgage loan types to choose from

We’ll help guide
you toward the option that’s best for you.

Mortgage Closing Process - What to Expect

Despite the fact that the process of buying a house from state-to-state is different, there are several fundamental steps that you will need to expect to follow when applying for a Mortgage loan.

pre-approval

If you’re trying to save money or have issues with your credit score, or want to put as little money down as possible – conventional loans can be a smart choice because they offer flexibility and low monthly payments.

In addition, there are no prepayment penalties, so you can pay off your loan early if you want to. Conventional loans also have flexible credit requirements, so even if your credit score isn’t perfect, you may still be able to qualify. Whether you’re looking to buy your first home or refinance your current mortgage, California conventional loans can be a great option.

Just be aware of the Private Mortgage Insurance (PMI) if you put down less than 20%.

locking in rate

It is a fact that mortgage loan rates change very often. In order to make sure that you get the rate you were initially quoted, you need to have your mortgage rate locked. Your interest rate won't change between the offer and closing, as long as you close within the specified time frame and there are no changes to your application.

The benefit of a mortgage rate lock is that it protects you from market fluctuations. For example, if your lender locks in your rate at 5.68 percent for 45 days and rates jump up toward 6 percent within that period, you’ll still get your loan at the lesser rate.

Appraisal

A property is going to be appraised to determine its actual market value. An appraiser is going to come to your house and is also going to consider prices of similar properties in the area.

A home appraisal is a value analysis of your property from a certified or licensed appraiser hired by the lender during the home purchase or refinance process.

The lender needs an accurate appraisal of the property because it is providing a mortgage loan and wants to make sure it isn’t giving too much money to the buyer. The appraisal is also important to the buyer and seller because an appraisal value that comes in lower than the agreed-upon price could prompt a buyer to reopen price negotiations.

An appraiser typically evaluates the property–exterior and/or interior–conducts research and addresses any special requests from the lender.

A buyer pays the cost of the appraisal, which is usually several hundred dollars.

loan review processs

An appraisal is followed by submitting a mortgage loan file to a lender in order for your loan to be reviewed and evaluated.

Approval for a personal loan through an online lender will generally take 1 – 3 business days, while disbursal will typically take 1 – 5 business days. It's possible for a loan to take as long as 30 days to process, but this is generally a rare occurrence.

Points

A borrower may need to pay points, which represents a dollar amount based on a percentage of a loan amount, to a lender in order to lessen an interest rate on a loan.

This will require additional fee yet you could save you money in a long run through paying a smaller interest. Get in touch with a mortgage advisor in order to determine whether those points are a viable option for you.

Mortgage points are essentially a form of prepaid interest you can choose to pay up front in exchange for a lower interest rate and monthly payments. Points are calculated in relation to the loan amount. Each point equals one percent of the loan amount. For example, one point on a $100,000 loan would be one percent of the loan amount, or $1,000. Two points would be two percent of the loan amount, or $2,000. Points don’t have to be round numbers – you can pay 1.375 points ($1,375), 0.5 points ($500) or even 0.125 points ($125). The points are paid at closing and increase your closing costs.

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Loan Programs

FHA
Loans

Non
QM

Conventional
Loans

Non
QM

NON
QM

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