CONSUMER HOME LOANS HIGHLIGHTS
Conventional Loans
*.Max Conforming Loan $806,500
* Down Payment 3%-5%
* Credit Score 620+. Higher Score
Better Rate and Terms
* No PMI with 20% Down Payment
* Primary, Secondary, or Investment
Homes Allowed
FHA Loans
* Maximum Loan Amount $524,225
* Down Payment 3.5% - 580+ Credit
Down Payment 10% - 520 Credit
* Higher Debt to Income Accepted
* Only Primary Home Allowed
* Easier to Qualify for loan
VA Loans
* Full Eligibility No Max Loan Amount
* No Down Payment required
* Competitive Rates, Lenient Credit
* For Veterans, Active Duty Service
Members, Certain Surviving Spouse
* Primary Residence Only
Jumbo Loans
* Loan Amounts exceed $806,500
* Down Payment at least 20%
* Stricter Credit typically score 700+
* Slightly Higher Interest Rate Than Conventional Conforming Loans
* No Private Mortgage Insurance
* High-end or Luxury Homes That
Exceed Conforming Loan Limits
Bank Statements Only Loans
* Bank Statements Used To Verify
Income Not W-2's or Tax Returns
* Bank Statement Review 12
Months To Assess Stability
* Popular with Self-Employed
* Down Payments Often 10%-20%
*. Higher Interest Rates
First Mortgage With Piggyback
* Two Loans Simultaneously, Primary
First Loan and Smaller Second Loan
* Common Loan Structure 80-10-10
80% First, 10% Second, 10% Down
* Higher Interest on Second Loan
* Benefits - Avoid PMI and Easier to
Payoff Smaller Second Loan
Non-Qualified Loans
* Alternative Documentation
* Flexible Credit Standards
* No Income & Stated Income
* Higher Down Payment and Rates
* Interest Only Over Short Term
* Used By Self-Employed
* Not Federally Backed
Assets As Income Loans
* Liquid Assets to Determine Income
* No Employment or Traditional
Income Needed
* Commonly Used by Retirees or
High-Net-Worth Individuals
* Higher Down Payment May Be
Required
Reverse Mortgage Loans
* Seniors 62 Years and Older
* Home Equity Converted into Cash
* No Monthly Mortgage Payments
* Loan Repayment Upon Event
* Non-Recourse Loan
* Counseling Required
IMPORTANT THINGS TO KNOW WHEN APPLYING FOR A HOME LOAN
DO'S
* Get Pre-Approved
* Gather Income Documents, Bank,
and Investment Statements
* Save For Down Payment,
Closing Costs, and Reserves
* Unfreeze Credit for Lender
* Be Honest and Transparent
DON'TS
* Change Jobs, Become
Sel-Employed, or Quit Your Job
* Use Credit Cards or Pay Late
* Open any New Credit
* Allow Any Credit Pulls
* Co-Sign for Anyone
* Make Large Cash Deposits
* Change Bank Accounts
* Close Any Existing Credit Accounts
UNDERSTAND
* What's On Your Credit Report and
Score - Use Credit Karma (soft pull)
* Your Debt-To-Income Ratio
* Different Loans Have Different Reqirements
* Underwriting Process Will Ask for
More Documents and Explanations
* Loan Estimates and Compare
ESTIMATE YOUR MORTGAGE PAYMENTS
Use our home loan calculator to estimate your total mortgage payment, including taxes and insurance. Simply enter the price of the home, your down payment, and details about the home loan, to calculate your mortgage payment, schedule, and more.
Payment
Schedule
Your mortgage payments over 30 years will add up to $0.
Get more info from a local expert!