Products

A home loan that is not guaranteed, supported, purchased, or provided in any way by a government office such as the VA, FHA, and USDA, or government-supported companies like Fannie Mae and Freddie Mac

Loans insured by the Federal Housing Administration. The FHA does not loan money, but instead provides insurance to lenders on loans that meet the administration’s specific guidelines, which can include requirements for credit, down payments, and income.

100% financing (or 0% down) home loans. Since the cost of living and limited wages can make it difficult to save even a small down payment, USDA loans help people who don’t want to pass up the opportunity to own a home.

A home loan that is not conforming to traditional and required lending guidelines such as Jumbo Loans, Asset Utilization, Alternative Income, DSCR, Bank Statement, etc.

Loan amounts that are above county-specific limits set by Freddie Mac and Fannie Mae

Supported by the FHA, this financing option can secure buyers the money to purchase the property and make renovations. The financial cushion helps them deal with the high costs of remodeling and construction, and they can spread the costs of home improvements over the life of the loan.

This is a loan program supported by Fannie Mae that helps family members purchase housing for their loved ones. Often used to help elderly, limited-income parents, the program is also used by parents of disabled adult children. If a family member cannot afford or cannot quality for a loan, this program may be an option.

Because DACA recipients are not official U.S. citizens, they do not have access to many of the government-backed loans that American enjoy. DACA loans, however, can provide financing for a home purchase, allowing “dreamers” to experience the benefits of homeownership.

These are programs, funded by governments, non-profits, and other organizations, that help people generate a downpayment for a home loan. The downpayment, which can go into the tens of thousands of dollars, represents a large hurdle for homeownership. Downpayment assistance seeks to lower this barrier, usually providing support to middle- and low-income individuals and families.

This type of mortgage is also referred to as “seller carry.” Essentially, if a homeowner is having trouble finding a buyer, they can carry the loan on their home. In this case, the buyer will legally document a promise to make payments to the seller, instead of a bank or credit union, over a given period, often with interest. Usually, the seller carry is for a portion of the purchase price, which helps the buyer get approved. Combined with the financing and down payment, the seller carry second can allow for the full purchase.

Coming up with funds to close on a home purchase is perhaps the single greatest barrier first time home buyers face. We are not sure exactly why the 20% down myth still exists. There are options out there that require very little down and, in some cases, nothing down. Down Payment Assistance Programs are government-backed and created and managed by individual cities, counties,and states in either the form of a grant or loan.