Loan Programs
Conventional Loans
- 2022 Loan Limit: $647,200
- great option if you have a great credit score and little debt
- 97% LTV allowed
- Best option for condos
VA Loans
- 100% financing
- Better terms and interest rates
- No loan limits
- No mortgage insurance required
First Time Home Buyer Loans
- Conventional or FHA
- Plus Grant: 3% toward down payment
- Plus 2nd: 4% toward down payment and closing costs
- Income limits apply
- Don't have to be a first time homebuyer
FHA Loans
- 3.5% required down payment
- allows for lower credit scores and higher debt
- Manual underwriting allowed
- Mortgage insurance required
- Escrows required
Rehab Loans
FHA 203(K) Limited
- Minor remodeling
- No minimum and up to $35k in repair amount
- HUD consultant not needed
- Max completion time: 90 days
FHA 203(k) Standard
- Structural changes are allowed
- $5k minimum and no max repair amount
- Landscaping and hardscaping allowed
- Max completion time: 180 days
Homestyle Renovation:
- Renovations/repairs up to $100k
- Max LTV 97%
- Finance improvements up to 75% of the as-completed appraised value of the property
- Primary and 2nd homes
Investor Loans
- purchases, R/T, cashout refinances
- no limit on the total number of properties
- No personal income used to qualify
- Qualification based on property cash flow
- Can close in LLC name