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Popular Loan Programs

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Conventional Loan

Conventional Loans are the most common type of mortgage and often serve as the starting point for many homebuyers. As the name suggests, they follow traditional lending standards and are not backed by any government agency. These loans typically require a minimum down payment of 5% and are available for loan amounts up to $726,200, as set by the Federal Housing Finance Agency (FHFA). Private Mortgage Insurance (PMI) is required when the loan-to-value (LTV) ratio exceeds 80%, meaning the borrower puts down less than 20% of the home’s value. Additionally, seller concessions—contributions from the seller toward the buyer’s closing costs—can range from 3% to 9% of the purchase price, depending on various factors such as occupancy and down payment.

Who is eligible?

Conventional Loans are best suited for borrowers with a solid credit profile. A minimum credit score of 620 is typically required, though applicants with a score above 740 may benefit from more favorable interest rates. These loans are subject to eligibility guidelines established by Fannie Mae and Freddie Mac, including specific requirements for income and debt-to-income ratios. With competitive terms and wide availability, Conventional Loans remain a reliable and accessible option for financially qualified homebuyers.

Investment Property Program

An Investment Property Loan is a type of conventional mortgage designed for individuals purchasing real estate with the primary goal of generating income, typically through rental or resale. These properties usually consist of one- to four-unit residential homes. Compared to standard primary residence loans, investment property loans often come with stricter lending requirements, including higher interest rates, larger down payment obligations, and more rigorous credit and income qualifications. Lenders view these loans as higher risk, which is why the financial criteria tend to be more stringent. It's also important for investors to consider the added responsibilities that come with owning income-generating real estate, such as ongoing maintenance, property management, and potential periods of vacancy. Despite the higher upfront and ongoing costs, investment properties can be a valuable tool for building long-term wealth when managed wisely.

Who is eligible?

When looking at investment property, you’ll need a down payment of at least 15%-20% to qualify for financing on a single-family home, based upon the size. Depending upon your credit, you may qualify for the lower 15% down amount (for a 1-unit property). Rental property loans for multifamily homes require a 25% down payment.

USDA Home Loan

You might be asking yourself, “What does the USDA have to do with home loans?” It’s a great question. USDA Loans, backed by the U.S. Department of Agriculture, are part of the Rural Development program and are specifically designed to help eligible rural and suburban homebuyers become homeowners with little to no upfront cost. One of the standout features of a USDA Loan is that it offers 100% financing—sometimes up to 102% of the appraised value—meaning no down payment is required. In some cases, even closing costs can be financed. These loans also come with reduced monthly mortgage insurance premiums, making them more affordable over time. Additionally, seller concessions of up to 6% of the purchase price are allowed, helping buyers cover various closing expenses. Eligible properties must be located in a USDA-approved area, and in some cases, condominiums may also qualify. USDA Loans are a great option for borrowers looking to buy in less densely populated communities while minimizing out-of-pocket expenses.

Who is eligible for a USDA Loan?

First, USDA Loans are not restricted to first time home buyers. U.S. citizenship (or permanent residency) is required, however. Additional requirements include a consistent income, usually for at least 24 months, an acceptable credit history, and a monthly payment that’s 29% or less of your monthly income (not to exceed 41% of your income, unless you have a credit score above 680.) Speaking of credit scores, applicants with a score of 640 or above will receive streamlined processing. And for those with lower – or no – credit scores, there are a few more underwriting standards or “nontraditional” references that may be utilized.

FHA Loan

An FHA Loan is a mortgage insured by the Federal Housing Administration, designed to make homeownership more accessible—especially for first-time buyers or those with less-than-perfect credit. These loans do not have income limits, making them available to a broad range of borrowers. One of the key advantages of an FHA Loan is the low down payment requirement—just 3.5% of the purchase price. The maximum loan amount is currently set at $472,030, although this limit may vary depending on the location. If you're purchasing a condominium, it must be listed on the FHA-approved condo list to be eligible for financing. Additionally, FHA Loans include an upfront mortgage insurance premium, which is typically financed into the loan itself. Seller concessions are allowed up to 6% of the sales price, helping buyers cover closing costs and other expenses. Overall, FHA Loans offer flexible qualification guidelines and lower entry barriers, making them a strong option for many homebuyers.

Who is eligible for FHA loans?

Often popular among first-time home buyers, FHA Loans appeal to those who may not have a lot of savings or might be feeling some credit challenges (usually with a credit score of 580 or higher, although those with scores between 500-579 can still qualify, but need to make a larger down payment.) Also, with FHA Loans, gifts are allowed (such as financial support from family, employers or charitable organizations)

VA Loan

VA Loans, established in 1944 to support veterans returning from World War II, are exclusively available to eligible active-duty service members, veterans, and certain surviving spouses. These government-backed mortgages are designed to make homeownership more accessible for those who have served. One of the most notable benefits of a VA Loan is that it typically requires no down payment, making it a powerful option for qualified buyers. The maximum loan amount is $726,200, and unlike many other loan types, VA Loans do not require monthly mortgage insurance, helping to keep long-term costs lower. They also feature competitive interest rates and allow the VA funding fee to be financed into the loan, with exemptions available for veterans with service-connected disabilities. Whether you're buying a new home or refinancing an existing one, a VA Loan offers a cost-effective and flexible path to homeownership for those who’ve served.

Who is eligible for VA Loans?

VA Loans are for active-duty military or veterans who meets certain service requirements. Spouses of those who served and died, either during active duty or through service-related disability, may also be eligible.

Reverse Mortgage

A Reverse Mortgage functions much like a traditional mortgage, with one major difference: the borrower is not required to make monthly principal and interest payments. However, homeowners are still responsible for paying property taxes, homeowners insurance, and any applicable HOA fees. This type of loan is designed specifically for senior homeowners, allowing them to convert a portion of their home equity into cash while continuing to live in the home. The loan becomes due when the borrower permanently moves out, sells the property, passes away, or fails to meet the ongoing financial obligations required by the loan terms. At that point, the home is typically sold, and the proceeds are used to repay the loan balance. If the sale amount exceeds the balance owed, the remaining funds go to the homeowner or their estate. In some cases, heirs may choose to repay the loan and retain ownership of the home. It’s important to note that failure to meet program obligations—such as keeping up with taxes or insurance—can lead to foreclosure, even though monthly payments are not required.

Who is eligible for a Reverse Mortgage?

In order to be eligible for a Reverse Mortgage, the applicant must be 62 years or older, own the property, and occupy it as their primary residence. In addition, they must maintain the home with needed repairs, property taxes and insurance. Also, the property does need to meet certain FHA property standards. Finally, the applicant must participate in a reverse mortgage counseling session (this can be done over the phone or in-person.)

Jumbo Loan

Jumbo Loans, also known as non-conforming conventional mortgages, are designed for financing homes that exceed the loan limits set by the Federal Housing Finance Agency (FHFA). While these limits can vary by location, the current conforming loan limit for a one-unit property in most U.S. counties is $726,200. Any mortgage that surpasses this threshold is considered a Jumbo Loan. These loans are commonly used to purchase high-value or luxury homes, particularly in competitive real estate markets where property prices are well above average. Jumbo Loans are available with either fixed or adjustable interest rates and typically require stronger credit profiles, larger down payments, and more thorough income verification due to their higher loan amounts and increased lender risk. They offer a flexible financing solution for buyers looking to invest in premium properties beyond conventional lending limits.

Who is eligible for lending?

For homeowners looking into Jumbo Loans, credit requirements are a bit more rigorous than those for Conventional Loans, as well as requiring specific tax implications or underwriting obligations. While the average APR can often be on par with a Conventional mortgage, the down payments must be 10%-15% of the purchase price. Most significantly, approval for a Jumbo Loan require an outstanding credit score, as well as a very low debt-to-income ratio (DTI).

Renovation Loan

Since March 2020, there has been a significant surge in home improvement projects, ranging from dream kitchen remodels to the creation of inviting outdoor living spaces. Whether it’s a simple upgrade or a complete renovation, homeowners have been reimagining their spaces more than ever. That’s where Renovation Loans come in. These specialized mortgage options are designed to provide the necessary funds to update, repair, or modernize a home. More than just a financing tool, Renovation Loans can be a strategic way to increase your property’s value or reduce long-term maintenance and utility costs. They are also an excellent option for buyers looking to purchase a more affordable home or a fixer-upper, enabling them to roll renovation expenses into the mortgage from the start. Renovation Loans turn potential into possibility—helping you create the home you want without waiting to build equity or dip into savings.

Who is eligible?

Renovation Loans come in a number of “flavors.”Some of those mortgages include simple personal loans or government-sponsored loans, such as Freddie Mac’s CHOICERenovation loan, Fannie Mae’s Home Style renovation loan and FHA 203(k) refinance loans from the Federal Housing Administration. (The options available to you depend upon your credit score and the types of renovation you have planned. For instance, FHA 203(k) loans limit the renovations that can be done, but also offer more lenient credit requirements.)

Construction Loan

Construction Loans are specialized short-term financing options designed to cover the cost of building or extensively renovating a home. These loans typically have higher interest rates and shorter terms—usually around one year—and are disbursed in phases directly to the contractor as specific construction milestones are met. Unlike traditional mortgages, the funds are not given to the borrower in a lump sum but are instead released in increments based on the progress of the project. Once construction is complete, the borrower has two primary options: refinance the Construction Loan into a permanent mortgage or apply for a separate loan—often referred to as an “end loan”—to pay off the original construction financing. Construction Loans are ideal for buyers looking to build a custom home or undertake a major renovation project, offering the flexibility and structure needed to manage the costs of construction effectively.

Who is eligible?

Unlike a traditional mortgage, when you borrow money for a Construction Loan, there may not be collateral available – after all, the house may not be built yet. So, there are a few extra considerations. First, a 20% to 30% down payment is traditionally required for new construction. Also, your debt-toincome ratio (DTI) should be no more than 45% of your income and you should have a credit score of 680 or higher. Additionally, the lender may want to know if you’ll pay the balance in cash or refinance upon completion.