Financing Strategies For New and Experienced Buyers
Loan Programs for Your Dream Home
Finding the best loan program for you is just as important as finding your dream property. Using an experience mortgage broker means you get access to dozens of lender catalogs and their specialty programs – meaning you get a better deal on your home investment.
Finding The Right Loan Program For You Means Understanding Your Financial Standing
Making the best move for your short- and long-term goals means choosing a loan program that works for all your financial needs. Ensuring your credit score and history is cleaned up, putting away cash for a down payment, and making the right plans with a current property can make all the difference in the program type (and rate!) you can qualify for. Here are some of the key factors our loan experts review with you when evaluating your program options.
Credit
Your credit score, history, and current debt obligations will contribute to your overall qualifications.
Assets
A current home, investment property, IRAs, stocks and bonds, CDs, and other financial assets can impact your program choices.
Income
The money you bring in, the frequency its paid out, and whether it’s a salary, contract, 1099, or wages can impact your loan options.
Down Payment
Saving for a down payment can help you find a better rate or a more attractive loan program.
We find the loan that fits your short- and long-term goals
Loan Programs Are Not
One-Size-Fits-All
Having a mortgage broker on your team means you get someone who takes a consultative and holistic approach to your goals. We’ll start with where you are currently and your goals, then work to hand-craft a mortgage plan that not only gets you into a home, but puts you on the path to building wealth.
If You're A First-Time Buyer...
Your loan options are wide open! Many programs are designed for new home buyers and can help you take that initial leap into property ownership. Depending on your down payment and credit score, your loan options may include FHA, VA, or Conventional loans.
If You Need More Space...
You’ll be able to leverage your existing property into your next house. Bridge loans can help you navigate the liminal space between your old and new house. Your most likely loan programs will be Conventional or Jumbo Loans.
If You Want To Build...
You’ll have many options for financing that dream home build. From builder credits to customizing every detail, there’s a lot to love about building your own home. You’ll likely want a construction-to-perm or FHA loan for your new construction home.
If You're Near Retirement...
You probably have more options than you realize. By leveraging assets you already have, you can use Asset Depletion loans to purchase a new home. You could also create passive income for retirement with a DSCR loan. Our experts can help you decide your best path to financial stability and freedom.
Residential Home Loan Options
Conventional Loans
The go-to option for borrowers with strong credit history and stable income. Offers competitive interest rates and flexible loan terms, making it a popular choice for many homebuyers.
Jumbo Loans
Designed for expensive homes exceeding conforming loan limits. Requires a larger down payment (usually 10-20%) but caters to borrowers seeking high loan amounts.
VA Loans
Backed by the Department of Veterans Affairs, offers low or no down payment and competitive rates for veterans and eligible service members. Often comes with relaxed credit score requirements.
FHA Loans
Insured by the Federal Housing Administration, allows for lower down payments (minimum 3.5%) and caters to borrowers with moderate credit scores.
Adjustable Rate Mortgages
Interest rate adjusts periodically over the loan term. Can offer lower initial rates but comes with the risk of future rate increases.
DSCR Loans
Ideal for investment property purchases. Uses property income, not personal income, to qualify for the loan.
Bank Statement Loans
A mortgage option for self-employed borrowers with non-traditional income. Utilizes bank statements to verify income instead of tax returns.
Self- Employed Loans
This name is a broad category of loans, encompassing various programs designed for self-employed individuals. May consider alternative income documentation and offer flexible qualifying guidelines.
What We Review When Choosing A Program For You
Down Payment Options
Your down payment amount will strongly influence the options you have in loan programs. While the dollar amount alone may seem important, it’s actually the percentage of it in relation to the full purchase price of a home that’s important. When buying a higher-price-point home, a 10 or 20% down payment will be a large amount of money. There are loan programs that offer lower down payment options, as low at 3.5% down payment for FHA loans. Understanding how much money you have available for a down payment along with your price range will give us a good idea of what program to suggest for you.
Credit History
Credit score, payment history, and the life of your credit report are all important metrics that we, the mortgage broker, and the lender look at when evaluating your ability to take on a loan. While it’s always beneficial to work on your credit score, taking a hard look at your credit report and making a plan to improve your credit understanding is a move we always recommend to home shoppers before they seriously begin their mortgage process. Optimizing your credit standing can greatly change your loan program options in the future.
Your Target Market
We help you understand the potential equity and resale value of your home, so you can make the best move for tomorrow as well as ten to 30 years down the road. Making sure your home is a good investment, offers flexiblity and equity for the future, and helps you reach your broader financial goals is a priority for us in evaluating your program choices.
Debt To Income Ratio
In the most general sense, this ratio is a measure of how much money comes into your household versus how much money goes out on a monthly basis. This gives us and our lender partners an idea of how much money you need to have every month to cover the standard expenses of living. We use this in determining just what price point and program options you have when buying a home.
Income Types
While many borrowers qualify with a traditional W2 income, we offer a wide variety of loan programs for self-employed, freelance, contractor, and small business owner income. Using different methods of income verification, we can find a strategic loan choice that uses your unique income. Working with a mortgage broker is ideal for those borrowers with non-traditional income because brokers have a wider variety of programs to choose from.