top of page
CALCULATE YOUR MORTGAGE
TYPES OF LOANS
1
FHA
Available only for primary homes, it's a type of financing backed by the government (directly from the Federal Housing Administration) agency that is under the jurisdiction of HUD. The buyer profile can be flexible in this type of loans. The down payment is low (3.5% of the price of the house) and you can qualify with a 580 credit score or less (certain rules apply). The percentage used to calculate the payment capacity will be greater than conventional, which allows for higher financing.
CONVENTIONAL
Available for transactions in primary, vacation (sencond home) and investment properties. These products are not backed by government assistance, but to qualify for secondary market, you must meet Fannie Mae or Freddie Mac parameters. These are agencies that purchase mortgages from these lenders, giving them funds availability of funds to continue financing different mortgages. The down payment on this type of product for a primary home starts at 3% if you are a First Time Home Buyer, otherwise it will be 5%. The payment capacity is calculated differently than the FHA loan, and the minimum credit score required is 620.
2
NON-QM PRODUCTS
3
JUMBO LOAN
Available for primary, vacation and investment property. It's a type of financing that is not backed by the government and is called “non-compliant” since the loan limit exceeds the amounts established by the Federal Housing Finance Agency (FHFA Federal housing). Financing agency), interest percentages and interest rates are the same as FHA and/or conventional loans.
P&L (PROFIT & LOSS)
Available for primary, vacation and investment property, it is a type of financing that is not backed by the government and is called “non-compliant” since the loan limit exceeds the amounts established by the Federal Housing Finance Agency (FHFA Federal housing). Financing agency), interest percentages and interest rates are the same as FHA and/or Conventional loans.
5
1099
Available for primary, vacation and investment properties. It's a type of financing that is not backed by the government and is called “non-compliant” since the loan limit exceeds the amounts established by the Federal Housing Finance Agency (FHFA Federal housing). Financing agency), interest percentages and interest rates are the same as FHA and/or conventional loans.
BANK STATEMENT PROGRAM
Available to finance primary, vacation and investment properties. The income will be calculated based on the last 12-24 account statements, down payment percentages and interest rates are a little higher, making it a good option for those who do not qualify for FHA and/or conventional loans.
7
WVOE
Available financing for primary, vacation, or investment properties. Income will be calculated based on the last 12-24 account statements, down payment percentages and interest rates may be higher, making it a good option for those who do not qualify for FHA and/or conventional loans.
4
6
DSCR (DEBT SERVICE COVERAGE RATIO)
Disponible solo para inversionistas, es un préstamo No conforme al igual que Bank statement program, ITIN number program, entre otros. Para calificar a este tipo de financiamiento el prestamista se basará en calcular el retorno mensual de la inversión, adicional a esto se deben cumplir con las algunas reglas especiales. Los porcentajes de downpayment y las tasas de interés también son un poco más altas que los productos de FHA y/o Convencional.
8
9
ITIN NUMBER PROGRAM
Available to those who do not have a social security number, but do have a tax identification number (ITIN), and can prove their income either with their tax returns or their account statements. Down payment percentages and interest rates are slightly higher than FHA and/or conventional products.
FOREIGN BUYERS
Available to those who do not have a social security number, but do have a tax identification number (ITIN), and can provide proof of income either with their tax returns or their account statements. Down payment percentages and interest rates are slightly higher than FHA and/or conventional products.
10
bottom of page