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VA & FHA loan programs managed by the HUD
FHA loans are usually suitable for borrowers with a minimal down payment and good to poor credit.
VA mortgages for both purchase and refinance (IRRRLs) are only for veterans and active duty service members. These heroes are able to receive 100% financing and usually with the lowest interest rates of all mortgage products.
Fannie Mae and Freddie Mac are managed by the FHFA
Conventional mortgages are the most common purchase and refinance loan type. These are typically suitable for borrowers with little down payment and excellent to good credit.
Amounts above FHFA conforming loan limits
Jumbo mortgages are available for loan amounts over the conforming limit and up to $5,000,000 for borrowers with excellent to good credit.
Expense Ratio programs without using tax returns
Business owner mortgages are for self-employed borrowers to buy or refinance their primary residence based on 1099s, Profit and Loss Statements or 12 months of Bank Statements. Typically half of these deposits are available to use as income to measure the borrower's ability to meet the mortgage payment qualifications.
Debt Service Coverage Ratio or DSCR for LLCs
Long-term financing on single family to 10-unit residential housing for investors. Terms vary with stand-alone payment qualifications based only on the expected rental income versus the mortgage payment. Borrower's income is not considered. But their credit is a factor.
Ground-up construction and renovation loans for builders
Excellent terms on land acquisition, horizontal and vertical 1-4 unit residential construction loans, including land developments.
Fix & Flip. Fix & Refinance using new appraised value within six months into DSCR. Many other programs...