CONVENTIONAL LOANS

These are your standard, typical mortgages that are backed by Fannie Mae/Freddie Mac. The best option for those borrowers with good/great credit scores. First-time home-buyers can buy with as little as 3% down with a conventional loan. These are also great loans for those that are not first time home buyers, no PMI options are available as well!

The better your credit score, the more you put down, typically the better your pricing is for the loan. 

FHA loans are a great product for a lot of first-time buyers! This loan program is considered flat based pricing so whether you have a 500 or an 800 credit score, everyone basically gets the same pricing. This program has a minimum down payment of 3.5% and they are more lenient with debt-to-income ratios. Appraisal process is a little more intricate, but nothing out of the norm. This program is for primary residences only. This program is not just for first-time buyers so ask your lender.

First and foremost, thank you for your service and dedication to our freedom. We wouldn't be here without you and these loans are a great option for those that served our country! VA loans allow financing with 0% down. Debt-to-income ratios are also very flexible. These loans are only available for veterans/veteran & spouse/surviving spouse. Also not a program just for first-time buyers. As long as you've served the military for the allotted amount of time, these are available for your lifetime. 

Also known as Rural Development, these mortgages are for those that live in rural areas. There is a USDA loan property look-up website where you can see if you would be eligible. This program allows for 0% down and it's also not restricted to first-time buyers. Debt-to-income is a little tighter here, but this is a great option if you are looking to keep more cash on hand as the only thing you have to pay for at closing is the closing costs.

This is a Down Payment Assistance program through the state of Michigan where you can get up to $10,000 as a grant towards your funds to close. It's a silent second lien that gets paid when you refinance or sell down the road. You can do this loan with conventional, FHA, USDA, or VA loans. Minimum credit score of a 640 and a max debt to income ratio of 45%. There are income restrictions and purchase price restrictions as well. 

As far as refinance options go, typically when my clients reach out about a refinance, they fall into one of three buckets: taking cash out from the home's equity, refinancing to a lower rate, or taking on a shorter term to pay the home off faster. With a refinance, you can typically take advantage of a new mortgage with any of the above loan types, get with your mortgage lender to find the right option that makes sense for you!

Are you a business owner and do you have a very good accountant that makes it look like you don't make as much as you actually do? This is the perfect loan option for you! We go off of the last 24 months of bank statements and we use this as your income. This program does require more down than your traditional mortgage (20-25% down at minimum) and the rate is higher, but it allows you to buy when you otherwise wouldn't be able to. 

Debt Service Coverage Ratio - This program is for is for real estate renter/investors where the only documentation that you need to provide is cash to close figures and the proof that you would get more in rent than what the proposed mortgage payment - i.e. 1.25 > 1 ratio ($1,250 rent v $1,000 payment)

The broker partners that we work with typically have a minimum loan amount of $150,000.

Also known as a Home Equity Line of Credit. Let's say you have a ton of equity, but you have a very low mortgage rate and you don't want to refinance. This is a great option to get a second loan to take advantage of that equity. Minimum loan amount is typically $25,000 and you can usually take out a max of about 80% of your property's value total with the two loans combined. Interest rates are typically higher because its a second loan, but sometimes this is the better option even with the higher rate!

A non-warrantable condo is a condo that can't be insured or a condo project that is incomplete. You see this a lot in other states where the condo phases weren't completed and therefore are not eligible for traditional financing, this is an option to qualify untraditionally! Also considered a non-qm loan so anything non-warrantable would require more down along with a higher interest rate. Very rarely do we see this, but it's good to have options if you run into it!

Being that marijuana is federally still illegal, marijuana business owners haven't been able to get qualified for a mortgage in some time until NOW! We work with a broker partner that allows financing to those that own marijuana businesses from dispensaries to grow factories, we can now help you buy the home of your dreams. These are non-qm mortgages that also have their own guidelines and restrictions, but reach out today and I would love to help you navigate these waters together. 

A jumbo loan is any loan that is over the limit that is set by Fannie/Freddie. Currently in 2024, the loan limit for most of the country is $766,550. If you are taking a loan for less than that amount, you have nothing to worry about. If you are looking for a loan over that amount, I have options for you! Whether we go through my company traditionally or through a broker, I can also help you navigate these guidelines to see what is possible. The typical minimum down payment is 20% and the typical minimum credit score for a jumbo loan is a 700.