| Loan Type |
Features |
Recommended For Borrowers… |
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Fixed Rate Mortgage
(A mortgage in which an interest rate is set before the loan is taken out, and stays constant.) |
- Monthly principal and interest (P&I) payments that stay fixed for the entire life of the loan
- Protection from rising interest rates
- Stability makes budgeting easier
- Easier to understand for new buyers
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- ...who prefer regular payments with no surprises
- ...with limited or fixed incomes
- ...who plan to stay in their home for a long time
- ...who are refinancing at a time
- ...when interest rates are comparatively low
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Adjustable-Rate Mortgage
(An Adjustable-Rate Mortgage (ARM) typically starts with a low interest rate and could increase throughout the loan’s lifetime. This rate may stay the same for months before it changes, but in an ARM the interest rate fluctuates.) |
- Interest rate that is fixed for an initial period, then adjusts periodically based on market conditions
- Lower initial rate than with a fixed-rate mortgage
- A variety of fixed-period options
- Low interest rates initially can allow you to save money
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- ...looking for lower monthly payments in the short term
- ...who plan to move or refinance again within a few years
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FHA Loan
(The Federal Housing Administration (FHA) is a United States government agency created as part of the National Housing Act of 1934. It sets standards for construction and underwriting and insures loans made by banks and other private lenders for home building.) |
- Minimal payment requirements
- Flexible income, credit and debt guidelines
- Expanded closing cost assistance allowances from lenders, sellers, and builders
- Streamline refinance options available
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- ...with limited funds for downpayment and closing costs
- ...who have less than perfect credit
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VA Loan
(A VA loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs (VA). The VA loan was designed to offer financing to eligible American veterans or their surviving spouses) |
- No down payment required
- Flexible income, debt, and credit requirements
- Closing costs may be funded by a gift or grant
- No mortgage insurance requirements
- Streamline refinance options available
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- ...who are eligible military service members (may include veterans, reservists, active-duty members and surviving spouse)
- ...who are eligible homebuyers with limited funds for down payment
- ...who are eligible homebuyers with less-than-perfect credit
- ...who need debts paid off to qualify
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USDA Loan/Rural Housing
A mortgage loan offered to rural property owners by the United States Department of Agriculture. |
- Require no down payment
- You may finance up to 100% of the property value.
- County household income limits apply
- The property must be in a rural area as defined by the USDA.
- Reduced monthly guarantee payments, expanded closing cost assistance & streamline refinances available
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- ...who are purchasing homes in rural areas
- ...with limited assets
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Jumbo Loans
(A loan is considered a jumbo loan if it is more than $417,000, they tend to be for large single-family homes.) |
- Mortgage amounts in excess of the conforming loan limit set by Fannie Mae and Freddie Mac
- Also known as nonconforming loans
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- ...who are seeking financing for higher priced homes
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State Specific Bond Programs
Also known as First Time Homebuyer Programs |
- Minimal or no down payment requirements
- Flexible income, credit and debt guidelines
- Down payment and closing costs may be funded by a gift or grant
- Income restrictions may apply.
- Potential for forgivable grants.
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- ...who are homebuyers seeking little or no down payment
- ...who are looking to take advantage of community homebuying assistance programs.
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Rehabilitation/Renovation Loans
FHA 203K
HomeStyle
HomePath |
- Allows borrowers to finance repairs and or improvements
- Streamline options available for 203K
- Can be used for cosmetic or luxury items
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- ...that would like to purchase or refinance a home while doing improvements to the property
- ...who are buying distressed properties
- ...who are buying older homes that need updating
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Reverse Mortgage
HUD based product that allows borrowers to utilize the equity in their home |
- Allows you to utilize the equity in your home and receive tax free cash, monthly income, and/or a cash credit line
- May also be utilized to purchase a new home
- No monthly payment
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- ...who are seniors wishing to eliminate monthly payments and debt
- ...who are seniors wishing to receive a steady monthly income
- ...who are seniors that wish to remain in their home and offset the cost of medical expenses
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Bank Statement Mortgage
A Bank Statement Mortgage is ideal for self-employed borrower who earn strong income but can't documents it traditionally through tax returns. It allows you to qualify based on actual cash flow, giving you access to financing that reflects your real financial picture. |
- No Tax Returns Required
- Can use Business and/or Personal Bank Statements
- 12 to 24 Months Bank Statements
- Can add other income sources to qualify
- Flexible Credit Guidelines
- Higher Loan Limits
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- …Self-Employed Professionals - Business owners with Substantial deposits
- …Real Estate Investors who write off income on Tax Returns
- …W-2 wage earners with a Part Time self-employed side job
- …High Write-off Borrowers who legally reduce taxable income
- …Gig Economy Workers such as Uber drivers, influencers, or freelancers
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DSCR (Debt Service Coverage Ratio)
A DSCR Mortgage is used to qualify based on the income generated by the property, not the borrower's personal income. It's ideal for investors looking to scale their real estate portfolio without the limitations of traditional income documentation. |
- Employment Income NOT Verified
- Employment NOT Verified
- Qualifies Using Rental Income of Subject Property
- Flexible Credit Requirements
- Investor-Focused
- Faster Closings
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- …Real Estate Investors looking to Expand their Real Estate Portfolio
- …Self-Employed Borrowers who have difficulty documenting income
- …Gig Worker or 1099 Earners with inconsistent Income
- …Buy-and-Hold Investors looking to build long-term wealth
- …First-Time Investors who may not have W-2 Income
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Asset Qualifier Mortgage
Asset Qualifier Mortgage is perfect for borrowers who have significant assets but limited or no traditional income. It allows qualification based on verified assets like savings, retirement funds, or investment portfolios, making it ideal for retirees or high-net-worth individuals. |
- No Employment or Income Verification
- Employment NOT Verified
- Asset-Based Qualification
- Ideal for High-Net-Worth Borrowers
- Flexible Asset Types
- Higher Loan Amounts
- Primary, Second Home, or Investment Property
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- …Retirees with substantial savings or retirement accounts but limited income
- …High-Net-Worth Individuals who prefer to leverage assets/li>
- …Investors with Strong Portfolios holding large asset balances in stocks, bonds, or other liquid investments
- …Entrepreneurs between ventures who may not have current income
- …Trust Fund Beneficiaries with access to liquid or managed fund
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Profit & Loss Statement Mortgage
A Profit and Loss Mortgage is used by Self-Employed borrowers who want to qualify using a CPA-Prepared P&L Statement instead of complex tax returns. It's a streamlined option that reflects true business income, offering flexibility and speed in the approval process. |
- Uses CPA-Prepared Profit and Loss Statement
- NO TAX RETURNS REQUIRED
- Asset-Based Qualification
- Self-Employed Focused
- Faster Loan Process
- Qualifies Based on Business Cash Flow
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- ...Who are self-employed and write off too much to qualify with tax returns
- …Who are entrepreneurs with irregular income but strong P&L statements/li>
- …Who are 1099 or contract workers needing flexible income documentation
- …Who have complex businesses and want to avoid submitting full financials
- …Who are newly self-employed with 1–2 years of solid P&L history
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