Loans for Homebuyers

With a Purchase loan, you agree to buy an existing home and apply for a mortgage. We’ll verify your income, assets, and credit, and have the home appraised to confirm its value. At closing, the loan funds are paid to the seller.

Refinancing involves replacing your current mortgage with a new one, often to secure a lower interest rate or better terms. We’ll assess your current loan, credit, and home value to determine the best options for you. Once approved, the new loan pays off the existing one, potentially lowering your monthly payments or helping you access cash for other needs.

A Construction loan helps fund a home that’s still being built. Once permits and contracts are in place, we release money to the builder in stages as construction progresses. When the home is finished, you pay off the loan by converting it into a regular mortgage. A construction-to-permanent loan automatically handles this transition.

The Purchase and Rehab loan program covers both the property purchase and costs for repairs, upgrades, or expansions. The home’s value is appraised based on the planned improvements.

Conventional loans are used for purchasing, rehabbing, or constructing homes, with maximum limits set by the Federal Housing Finance Agency (FHFA). They offer down payments as low as 3% and are available for 1-4 family properties, whether primary, secondary, or investment homes. Mortgage insurance is only required if the loan exceeds 80% of the home’s value, and seller contributions, gift money, and other sources of down payment are allowed.

Special Conventional Programs

The Fannie Mae Homestyle Renovation Loan combines the purchase price and renovation costs into one loan, with renovations ranging from simple updates to major repairs. The Fannie Mae HomeReady loan offers a 3% down payment and flexible credit eligibility for first-time buyers with incomes at or below 80% of the area’s median. Both programs allow seller contributions, gift money, and non-occupant co-borrowers.

The Freddie Mac Home Possible program is for first-time homebuyers with a 3% down payment and cancellable mortgage insurance. It allows multiple down payment sources, including family contributions and employer assistance, and permits non-occupant co-borrowers. Income is capped at 80% of the area’s median, and seller contributions are allowed.

The VA loan helps veterans and active-duty members of the U.S. Armed Forces purchase or build a home. It requires no down payment, has no monthly mortgage insurance, and offers flexible qualification criteria, higher loan limits, and higher debt-to-income ratios. The property must meet safety standards, and financing for eligible closing costs is also available. Additionally, the loan can be assumed by another approved veteran. Benefits vary based on service history and eligibility. Sponsored by the U.S. Department of Veterans Affairs (VA).

The USDA loan is for purchasing, rehabbing, or constructing a home in a USDA-designated rural area. The home must be owner-occupied, and the borrower’s income must be at or below 115% of the area’s median income. Benefits include $0 down payment, flexible credit eligibility, and reduced mortgage insurance. Financing is also available for eligible closing costs, and the program allows gift money, grants, and seller contributions. Sponsored by the United States Department of Agriculture (USDA).

The FHA loan is designed for purchasing or purchasing and rehabbing a home through the FHA 203K Program. It requires mortgage insurance for the life of the loan and has maximum loan limits based on the location. Benefits include flexible credit and qualification requirements, a 3.5% down payment, and higher loan limits in some areas compared to FHFA conforming limits. Seller contributions and gift money are allowed, and the loan is sponsored by the Federal Housing Administration (FHA).

The Multi-Family loan is for purchasing or purchasing and rehabbing a property with owner occupancy required. It offers a 5% down payment for 2- to 4-unit properties. Benefits and allowances vary depending on the program, whether conventional, HomeReady, or HomeStyle Renovation. Sponsored by Fannie Mae.

The Jumbo loan is for purchasing, rehabbing, or constructing a home. It has flexible loan limits that exceed those set by government agencies. Down payments start as low as 5%, though they may be higher for larger loans. Fixed-rate and adjustable-rate options are available, and it can be used for any type of residential property and occupancy. Mortgage insurance can be canceled, and seller contributions and gift money are allowed. Sponsored by private lenders, including independent banks and credit unions.