Loan Products
Conventional
Conventional loans are mortgage loans that are not insured or guaranteed by a government agency, such as the FHA or VA, and typically require higher credit scores and larger down payments compared to government-backed loans.
JUMBO
Jumbo loans are non-conforming mortgage loans that exceed the maximum loan limits established by government-sponsored entities like Fannie Mae and Freddie Mac, typically used to finance high-value homes.
DSCR “Debt Service Cover Ratio”
DSCR (Debt Service Coverage Ratio) loans are real estate loans that evaluate a property's ability to generate sufficient income to cover its debt obligations, typically requiring a specific DSCR threshold for approval.
Bank Statement
Bank Statement Loans are mortgage products that use an applicant's bank statements instead of traditional income documentation to assess their creditworthiness, making them suitable for self-employed individuals or those with non-traditional income sources.
FHA
FHA loans are government-backed mortgage loans insured by the Federal Housing Administration, designed to make homeownership more accessible by offering lower down payment requirements and more lenient credit qualifications.
WVOE “Written Verification of Employment” Only
Written Verification of Employment Only (WVOE-only) loans are a type of mortgage loan where the lender verifies a borrower's employment status and income solely through written documentation from the borrower's employer, without requiring additional income verification methods like pay stubs or tax returns.
Down Payment Assistance
Down Payment Assistance loans are financial programs or grants that provide funds to help homebuyers cover a portion of their down payment, making homeownership more affordable.
Asset Depletion
Asset Depletion loans are a type of mortgage that considers a borrower's assets, such as investments and savings, as a source of income to qualify for the loan when traditional income sources may not suffice.
VA
VA loans are mortgage loans provided to eligible military veterans and active-duty service members, offering favorable terms like no down payment and competitive interest rates, backed by the U.S. Department of Veterans Affairs.
Foreign National
Foreign national loans are specialized mortgage products designed for non-U.S. citizens or residents looking to purchase property in the United States, typically requiring higher down payments and interest rates due to increased lending risks.
Closed-End-Second
Closed-end second loans, also known as closed-end home equity loans, are fixed-term, fixed-rate loans that allow homeowners to borrow a lump sum of money using their home equity as collateral, with a set repayment schedule and interest rate.
Manufactured Homes
Manufactured home loans are specialized financing options designed for purchasing or refinancing factory-built homes, including single-wide and double-wide trailers, with terms and conditions specific to this type of housing.
USDA
USDA loans are government-backed mortgage loans offered by the United States Department of Agriculture to help eligible rural and suburban homebuyers access affordable housing with low down payment requirements.
ITIN “Individual Taxpayer Identification Number”
ITIN loans are mortgage products designed for individuals without a Social Security number but possessing an Individual Taxpayer Identification Number (ITIN), allowing them to purchase property in the United States.
HELOC “Home Equity Line of Credit”
A HELOC (Home Equity Line of Credit) is a revolving credit line that uses a homeowner's equity as collateral, allowing them to borrow and repay funds as needed, with interest typically variable and tied to the prime rate.
P&L “Profit & Loss Statement”
A Profit & Loss Statement-only loan program is a type of mortgage that relies solely on an applicant's business financial statements, typically used by self-employed individuals or business owners to qualify for a home loan without traditional income documentation.