HOME LOAN PROGRAMS

CONVENTIONAL

As low as 3% down payment. Private mortgage insurance (PMI) is required if the down payment is less than 20%. PMI on conventional loans can be paid for upfront instead of monthly. Fixed, adjustable rate and jumbo loan sizes are available.

RURAL DEVELOPMENT

Allows 100% financing of appraised value with no monthly mortgage insurance (PMI) for a primary residence. The borrower can roll closing costs and escrows into the mortgage. Income limits are applied based on county and family size. Gift funds are allowed, 640 minimum credit score

FHA

3.5% minimum down payment, no income limits, gift funds are allowed. FHA debt-to income ratio guidelines can allow a borrower to qualify for a higher mortgage amount. 6% of the selling price can be negotiated for seller concessions to pay borrower closing costs, taxes, etc.

VA

Intended for Veterans and their families. Similar to the FHA home loan program except the required down payment. Closing costs and prepaid items may be paid by the seller. Gift funds are also allowed. A benefit of VA financing is no monthly private mortgage insurance (PMI) is required.

EXPLORE MORE HOME LOAN OPTIONS

PREPARE TODAY TO BUY TOMORROW

Don’t know where to start in the Home Buying Process? How about getting Organized? Take a look at our checklist below to help your prepare for your purchase!

HOME LOAN DOC CHECKLIST

  • Copy of signed sales contract including all riders

  • Verification of the deposit you placed on the home

  • Names, addresses and telephone numbers of all realtors, builders, insurance agents and attorneys involved

  • Copy of Listing Sheet and legal description if available (if the property is a condominium please provide condominium declaration, by laws and most recent budget)

  • Copies of your pay stubs for the most recent 30-day period as well as year to date

  • Copies of your W-2 forms for the previous two years names and addresses of all employers during the previous two years

  • Letter explaining any employment gaps during the previous 2 years work visa or green card (copy front & back)

If self-employed or receive commission or bonus, interest/dividends, or rental income:

  • Provide full tax returns for the last two years PLUS year to date Profit and Loss statement.

  • K-1’s for all partnerships and S Corporations for the last two years.

  • Completed and signed Federal Partnership (1065) and/or Corporate Income Tax Returns (1120) including all schedules, statements and addenda for the last two years. (Required only if your ownership position is 25% or greater.)

Alimony or Child Support

  • Provide divorce decree/court order stating amount, as well as, proof of receipt of funds for last year If you receive Social Security income, Disability or VA benefits

  • Provide award letter from agency or organization

  • Sale of your existing home – provide a copy of the signed sales contract on your current residence and statement or listing agreement if unsold (at closing, you must also provide a settlement/Closing Statement.

  • Savings, checking or money market funds – provide copies of bank statements for the last 3 months

  • Stocks and bonds – provide copies of your statement from your broker or copies of certificates

  • Gifts – If part of your cash to close, provide Gift Affidavit and proof of receipt of funds

  • Based on information appearing on your application and/or your credit report, you may be required to submit additional documentation

  • Prepare a list of all names, addresses, account numbers, balances, and monthly payments for all current debts with copies of the last three monthly statements

  • Include all names, addresses, account numbers, balances, and monthly payments for mortgage holders and/or landlords for the last two years

  • If you are paying alimony or child support, include marital settlement/court order stating the terms of the obligation

  • Check to cover Application Fee(s)

START YOUR HOME LOAN!

Get pre-approved