Loan Options

Types of Mortgage Loans

Government-insured mortgages like FHA, VA, and USDA offers great benefits. Because these loans are insured by the government, they offer lower down payment requirements and flexible approvals for various credit profiles.

Conventional (conforming) mortgages conform to guidelines established by Fannie Mae and Freddie Mac. County loan limits are established by the FHFA.

Conventional (non-conforming) mortgages are non-government insured loans that don’t conform to Fannie and Freddie guidelines. These are often referred to as non-Qualified (non-QM) loans such as jumbo loans, bank statement loans, foreign national loans, etc.

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FHA Loans

• Low interest rates
• Low down payments
• High credit score not necessary
• Can use for many types of property
• Popular with first-time homebuyers

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VA Loans

• Guaranteed by U.S. Dept. of Veterans Affairs
• Available to active service members and veterans
• 100% financing available
• Primary residence only

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USDA Loans

• Backed by the U.S. Dept. of Agriculture
• Property must be designated as rural. See eligibility map.
• 100% financing available
• Must meet USDA Household income requirements. 
• Primary residence only 

 

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Conventional (Conforming) Loans

• Conforms to guidelines set forth by Fannie Mae and Freddie Mac
• Down payment options down to 3%
• 10 – 30yr term options available
• 620 Minimum Fico required
• Requires monthly mortgage insurance for loan-to-values greater than 80%
• County loan limits set by Federal Housing Finance Administration (FHFA)

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Jumbo Mortgage Loans

• Conventional non-conforming loans that exceed county loan limits set by FHFA
• Higher credit score and reserve requirements
• Larger down payment requirements of 10% – 20% down, based on credit.
• Can be document intensive 

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Bank Statement Loans

• For self-employed individuals
• Qualified based on 12-24 months of personal or business bank statement deposits
• NO tax return required!
• Higher down payment requirement
• Higher credit score requirement
• Reserve assets may be required 

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Real Estate Investor Loans

• Used for rental property acquisition 
• Used for fix-n-flip rehab projects
• No income verification!
• Can be used for single unit property or multifamily property 
• Higher down payment requirements
• Moderate credit score requirements
• Can be vested in LLC

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Foreign National Loans

• Non-US residents 
• Used to acquire investment properties
• Higher down payment requirement
• Higher reserve requirement 
• No SSN required

Not sure which type of mortgage loan is right for your circumstances?

We’ll explain everything in clear language, to help zero in on the smartest option, and keep browsing cost low

Call Elcap Mortgage, Inc. at 404-671-9460