most common types of mortgage financing
FHA Loan (2023 Requirements)
FHA loans are a good option for first-time homebuyers, and others who prefer and qualify for the low down payment/low APR mortgage option. Even borrowers who have suffered from bankruptcy or foreclosures may qualify
for an FHA-backed mortgage.
- FICO® score at least 580
- 3.5% Down payment.
- MIP (Mortgage Insurance Premium) is required.
- Debt-to-Income Ratio < 43%.
- The home must be the borrower's primary residence.
- Borrower must have steady income and proof of (2 years+) employment.
CONTACT US - To take the 1st steps towards getting approved!!
Conventional Loans
A conventional mortgage loan is a “conforming” loan, which simply means that it meets the requirements for Fannie Mae or Freddie Mac. Fannie Mae and Freddie Mac are government-sponsored enterprises that purchase mortgages from lenders and sell them to investors.
- FICO® score at least 620
- Minimum down payment - 3%
- MIP (Mortgage Insurance Premium) is not required with minimum 20% down
- Debt-to-Income Ratio < 43%.
- Borrower must have steady income and proof of (2 years+) employment.
- Borrower must have no recent bankruptcy or foreclosure
CONTACT US - To take the 1st steps towards getting approved!!
Owner Finance
Do you have a 15% to 20% down payment, but cannot qualify for a traditional mortgage loan? Our Owner Finance program may be your solution for immediate home ownership. CHOOSE ANY HOME!! Our investor buys the home, and promptly sells it to you via Owner Finance. All loans are equity/asset based, and approvals do not require extensive documentation, as required by institutional lenders.
- Credit Report & FICO® score requirements - None
- Minimum down payment - 15% (180k-199.9k), 20% (200k-399.9k)
- MIP (Mortgage Insurance Premium) is not required
- Debt-to-Income Ratio - N/A
- Income Requirements - None
- Recent bankruptcy and/or foreclosure - No Problem
- ITIN - Ok
CONTACT US - To take the 1st steps towards getting approved!!