The conventional conforming loan is the traditional mortgage program. Conventional loans are conforming, meaning they follow the guidelines set forth by Fannie Mae and Freddie Mac. This loan requires mortgage insurance if the down payment is less than 20 percent. A conventional loan is a good option for those who have more money for down payments and better credit scores.

• Debt to income ratio up to 45 %
• As low as 3% down
• If down payment is less than 20% it requires monthly mortgage insurance
• Loan amount can be up to $548,250

The Federal Housing Administration (FHA) mortgage insurance program is managed by the Department of Housing and Urban Development (HUD), which is a department of the federal government. FHA loans are available to all types of borrowers, not just first-time buyers. The government insures the lender against losses that might result from borrower default. Advantage: This program allows you to make a down payment as low as 3.5% of the purchase price. Disadvantage: You’ll have to pay for mortgage insurance, which will increase the size of your monthly payments.

• As low as 3.5% down
• Debt to income ratio up to 55%
• Requires monthly mortgage insurance
• Allows for no cost “streamline” refinancing

The U.S. Department of Veterans Affairs (VA) offers a loan program to military service members and their families. Similar to the FHA program, these types of mortgages are guaranteed by the federal government. This means the VA will reimburse the lender for any losses that may resultfrom borrower default. The primary advantage of this program (and it’s a big one) is that borrowers can receive 100% financing for the purchase of a home. That means no down payment whatsoever.

• Only available to qualified veterans
• No down payment
• No monthly mortgage insurance
• Allows no cost “streamline” refinancing

The United States Department of Agriculture (USDA) offers a loan program for rural borrowers who meet certain income requirements. The program is managed by the Rural Housing Service (RHS), which is part of the Department of Agriculture. This type of mortgage loan is offered to “rural residents who have a steady, low or modest income, and yet are unable to obtain adequate housing through conventional financing.”

• No down payment required
• Only available for specific rural areas
• Financing up to 103.5% of the appraised value
• Requires monthly mortgage insurance
• Maximum income limits

A HECM Reverse Mortgage is an FHA insured loan. This loan allows those who are 62 years of age or older to use equity in their home for other purposes. Borrowers need at least 40-50% equity in their home to qualify.

• No repayment is required as long as primary residence. The borrower will be responsible for paying taxes, insurance and compliance with all other terms of the loan.
• Available to seniors 62 and older who qualify.
• No out of pocket expense
• Those who qualify can receive cash, monthly income, or a line of credit

Homeowners to finance the cost of repair work to improve/renovate/rehabilitate their primary residence into their mortgage. FHA program requires the property to be a primary residence of the borrower. A standard 203k loan program allows a loan amount that is 110% of the after improvement value determined by the appraisal.

• Home must be at least a year old
• Home must be a residential dwelling
• Standard 203K cost of rehabilitation at least $5,000 and above
• Streamline (mini) program can be used for repairs that cost less than $35,000

No other mortgage product does more to lower costs and maximize the benefits of homeownership.
What Is It?
It is a 30-year HELOC with an integrated sweep-checking account. In other words, it combines your home financing and personal banking needs into one dynamic tool.

How It Works
If you’re like most Americans, you probably earn more in just 5 years than you owe on your mortgage. But cash is a depreciating asset, and despite low interest rates, mortgages cost copious amounts of interest, not to mention, delay progress with building home equity. The All In One Loan is a solution to both obstacles because it combines the two into one fluid financial instrument.

As the nation’s only 30-year draw home equity line of credit (HELOC) with an integrated sweep checking account, it puts your income to work to lower daily mortgage principal and monthly interest costs.