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Mortgage Loan Program
As an experienced Mortgage Loan Officer, I have become an expert in the mortgage industry by knowing where to find the information that best helps my client achieve their goals. Let's find you the right loan for your investment in real estate. Let's go!
Mortgage Programs
All-In-One
An all-in-one mortgage is a mortgage that allows a homeowner to pay down more interest in the short term while giving them access to the equity built up in the property. It combines the elements of checking and savings accounts, a mortgage, and a home equity line of credit (HELOC) all in one product. Great for people who have good credit, an all-in-one mortgage lets homeowners pay off their loans sooner without the need to refinance.
Debt Service Coverage Ratio (DSCR) Loan
The Debt Service Coverage Ratio loan is great if you own a multitude of properties when it comes to investment. The greatest feature of this type of mortgage loan is that the only income considered by the lender is the income that the subject property generates. Therefore, eliminating the need to disclose any other income on your mortgage application.
Reverse Mortgage
A reverse mortgage allows homeowners age (55 with some wholesale lenders) 62 or older to borrow against their home equity. It is called a “reverse” mortgage because, instead of making payments to the lender, you receive money from the lender. The money you receive, and the interest charged on the loan, increases the balance of your loan each month. Most reverse mortgages today are called HECMs, short for Home Equity Conversion Mortgage. .
Bank Statement Loan
Utilizing deposits for either 12 or 24 months for personal or business bank statements along with a profit and loss statement and personal financial statement. This sidesteps the need for paycheck stubs, tax returns or W-2 or 1099 income verification
Veteran Affairs Loan
A VA loan is a loan program offered by the Department of Veterans Affairs (VA) to help servicemembers, veterans, and eligible surviving spouses buy homes. The VA does not make the loans but sets the rules for who may qualify and the mortgage terms. The VA guarantees a portion of the loan to reduce the risk of loss to the lender. The loans generally are only available for a primary residence.
USDA Loan
The Rural Housing Service, part of the U.S. Department of Agriculture (USDA) offers mortgage programs with no down payment and generally favorable interest rates to rural homebuyers who meet the USDA’s income eligibility requirements.
The Federal Housing Finance Agency (FHFA) has regulatory oversight to ensure that the Federal National Mortgage Association (FNMA - Fannie Mae) and the Federal Home Loan Association (FHLMC-Freddie Mac) fulfill their charters and missions of promoting homeownership for lower-income and middle-class.
The More You Know
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FHA (Federal Housing Administration) Loan
A government back loan with easier qualifying underwriting guidelines than your standard conventional mortgage loan. The Federal Housing Administration (FHA) provides mortgage insurance on single-family, multifamily, manufactured home, and hospital loans made by FHA-approved lenders throughout the United States and its territories. The Federal Housing Administration, also known as the Office of Housing within the Department of Housing and Urban Development, is a United States government agency founded by President Franklin Delano Roosevelt, established in part by the National Housing Act of 1934.
DPA (Down Payment Assistance) Loan
You don't have to have 20% down to purchase real estate. For a higher rate, you can get up to 100% down payment assistance based on your credit score.
Most commonly underwritten as an FHA loan, the DPA is designed to help borrower who have lower credit scores and little to no money for down payments. In some cases a borrower can obtain 100% financing where they are only responsible for their closing costs. this may be used to purchase a house as a first-time homebuyer, if there has been no ownership interest in a property in the last three years. Multiple loans may be used.
203 FHA Rehab Loan
Rehabilitate a property with this loan using FHA guidelines.
HUD 184 Loan
Jumbo Loan
Every year the limit changes. In 2023 a jumbo loan is a loan over the dollar amount of $726,000
High Balance Loan
In 2024, the Super Conforming, or High Balance loans, would be between $766,550 up to $1,149,825
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HELOC (Home Equity Line of Credit)
A Home Equity Line of Credit allows property owners to have a revolving line of credit that taps into the equity of the property.
Home Equity Loan (Fixed)
Usually acquired as a second mortgage, this fixed rate and term loan allows property owners to utilize a predetermined loan amount for certain purposes such as home improvement.
Piggy Back Loan
A piggy back second mortgage is exactly that. It is a second mortgage that is obtained at the exact same time as the loan in first lien position. piggyback
40 Year Term Loan
Some lenders allow for a longer amortization to help reduce the monthly payment they're making qualifying easier. The lower your payment the more home you can afford.
Interest-Only Loan
Great for investors on properties they plan on owning for a short term, the interest-only loan provides a low monthly payment. However, qualifying is still based on the fully indexed rate.
BK & FC Loan
Certain lenders have a more lenient understanding and are willing to loan even if a borrower has recently had a bankruptcy or foreclosure.
Click the button if you have a question
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ITIN (Individual Tax Payer Identifier) Loan
A Home Equity Line of Credit allows property owners to have a revolving line of credit that taps into the equity of the property.
Foreign National Loan
Usually acquired as a second mortgage, this fixed rate and term loan allows property owners to utilize a predetermined loan amount for certain purposes such as home improvement.
Piggy Back Loan
A piggy back second mortgage is exactly that. It is a second mortgage that is obtained at the exact same time as the loan in first lien position. piggyback
40 Year Term Loan
Some lenders allow for a longer amortization to help reduce the monthly payment they're making qualifying easier. The lower your payment the more home you can afford.
Interest-Only Loan
Great for investors on properties they plan on owning for a short term, the interest-only loan provides a low monthly payment. However, qualifying is still based on the fully indexed rate.
BK & FC Loan
Certain lenders have a more lenient understanding and are willing to loan even if a borrower has recently had a bankruptcy or foreclosure.
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DACA (Deffered Action for Childhood Arrivals) Loan
For children brought into the United States of America by immigrant parents, but who grew up in the U.S., there are special loans for their status type. DACA loans are really treated just like Conventional loans with slightly
OTC (One-Time Close) Construction Loan
If you're interested in purchasing land and simultaneously building a structure upon that land then a one-time close loan is the best choice for financing.
Construction Loan
If you own land already and need financing for the structure so the two are considered one piece of land then a construction loan will get the job done.
Renovation Loan
This loan is for a property that needs to be renovated. Adding to the structure may require a licensed General Contractor to be hired by you.
Hard Money Loan
This mortgage is a great tool for investors to purchase property that they want to hold for a short term at a higher interest rate.
Fix N Flip Loan
This is another investor loan designed for those who are going to purchase a property just to fix it up and resale it for profit.
Your Credit Profile is Important
But Not Every Mortgage Loan Requires Your Full Personal Credit Report
While you're considering which type of loan may work for you check out a bit of credit information for a change of pace. In the world of credit, there are soft inquiries and there are hard inquiries.
For the most part, a hard inquiry is needed for your Mortgage Loan Officer to obtain your entire credit profile, including the three average credit scores from TransUnion, Equifax, and Experian; three of the national credit bureaus.
Other loans only need a soft credit report to get to closing so ordering a hard inquiry credit report would be unnecessary. Don't worry. You don't have to learn which is which. I'm a licensed Mortgage Loan Officer and I'm here to help you with the details.
Roberto Thomson II NMLS # 1550391
NEXA Mortgage, LLC.
(916) 243-6850
Example of Down Payment Assistance
Each lender could have different Down Payment Assistance programs.
Consult Roberto for more information based on your own situation.
Roberto R. Thompson II | NMLS # 1550391 | California Licensed Mortgage Loan Originator
NEXA Mortgage, LLC | 5559 S Sossaman Rd, Bldg 1 Ste 101 Mesa, AZ 85212
Company NMLS # 1660690 | AZMB#0944059 | www.NEXAMortgage.com |
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