Product & Programs
Products and Programs Designed to Fit Your Lifestyle
We understand that navigating the world of home loans can be complex. That’s why we’ve created this resource – to provide you with clear, concise information about the variety of loan products.
Conventional Loans
A conforming loan is a type of conventional mortgage that meets the funding criteria set by Fannie Mae and Freddie Mac, two government-sponsored enterprises (GSEs) in the United States. These criteria include the maximum loan amount, borrower credit score and debt-to-income ratio, and other underwriting guidelines.
Conforming Loans
Loan Limits Up To $766,550 (2024)
*Varies by County*
High Balance Loans
Loans Limits Up To $1,149,825 (2024)
*Varies by County*
FHA Loans
An FHA loan is a government-backed mortgage insured by the Federal Housing Administration, designed to help low-to-moderate income borrowers with lower credit scores and minimal down payments.
VA Loans
A VA loan is a mortgage loan in the United States guaranteed by the Department of Veterans Affairs, available to eligible military service members, veterans, and their spouses, often requiring no down payment or private mortgage insurance.
Jumbo Loans
A jumbo loan is a type of mortgage that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA), designed for financing luxury properties or homes in highly competitive real estate markets, and typically requires a higher credit score and down payment.
Qualified Mortgage(QM)
A Qualified Mortgage (QM) is a type of loan that is designed to meet certain standards set by the Consumer Financial Protection Bureau (CFPB), ensuring that lenders make loans that borrowers can reasonably be expected to repay. QM loans prohibit risky features like negative amortization, interest-only payments, and balloon payments, and they also limit the debt-to-income ratio of borrowers. The intent is to provide safer and more stable loan products to protect consumers from predatory lending practices.
Non-Qualified Mortgage(NQM)
Non-Qualified (Non-QM) loan products are mortgage loans that do not meet the strict criteria set forth by the Consumer Financial Protection Bureau (CFPB) for Qualified Mortgages (QM). These loans are designed for borrowers who may not qualify for traditional mortgages due to various reasons such as non-traditional income sources, higher debt-to-income ratios, or lower credit scores. Non-QM loans offer more flexibility in underwriting but often come with higher interest rates and are considered riskier for both the lender and borrower. They are typically offered by alternative lenders and not by traditional banks or credit unions.
Interest-Only Products
Interest-Only loan products are a type of mortgage where, for a specified period at the beginning of the loan term, the borrower pays only the interest on the principal balance, with the principal balance unchanged. After this interest-only period, the loan typically converts to a standard amortizing loan, where payments include both principal and interest. This results in significantly higher payments after the interest-only period ends. These loans are often used by borrowers who expect higher future income, plan to refinance before the interest-only period ends, or intend to sell the property.
Bridge Loan Products
Bridge loan products are short-term financing options used to bridge the gap between immediate cash flow needs and future income or financing. Often used in real estate transactions, these loans enable homeowners to purchase a new property before selling their current home by using the existing home as collateral. Bridge loans have higher interest rates than traditional mortgages, are typically short-term (usually up to one year), and are meant to be paid off quickly, often with the proceeds from the sale of the borrower’s current home. They are useful for buyers in competitive markets or those needing to move swiftly but carry the risk of having to manage two mortgages if the current home doesn’t sell as quickly as anticipated.
ALT Doc Programs
Alt-Doc (Alternative Documentation) loan programs are mortgage options designed for borrowers who may not meet the traditional documentation requirements for income and assets verification in standard loan processes. These programs cater to self-employed individuals, entrepreneurs, or those with variable incomes who can’t provide conventional proof of income through W-2 forms or tax returns. Instead, Alt-Doc loans may accept alternative forms of income verification, such as bank statements, asset depletion, or profit and loss statements.
While Alt-Doc loans offer more flexibility, they often come with higher interest rates and may require larger down payments or higher credit scores to offset the lender’s increased risk.
