Your Loan Options, Explained
Conventional
15, 20 and 30 year, fixed-term mortgages. Any down payment as low as 5% down for qualified applicants. For first-time homebuyers, as low as 3% down is available. Mortgage insurance is required when less than 20% down payment is made.
USDA Loan
One of the best mortgage options for buyers in more rural areas due to the popular 0% down payment, low rates guaranteed by the USDA, flexible credit requirements, and an income limit that welcomes low-moderate income families and individuals. Required mortgage insurance, but the premium can be financed into the loan amount.
FHA Loan
Flexible loan product insured by Federal Housing Administration. Low down payment requirements and added flexibility around credit and income requirements. Low rates, but mortgage insurance premium is required, along with monthly mortgage insurance.
DSCR Loan
A DSCR (Debt Service Coverage Ratio) loan is designed for real estate investors and uses the property’s rental income—not your personal income—to qualify for financing. It’s a smart solution for buyers looking to scale their investment portfolio without traditional income documentation.
VA Loan
Qualified veterans, service members and military families receive favorable loan terms with as little as 0% down payments, flexibility on income requirements and streamlined refinance options available.
Other Non-QM Loan
Other Non-QM (Non-Qualified Mortgage) loans offer flexible financing options for borrowers who don’t meet traditional lending guidelines—such as self-employed individuals, those with recent credit events, or unique income sources. These loans prioritize real-world financial situations over rigid documentation standards.
FAQs
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Down payments vary by loan type. Some programs allow as little as 3% down, and VA or USDA loans may require no down payment. We can help you explore low or no down payment options. Conventional loans below 20% down would require mortgage insurance, so you will want to review your loan options and costs when considering a down payment.
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A credit score of 640 or higher is typically required for most loan types, but FHA loans may be available with scores as low as 580. We can review your credit and with the help of our credit reporting tools, offer advice on improving it if needed.
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Pre-qualification is an estimate based on information you provide, and a hard credit inquiry. Pre-approval is a more in-depth process that includes a verification of income, credit and assets, reassuring the seller and real estate agent(s) that you a buyer who is prepared and stronger than another offer that is not pre-approved.
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Yes, we work with many self-employed borrowers. You'll need to provide tax returns and other financial documentation. We’ll help you understand what’s required and what loan options are at your disposal.
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Closing costs will include fees for the loan, appraisal, title, and more. In addition to closing costs, you will need to pay for the home insurance premium before or on closing day, and potentially collect tax and insurance escrows as well. We’ll provide a detailed estimate early in the process.
