Conventional Loans

What are Conventional Loans?

Conventional Loans are mortgage loans that are not insured by the government (like FHA, VA, USDA Loans), but they typically meet the lending guidelines that have been set by Fannie Mae or Freddie Mac. Typically, conventional loans have better rates, terms and/or lower fees than other types of loans.

Features
Ideal for first-time home buyers, individuals with higher credit scores and W-2 income and self -employed income borrowers

Very affordable, with down payments as low as 3%
Can be used to finance primary homes, secondary homes, and investment properties
Available in fixed rates of 15-, 20-, 25- & 30-year terms

FHA Loans

It's easy to understand why many people looking for a new home are turning to Federal Housing Administration-insured loan programs because FHA Loans are insured by the Federal Housing Administration, and homebuyers have an easier time qualifying for a mortgage. First-time home buyers and people with less-than-perfect credit benefit the most from an FHA loan.

The links to the right are articles aimed at helping you better understand FHA loans. With this information, you can make a more informed decision on whether these government-insured loans are right for you and your family.

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USDA Loans

A USDA Loan is a mortgage loan insured by the U.S. Department of Agriculture and available to qualified individuals purchasing or refinancing their home loan in an area that is not considered a major metropolitan area by the USDA.

Benefits of USDA Loans

100% Financing - you can buy a home with no money down. In some cases, you can even finance your closing costs.
You can refinance up to 100% of the value of your home.
Low fixed rate mortgage options.
They are usually easier to get because the Government insures the loan. Therefore, there is much less risk to the lender.
USDA Loans can be used for Existing Homes, Foreclosures, or New Construction.
USDA Loans offers a simple loan process.
No Loan Limit. No Acreage Limit.
There is No prepayment penalty.
You can use the loan to repair or add to your home.
There are flexible credit requirements.

VA Loans

A VA loan is a mortgage loan guaranteed by the U.S. Department of Veteran Affairs (VA) that is available to most U.S. service members. It offers some very great benefits to people who have served our country.

Benefits of VA Loans

With VA Loans, you can buy a home with no money down.
You can refinance up to 100% of the value of your home.
You never have to pay PMI (Private Mortgage Insurance).
Sellers can pay your closing costs.
They are usually easier to get because the Government insures the loan so that there is much less risk to the lender.
If you already have a VA Loan, you might be eligible for a VA Streamline Refinance.
Disabled Veterans may qualify for a waiver of the Funding Fee if they receive any disability payments from the VA or are considered at least 10% disabled.

For any further information about VA loans in Tennessee, get in touch with us.

Refinance Loans

Refinancing a home mortgage can be a big decision for many homeowners. Your situation and needs change over time, so why shouldn't your mortgage? Now might be the right time to refinance into a lower-rate mortgage.

You should take the time to consider the following questions to see if refinancing makes sense for you.

Non-QM Loan Products

Foreign National Loans

Want to buy a home in the United States, but you're not a U.S. Citizen?

No problem. Our Foreign National Loan Program makes buying a home in the U.S. easier for non-US citizens. While the guidelines on these loans are different than conventional, conforming, or other federally insured loan programs, we are confident that our loan program can meet your needs.

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DSCR Loans Rental Property Investor Loans

What is a DSCR loan?

A debt service coverage (DSCR) loan is one that qualifies borrowers through an investment property’s cash flow rather than the borrower’s income. DSCR loans — also known as investor cash flow loans — are frequently used by real estate investors to qualify for mortgages and buy investment properties.

Features

FICO 640
Loan amounts up to $2.5 million
Max cash-on-hand $1 million, no limit for CLTV <55%
40- & 30-year fixed, 5/6 & 7/6 ARM terms
No income or employment verification
DSCR as low as 0
Eligible for Non-Permanent Residents and Foreign Nationals (under Foreign National DSCR Program)
Condotels allowed
Non warrantable condos
Investors who own more than 10 properties and can’t qualify conventional
First time or seasoned investors

Personal or Business Bank statements

No Tax Returns needed
12 or 24 months of bank statements accepted
Self-employed and high net worth borrowers are welcome
Flexible loan options for all types of buyers

1Y + 2Y P&L ONLY

No Score or FICO 660
Up to 85% CLTV on 2Y and up to 80% CLTV on 1Y
Max DTI 55%
Loan amounts up to $3 million
No bank statements are required
Borrowers can qualify based on the strength of their business’s Profit & Loss statement only
Fast and easy application process

1099

No Score or FICO 660
Up to 90% CLTV for 1099
Loan amounts up to $3 million
DTI 55% Max
Don’t have to scramble to get tax returns together
1099 Income Program uses your actual wage information from your 1099 form

WVOE

No Score or FICO 660
Up to 85% LTV for WVOE
Up to 85% LTV for 1099
Loan amounts up to $3 million
Don’t have to scramble to get tax returns together
WVOE is a form completed by your employer that confirms employment and income details

Bridge Loan Program

FICO 580
70% CLTV
Interest Only
No Income on 1003
Get the short-term financing you need to buy a home, even if you don’t meet all the qualifications for a mortgage
Bridge loans are available for 1-4 unit properties, including second homes and condos
No prepayment penalties

Asset Utilization

FICO 660
Up to 80% CLTV
Cash Out up to 75% LTV
Savings and checking 100%
No Tax Returns needed
Self-employed and high net worth borrowers are welcome
Flexible loan options for all types of buyers

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Reverse Mortgages

Many homeowners have found that a reverse mortgage loan is a great way for them to take advantage of the equity they have built up in their homes.

A reverse mortgage loan is different than a traditional mortgage. With a traditional mortgage loan you make monthly mortgage payments, but with a reverse mortgage loan the lender pays you money through monthly installments, a one-time lump sum payment, a line of credit or a combination of a line of credit and monthly installments. The money that you receive is dependent on your age, the value of your home and the current interest rate.

One of the great advantages of a reverse mortgage loan is that you are not required to pay the loan back until the home is no longer your primary residence or you fail to maintain the home, or fail to pay property taxes and/or homeowner's insurance or do not otherwise comply with the terms of the loan. For more information on when a reverse mortgage loan comes due, contact us and we'd be glad to help!

If you’re aged 62 or older and own your home you might be eligible for a reverse mortgage loan. Contact us to find out more about reverse mortgage loans and ways to make it work for you, or apply now and start the process of tapping into the equity in your home.

Check out our mortgage calculator to compare loans against property interest rates.

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