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Purchase:
- FHA: An FHA loan is a mortgage insured by the Federal Housing Administration, designed to help lower-income or first-time homebuyers qualify for financing with a lower down payment and more flexible credit requirements. These loans are issued by approved lenders but backed by the government to reduce lender risk
- CONVENTIONAL: A conventional loan is a type of mortgage that is not insured or guaranteed by the government, typically requiring higher credit scores and larger down payments than FHA loans. These loans can be conforming (meeting Fannie Mae and Freddie Mac guidelines) or non-conforming, depending on the loan amount and borrower qualifications.
- VA: A VA loan is a mortgage backed by the U.S. Department of Veterans Affairs, available to eligible veterans, active-duty service members, and some military spouses. It offers benefits like no down payment, no private mortgage insurance (PMI), and competitive interest rates.
- JUMBO: A jumbo loan is a type of mortgage that exceeds the conforming loan limits set by Fannie Mae and Freddie Mac, making it too large to be backed by these government sponsored entities. Because of the higher risk, jumbo loans typically require stronger credit, larger down payments, and more thorough financial documentation.
- REHAB: A rehab loan is a type of mortgage that finances both the purchase of a home and the cost of renovations or repairs, commonly used for fixer-uppers. One popular example is the FHA 203(k) loan, which allows borrowers to roll renovation expenses into a single loan.
- USDA: A USDA loan is a government-backed mortgage offered by the U.S. Department of Agriculture to help low- to moderate-income borrowers buy homes in eligible rural and suburban areas. It oƯers benefits like no down payment, reduced mortgage insurance costs, and competitive interest rates.
- NON QM: A Non-QM (Non-Qualified Mortgage) loan is a type of mortgage that doesn’t meet the standard requirements set by the Consumer Financial Protection Bureau, such as strict income verification or debt-to-income limits. These loans are often used by self employed borrowers, investors, or those with unique financial situations.
Non-QM Loans:
-BANK STATEMENT: A bank statement loan is a type of non-QM mortgage that allows self employed borrowers to qualify using personal or business bank statements instead of traditional income documents like W-2s or tax returns. Lenders use these statements to calculate average monthly income and assess the borrower’s ability to repay.
-P&L: A Profit and Loss (P&L) loan is a type of loan assessed based on the borrower’s business income and expenses, typically used when traditional income documentation (like pay stubs or tax returns) is not available. Lenders analyze the borrower's P&L statement, usually prepared by a CPA or accountant, to determine the borrower's ability to repay the loan.
-DSCR: A Debt Service Coverage Ratio (DSCR) loan is a type of real estate investment loan where approval is based on the property’s income rather than the borrower’s personal income. Lenders use the DSCR calculated by dividing the property’s net operating income by its debt obligation to assess whether the rental income sufficiently covers the loan payments.
- HELOCS: A Home Equity Line of Credit (HELOC) is a revolving loan that allows homeowners to borrow against the equity in their home, using it as collateral. Borrowers can draw funds up to a set limit during the draw period and repay with flexible monthly payments, making it ideal for ongoing expenses or home improvements.
- CLOSED END 2ND: A closed-ended second mortgage is a loan secured by the borrower’s home equity with a fixed loan amount that must be repaid over a set term, separate from the primary mortgage. Unlike a HELOC, it provides a lump sum upfront and typically has fixed interest rates and payment schedules.
- NON WARRANTABLE CONDOS: A non-warrantable condo loan is a mortgage used to finance a condominium that does not meet the lender’s criteria for warrantable status, often due to issues like high investor occupancy or pending litigation. These loans typically have stricter requirements, higher interest rates, and larger down payments because they carry more risk for lenders.
Down Payment Assistance:
- HOME TOWN HEROES: We proudly offer the Hometown Heroes Program to support frontline workers including teachers, healthcare professionals, law enforcement, firefighters, and military personnel with special mortgage benefits. This program provides assistance with down payment and closing costs, making home ownership more accessible for those who serve our communities every day. Program is offered while the funds are available.
- EMPOWER PROGRAM: The Empower Program is designed to help first-time homebuyers and low-to-moderate income individuals take the next step toward homeownership. With down payment assistance, flexible credit guidelines, and educational resources, this program empowers buyers to secure financing and build generational wealth through real estate.
- HAP: Financial assistance to low- and moderate-income first-time homebuyers in Miami-Dade County to help with down payment and closing costs. The program aims to make homeownership more affordable by offering deferred, zero-interest loans that are forgivable after meeting certain occupancy requirements.
OTHER:
- COMMERCIAL: A commercial loan is a mortgage used to finance the purchase, development, or refinancing of commercial properties like office buildings, retail centers, or apartment complexes.
- PORTFOLIO: A portfolio loan is a mortgage that a lender keeps in its own investment portfolio instead of selling it on the secondary market. This allows the lender to oƯer more flexible terms and underwriting guidelines tailored to unique borrower situations.
- HARD MONEY: A hard money loan is a short-term, asset-based loan typically provided by private lenders or investors, using the property's value as collateral rather than the borrower’s creditworthiness.
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