Twenty percent down was never the only door, and whoever told you otherwise did you a disservice. Eight programs, and the right one for you depends on facts about your situation that take about ten minutes to establish.
The conventional standard, and the most common loan in America.
A conventional loan is one that is not government backed, which means it follows Fannie Mae and Freddie Mac guidelines rather than FHA or VA rules. The payment you agree to today is the payment thirty years from now. Rates move, taxes and insurance drift, but the principal and interest portion does not budge. For most buyers this is the right answer, and there is no shame in choosing the boring option when the boring option is correct.
The same conventional loan, on a shorter clock.
The payment is higher, and that is the whole trade. You will pay dramatically less interest over the life of the loan and own the house outright in half the time. If your income supports it, the math is hard to argue with.
Built for buyers who have not saved twenty percent.
An FHA loan is insured by the Federal Housing Administration, which lets a lender say yes with a lower credit score and a smaller down payment than a conventional loan would require. It is the single most common path to a first house in America and there is nothing second class about it.
Earned, not given.
If you served, this is the best loan product in the country and it is not close. Zero down payment, no monthly mortgage insurance, competitive rates, and limits on what you can be charged in closing costs. Eligible veterans, active duty and qualifying surviving spouses.
For homes above the conforming limit.
When the loan amount exceeds what conventional guidelines allow, it becomes a jumbo. Underwriting is stricter and the documentation is heavier, and that is exactly the part where having a direct lender and a person who returns calls starts to matter.
Buy it and fix it on one loan.
The house you can afford and the house you want are often the same house with a kitchen in between. A renovation loan finances the purchase and the work together, based on what the property will be worth when the work is done rather than what it is worth today.
Assistance toward the down payment.
The down payment is the wall most first time buyers hit, not the monthly payment. Assistance programs help you over it, and eligibility is usually broader than people assume. Availability and terms vary by state and by program, so ask.
One hundred percent financing in eligible areas.
Backed by the United States Department of Agriculture, and the eligibility map covers far more ground than the word rural suggests. Plenty of ordinary suburbs qualify. No down payment at all for buyers who fit the income and location guidelines.
Anywhere from nothing to twenty percent depending on the program. VA and Rural Development can be zero. FHA can be 3.5 percent. Conventional can start at three percent for qualified buyers. Twenty percent has never been a requirement, it just avoids mortgage insurance.
It depends on the program, and it is lower than most people assume. FHA is the most forgiving. Higher scores earn better pricing rather than being a pass or fail line. Ask before you decide you do not qualify.
Often within the hour once we have your information. You receive a written pre-approval certificate you can hand to a listing agent, not a verbal maybe.
There are zero origination fees. A credit report fee applies when we pull your credit, and that is disclosed to you before it is charged. Everything else is quoted to you in writing on your Loan Estimate.
In as few as 21 days. Underwriting is in house, which is the reason that number is realistic rather than a marketing claim.
Often back within the hour, once we have the documents we need.
