Below you will find our Mortgage Financing Menu. This is a high-level overview of several of our mortgage products that are most used in today’s market. Nothing is a substitute for a licensed mortgage professional and a Custom-Tailored solution to our client’s financing needs, however, this is a great reference tool.
Conventional
- Private backed security (Fannie Mae or Freddie Mac)
- Up to 100% financing on specialty programs with restrictions and 95% for all other qualified borrowers*
- Down payment can be gifted with certain caveats.
- Seller can pay 3% in buyers closing costs and pre-paid items on 95% LTV loan, 6% on an 90% LTV (Loan-to-Value) or less loan and 2% on all Investment Property Transactions.*
- PMI (Private Mortgage Insurance) can be dropped after borrower reaches 80% loan to appraised value or 78% of the original purchase price.*
- No geographic or income restrictions
- Blended Credit Scores 620 or above
- Rates and PMI are dramatically affected by scores and risk.
- Debt ratios 45-50% (depending on program) or less are usually maximum (some exceptions)
- Primary/Secondary/Investment single family or multi-family that are move in ready condition (can be used with Homestyle if renovations are needed). Manufactured Homes allowed Doublewides and Larger.
- Can be combined with CAFA (Capital Area Finance Authority in Louisiana) Down Payment Assistance Program
- $766,550 Maximum Loan for Single Family Homes, Higher loan amounts available in Jumbo Conventional Loans (which we do as well)
- Renovation financing available utilizing the Homestyle Loan for owner occupied residents as well as investors.
- New Construction Options
*30-year Conventional Fixed-Rate Loan: An interest rate of 3% (3.299% APR) on a $200,000 mortgage, you would make monthly payments of $675.00. The actual payment amount will be greater. Monthly payment does not include private mortgage insurance, taxes, and insurance premium. Payment assumes a loan-to-value (LTV) of 80%.
FHA (Federal Housing Administration)
- Government Loan
- $498,257 max loan amount
- No minimum scores however credit scores down to 580 have best chance of approval.
- 96.5% financing; down payment of 3.5% can be gifted.
- No income or geographic restrictions
- Very flexible on credit and DTI (Debt to Income) but the recommended max total DTI is 45%
- Credit score, debt ratio and risk have little impact on Rate and None on PMI (Private Mortgage Insurance)
- Seller can pay up to 6% in buyer’s closing costs and pre-paid items.
- New Construction Options
- PMI is based on 55bps (example 100,000 loan would carry $550/year in PMI or 45.83/mo)
- PMI is for the life of the loan.
- Up-Front PMI premium of 1.75% financed into the loan.
- Single or Multi-Family Owner occupied (2-4 units ok). Manufactured Homes allowed Doublewides and Larger.
- Cannot have another home financed through FHA (Federal Housing Administration) (some exceptions)
- Can be combined with CAFA (Capital Area Finance Authority in Louisiana)/LHC (Louisiana Housing Corporation) (SFH) for down payment assistance.
- Renovation financing available utilizing the FHA 203(k) program.
*30-year FHA Fixed-Rate Loan: An interest rate of 3% (4.078% APR) on a $200,000 mortgage, you would make monthly payments of $965.00 Monthly payment does not include taxes and insurance premiums. The actual payment amount will be greater. Payment assumes a loan-to-value (LTV) of 97.5%.
USDA (U.S. Department of Agriculture)
- Technically a Conventional Loan with a Government Guarantee to investor
- 100% financing in Rural Development Eligible Areas (we can check property)
- Typically, a 620 minimum credit score; some exceptions
- Credit score, debt ratio and risk have little impact on Rate and None on PMI (Private Mortgage Insurance)
- Income Restricted ($110,650 for 1-4, $146,050 for 5+) all occupants of homes income are considered.
- PMI is based on .35bps (example 100,000 loan would carry $350/yr. in PMI or 29.16/mo.)
- PMI is for the life of the loan.
- New Construction Options
- Single Family and Manufactured Homes (Doublewides and Larger). Must be owner occupied, primary residence only.
- DTI (Debt to Income) ratios should be 29% on house (front end) and 41% on total (back end); some exceptions made with higher scores and compensating factors.
- Cannot own another property without meeting certain conditions.
- Longer closing timeframes (sometimes) due to RD Commitment Review
- Seller can pay all customary closing costs.
- Upfront RD Guarantee fee financed into the loan 1.0% of loan amount.
- Can be combined with CAFA (Capital Area Finance Authority in Louisiana), LHC (Louisiana Housing Corporation) (SFH)
*30-year USDA (U.S. Department of Agriculture) Fixed-Rate Loan: An interest rate of 3% (3.642% APR) on a $200,000 mortgage, you would make monthly payments of $911.00. Monthly payment does not include taxes and insurance premiums. The actual payment amount will be greater. Payment assumes a loan-to-value (LTV) of 100%.
VA (Veteran Affairs)
- Active-Duty Military, Qualified Veterans and Surviving Spouses (eligibility must be checked which we can do for the customer through the VA (Veteran Affairs) Portal)
- Government Backed Loan Product which means Community Property Laws are in effect for Community Property States
- No Minimum published score, however, approvals under 600 are very difficult through VA’s Automated Underwriting
- 100% financing up to $1,000,000 depending on eligibility; potential to buy a new home using VA while still retaining a previous home that a VA loan was used on.
- No PMI (Private Mortgage Insurance)
- VA funding fee is determined by Vet’s eligibility, service, and discharge type; financed into loan.
- New Construction Options
- Loan must be in Veteran’s name and spouse only unless co-borrower is a Veteran as well and eligible. Also, may be used by a surviving spouse.
- No Geographic or Income Restrictions
- Single family, owner occupied and primary/second home residences only (move in ready condition); Manufactured Homes allowed Doublewides and Larger.
- DTI (Debt to Income) ratios 45% but flexible with compensating factors
- Can use multiple times or potentially have two VA loans at the same time based on eligibility or down payment.
- Seller can pay all customary closing costs (4% limit only applies to concession items)
- Can be combined with CAFA (Capital Area Finance Authority in Louisiana) for down payment assistance.
*30-year VA Fixed-Rate Loan: An interest rate of 3% (3.233% APR) on a $200,000 mortgage, you would make monthly payments of $863. Monthly payment does not include taxes and insurance premiums. The actual payment amount will be greater. Payment assumes a loan-to-value (LTV) of 100%.
