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 97% 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) Gold Product for down payment assistance (Freddie Mac- $1000 out of pocket)
  • $647,200 Maximum Loan, 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%.

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FHA (Federal Housing Administration)

  • Government Loan
  • $420,680 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 85bps (example 100,000 loan would carry $850/year in PMI or 70.83/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%.

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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 ($91,900 for 1-4, $121,300 for 5+) all occupants of homes income are considered.
  • PMI is based on .35bps (example 100,000 loan would carry $500/yr. in PMI or 41.67/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%.

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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%.

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