Home Loan Programs
"What's the best interest rate?"
Rates and terms may vary in each mortgage product based on your buyer profile and lenders’ product offerings. Nuances in the terms of each product could mean substantial costs or savings to you. That’s where we come in.
We pair you with loan types and lender packages that offer the most advantages, given your goals and borrower profile.
We work with a broad selection of wholesale lenders in order to offer you the best interest rate and terms.
Not every lender has the best solution across the board. For instance, while one might outshine others in conventional conforming loans, it might not have the best options or rates available for Jumbo loans.
Let us find you the right home loan.
We'll be your project manager and advocate when it's needed most.
- All
- Mortgage Rate Types
- Conforming Loans
- Non-Conforming Loans
- Low Down-Payment
- No SSN
- Mobile Homes
- First-Time Homebuyers
- Bank Statement
- Interest-Only
Fixed Rate
The rate never changes: When interest rates are low, or you are comfortable with the interest rate being offered, this is the way to go! It fixes your rate for the life of the loan. If you refinance into a fixed rate loan, you can opt for shorter terms so you don’t have to reset your loan back to square one. Many lenders offer fixed-rate loans with no pre-payment penalties, so if interest rates fall significantly in the next few years after the loan is originated, you can refinance for a lower rate and often absorb most, if not all of your closing costs into the loan.
Adjustable Rates
Rates start out lower: Adjustable rate mortgages often come with lower interest rates for a fixed period of time. They may be a great solution for starter homes you may outgrow in 5-7 years. They also may be a good option when fixed rates are high because many ARMs have a “teaser rate” for the first year followed by a low rate for a specific term (like 5, 7 or 10 years) before converting to a variable rate subject to market fluctuations. While adjustable rate mortgages might help you keep your mortgage payments down when you first get into a home, we don’t recommend them unless you have a long-term goal in mind.
Conventional Conforming
You can be a W2 earner or self employed: A loan type that meets the underwriting guidelines of Fannie Mae and Freddie Mac and does not exceed the conforming loan limits determined by the FHFA. Conventional conforming loans can be used for primary residences or used to finance secondary homes, investment properties and short-term vacation rental homes (subject to higher rates and reserves).
Best for W2-earners with excellent credit. OK for 1099-earners with reliable income (might have slightly higher interest rates depending on perceived risks determined by underwriters.)
Conforming High-Balance
Intended to help borrowers purchase or refinance homes in high-cost areas, Fannie Mae has extended conforming loan limits in some counties. High balance loan limits vary, and traditionally a high balance loan costs a little more to obtain. Unfortunately, with a few exceptions (FHA, VA, USDA), starting April 1st, 2022, the Federal Housing Finance Agency (FHFA) is adding new fees (loan-level price adjustments) to be applied to High-balance loans. See California conforming loan limits to view limits by county and info about added fees and exceptions.
Jumbo
Any loan that exceeds the high-balance loan limits set by the FHFA (See California conforming loan limits) Jumbo loans are not backed by Fannie Mae or Freddie Mac. Therefore, they are considered higher-risk nonconforming (non-QM) loans and may have slightly higher interest rates and tougher guidelines. However depending on individual lenders and borrower scenarios, we’ve seen lenders offering better rates and terms, and faster turn-around times for Jumbos than High-balance or even conforming loans.
Bank Statement Loan
For the visionaries, entrepreneurs, creatives, investors, self-employed or business owners. Bank statement loans are also called “alternative documentation loans” and don’t require tax returns. Like Jumbo loans, they are non-QM loans (mortgages that don’t qualify under Frannie Mae or Freddie Mac guidelines). Most lenders ask for 12-months, however some require less (higher risk, higher rates), while some have 24-month programs that come with slightly lower interest rates.
Profit & Loss Statement Loan (P&L)
Another type of non-QM loan option ideal for business owners, a P&L loan asks for a profit & loss statement to qualify borrowers instead of tax returns. This type of loan is often the easiest way for self-employed home buyers to get approved because it requires much less documentation than a bank statement loan, however the P&L statement must be prepared by a CPA or certified tax preparer.
Interest-Only
If your goal is to minimize your monthly mortgage payments, an interest-only loan with no prepayment penalty may be the best choice for you. However, since you are not paying towards your principal, the only equity you may be building is in the appreciation of your home. In markets where home prices are high and interest rates are soaring, this might be your best chance to get into a home and keep your payments managemable until such time you can refinance into a more conventional home loan.
Federal Housing Administration (FHA)
If your credit score and/or available funds are a little low, this may be a good option for you. FHA loans are government-backed mortgages that have lower downpayment and credit requirements than other types of loans, (a credit score of 580 or higher with a 3.5% down payment or a score of 500–579 with a 10% down payment). Unlike other loan types, FHAs also allow your entire down payment to be a gift from a parent or another family member, an employer, an approved charitable group, or a government homebuyer program. However, this type of a loan comes with a mandatory MIP (mortgage insurance premium), even after your loan-to-purchase price ratio reaches 80%. (At this point you can refinance to get a new loan without insurance). Also note: FHAs charge an upfront funding fee of 1.75% of the loan amount.
Veteran's Affairs (VA)
If you’re a U.S. military service veteran, you can get into a home with $0 down payment and no mortgage insurance. VA loans are government-backed and have looser credit requirements. They also offer some of the best interest rates and reduced closing costs. However, the VA charges a funding fee that scales up the second time you use it. The good news is that the VA loan funding fee is entirely tax deductible. It can also be rolled into your loan amount to reduce the cash burden at closing, but your mortgage payments may be slightly higher.
No Social Security Number (ITIN)
No social security number? No problem, but you will need an individual tax ID number assigned by the Internal Revenue Service (IRS) for this type of loan. Lenders don’t require any documentation of citizenship and often don’t require credit, since a credit score is tied to a social security number. An ITIN loan is ideal for resident and non-resident aliens that are not elligible for social secuirty numbers but are home buyers or owners who file U.S. tax returns and have a history of payment responsibilities. ITIN loans are non-QM and are not secured by Fannie Mae or Freddie Mac, so may come with slightly higher rates or fees depending on the complexity or risk factors associated with the loan.
Mobile Home and Manufactured Housing
While many banks don’t offer mortages for mobile or manufactured homes, there are plenty of loan options available for mobile and manufactured home borrowers, including VA and FHA for example, as long as the homes are affixed to land that you own or buy at the same time.The home must be a minimum of 400 square feet, and have been built after June 15, 1976, It must also be certified and in conformance with the Federal Manufactured Home Construction and Safety Standards. The home must have a permanent foundation and cannot be located in a mobile home park. For more information, see Fannie Mae’s Manufactured Housing Product Matrix
First-Time Home Buyers
Fannie Mae and Freddie Mac set borrowing guidelines for conventional loan programs. With a 3 percent minimum down payment, these programs are an affordable option for borrowers with a strong credit score and a lower down payment. Some lenders now offer programs with more lenient credit score requirements. For instance, your interest will be the same with a 620 as it would be with an 800.
Conventional 97 mortgage – At least one borrower on the application needs to be a first time home buyer. Standard conventional guidelines apply. Backed by both, Fannie Mae and Freddie Mac, this program only requires 3 percent down. Like most conventional low-down payment mortgage programs, the borrower is required to pay for private mortgage insurance (PMI) in addition to the monthly mortgage payment.
HomeReady mortgage – Fannie Mae’s HomeReady mortgage program also requires just 3 percent down (with PMI, although it might be less expensive), and offers more flexible underwriting.
Home Possible mortgage – Freddie Mac’s Home Possible mortgage program is similar to the HomeReady mortgage, with a 3 percent minimum down payment.
HomeOne mortgage – This Freddie Mac mortgage also allows for just 3 percent down with PMI, but is available only to first-time homebuyers and comes with some special criteria.