Residential Loans

Conventional loans are the most popular home loan option and are ideal for buyers with strong credit and stable income. Key features include:

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• Down Payment: As low as 3% for first-time homebuyers, 5% or more for non-first-time buyers.

• Mortgage Insurance: Required if your down payment is less than 20%. Private Mortgage Insurance (PMI) is typically between 0.3% to 1.5% of the loan amount annually, depending on the size of the down payment and your credit score.

• Loan Limits: Typically up to $726,200 in most areas (varies by location, higher limits in certain high-cost areas).

• Credit Score Requirements: Generally 620 or higher, though better rates are available for scores above 740.

• Refinancing: Conventional loans also offer cash-out refinancing options with the ability to access up to 80% of your home’s value.

FHA loans are government-backed loans designed to help first-time homebuyers and those with less-than-perfect credit. Key features include:

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• Down Payment: As low as 3.5% for qualified buyers.

• Mortgage Insurance: Requires both an Upfront Mortgage Insurance Premium (UFMIP) of 1.75% of the loan amount, and Annual Mortgage Insurance Premiums (MIP) that vary based on the loan term and loan-to-value (LTV). Typically, these premiums range from 0.45% to 1.05% annually.

• Credit Score Requirements: Typically, a minimum score of 580 for the 3.5% down payment option, though some lenders may allow a score as low as 500 with a larger down payment.

• Loan Limits: Varies by county, but in most areas, the limit is $472,030.

• Refinancing: FHA also offers cash-out refinancing, allowing you to access up to 80% of your home’s value.

VA loans are available to veterans, active duty service members, and eligible surviving spouses, offering some of the most favorable terms for homebuyers. Key features include:

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• Down Payment: No down payment required.

• Mortgage Insurance: No private mortgage insurance (PMI), but there is a VA Funding Fee, which varies from 1.4% to 3.6% of the loan amount depending on your service status and down payment.

• Credit Score Requirements: Generally, no strict minimum, but most lenders prefer 620 or higher.

• Loan Limits: No loan limit in most areas, but a maximum entitlement applies. If you’re looking to borrow more than the county limit, a down payment may be required on the difference.

• Refinancing: VA also offers the VA Interest Rate Reduction Refinance Loan (IRRRL) for lower rates and terms, and cash-out refinancing up to 100% of your home’s value.

For those looking to purchase investment properties, I offer various loan options, including the popular Debt Service Coverage Ratio (DSCR) loan, which is specifically designed for investors who may not have traditional income verification but have profitable rental properties. Key features include:

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• DSCR Loans: DSCR is a key metric that measures the property's income versus its debt. With DSCR loans, the focus is on the rental income generated by the property rather than the borrower's personal income.

  • Typically, lenders require a DSCR ratio of 1.0 or higher (meaning the property generates at least as much income as the mortgage payment).

  • Down Payment: Typically 20%-25% for investment properties.

  • Loan Limits: Up to $1 million or more, depending on the property type and lender.

  • Refinancing: DSCR loans can also be used for cash-out refinancing on investment properties, typically up to 75% LTV.

A Home Equity Line of Credit (HELOC) allows homeowners to borrow against the equity in their property for major expenses, home improvements, or debt consolidation. Key features include:

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• Loan Type: A revolving line of credit, which means you can borrow and repay funds repeatedly up to your credit limit.

• Credit Limits: Typically up to 85% of your home's appraised value, minus the remaining balance on your first mortgage.

• Interest Rates: Variable rates that typically start around 5% to 7%, depending on the market and credit score.

• Down Payment: No down payment required, as the HELOC is secured by your home equity.

• Repayment Terms: You can access funds during the draw period (usually 10 years), and repayment typically follows with a 20-year term.

ITIN loans are designed for individuals who do not have a Social Security Number (SSN) but have an Individual Taxpayer Identification Number (ITIN). These loans are ideal for foreign nationals or individuals working without legal residency. Key features include:

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• Down Payment: Typically 10%-30% down, depending on the lender and the loan type.

• Credit Score Requirements: Some lenders require a minimum score of 600 or higher.

• Loan Limits: Varies by lender, but often up to $500,000 to $1 million depending on location and property type.

• Mortgage Insurance: Typically required if your down payment is less than 20%, similar to conventional loans.

• Refinancing: ITIN borrowers can also refinance existing loans, often with cash-out options up to 80% of the home’s value.

I understand that your credit plays a major role in securing the best mortgage rates and loan options. If your credit is holding you back from qualifying for a home loan or getting the best possible terms, I offer personalized credit repair services to help you improve your credit score.

What I Offer:

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• Credit Score Analysis: A comprehensive review of your credit report to identify issues that may be negatively impacting your score.

• Dispute Resolution: Assistance in disputing inaccurate or outdated information on your credit report.