Conventional
HomeReady & Home Possible
A conventional loan is any mortgage loan that is not insured or guaranteed by the government (such as under Federal Housing Administration, Department of Veterans Affairs, or Department of Agriculture loan programs). Conventional loans can be conforming or non-conforming. Conventional loans are popular as they typically offer favorable terms.
- Fixed-rate and adjustable-rate options
- Wide range of repayment terms
- Down payments as low as 3%
- Competitive interest rates
- Minimum credit score of 620, in most cases
- Other requirements and conditions apply
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FHA
Minimum of 500 FICO score, Low down payments
An FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA). Essentially, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments.
The FHA program was created in response to the rash of foreclosures and defaults that happened in 1930s; to provide mortgage lenders with adequate insurance; and to help stimulate the housing market by making loans accessible and affordable.
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Jumbo Loan
10.01% down with no MI
A jumbo loan is a loan that exceeds the conforming loan limits as set by Fannie Mae and Freddie Mac. As of 2022, the limit is $647,200 for most of the US, apart from Alaska, Hawaii, Guam, and the U.S. Virgin Islands, where the limit is $970,800. Rates tend to be a bit higher on jumbo loans because lenders generally have a higher risk. Financing options are available up to $3,000,000
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VA Loan
100% Financing for Veterans
A VA loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs (VA). The loan may be issued by qualified lenders. The VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses (provided they do not remarry).
- No down payment
- Lower closing costs
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Investment Loan / DSCR
Lease can offset debt to income ratio
- No income information required
- No employment information required
- Qualify with the Property Rental Income
- DSCR’s between .75% – 85%
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Refinance
Cash out loans, roll taxes & insurance into loan
Refinancing is the process of paying off your existing mortgage with a new mortgage. Typically, you refinance your mortgage to reduce your interest rate and monthly payment or change the length (or term) of your mortgage. You may also refinance to take cash out from your home’s equity. Refinancing could save you a considerable amount of money over the life of your loan and potentially improve your overall financial outlook.
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USDA Loan
No down payment required
The United States Department of Agriculture (USDA) gives borrowers the opportunity to own a home outside of the city limits. There are several benefits of a USDA loan, including flexible credit underwriting requirements and no down payment required.
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Reverse Mortgage
For seniors age 62 and older
A reverse mortgage is a loan for seniors age 62 and older. HECM reverse mortgage loans are insured by the Federal Housing Administration (FHA) and allow homeowners to convert their home equity into cash with no monthly mortgage payments. A reverse mortgage pays off your existing mortgage, should you have one, by allowing you access to the home equity you’ve worked so hard to build. Any money left after paying off your existing mortgage is available to use as you see fit.
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First-Time Homebuyer Downpayment Assistant
For buyers buying their first home
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One program used for all types of Borrowers with the same qualifications
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Completely forgivable grant, equals 2% or 3.5% of purchase price
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May be combined with up to 6% seller concession for closing costs
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No resale restrictions or 2nd lien
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No county restrictions
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One-Time Close Construction Loan
Loan options include FHA, VA, USDA and Conventional
There are many benefits to One-Time Close Construction-to Permanent loans; for example, an interest rate and payment can be locked in prior to the start of construction. Plus, with only one closing, it saves time and money. Also, a One-Time Close loan means eligible borrowers won’t need to secure a permanent mortgage once the home is complete because that will already be included in the single closing! This is a great option for borrowers who want to build their dream home over buying an existing home
- One Closing reduces Closing Costs
- Interest Rate is Locked for the Permanent Loan
- Borrower makes No Payments during Construction
- First Payment starts AFTER Construction is complete
- Borrowers do not have to re-qualify after Construction is complete
- Lower Costs with One Appraisal and One Set of Closing Docs
- No Expiration on Credit Docs or Appraisal once the loan closes
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EQUAL HOUSING LENDER
NMLS# 496859
Nexa Mortgage NMLS #1660690
Licensed by the Texas Department of Savings and Mortgage. Pure Dream Home Loans Team is part of NEXA Mortgage, LLC and is an Equal Housing Lender.
