Conventional
You have probably heard the names Fannie-Mae and Freddie-Mac. These names are types of Conventional mortgage programs to help you purchase a home. Conventional loans are versatile and come in various forms, such as conforming and non-conforming loans. They tend to suit borrowers with higher credit scores and low to moderate debt ratios. Contrary to popular belief, you do not need a 20% down payment to obtain a Conventional mortgage. We’ll show you how.
Down payment as low as 3% (97% financing).
Cancellable mortgage insurance.
Higher loan amounts.
Low, fixed rates with no prepayment penalty.
FHA
Federal Housing Administration (FHA) loans are popular among first-time homebuyers with lower credit scores and smaller down payments. They are backed by the government, making them more accessible to a broader range of borrowers. You do not have to be a first time homebuyer in order to obtain an FHA mortgage. This loan program is a great choice for anyone purchasing a primary home looking for more relaxed guidelines, qualifications, and criteria.
Down payment as low as 3.5% (96.5% financing).
Easier qualifications.
Government insured.
Lowest fixed rates with no prepayment penalty.
VA
The Department of Veterans Affairs (VA) loans are exclusively available to eligible veterans, active-duty service members, and certain military spouses. They typically feature favorable terms, such as no down payment and competitive interest rates. VA Home loans also tend to have more relaxed underwriting than other loan types and no monthly mortgage insurance. This is a great option for those who served our country.
Down payment as low as 0% (100% financing).
No monthly mortgage insurance.
Easier qualifications.
Low, fixed rates with no prepayment penalty.
Hometown Heroes
As of July 1st, 2023, anyone in the State of Florida with a Florida based employer is eligible (with certain restrictions, i.e. credit score and debt ratio requirements, etc.).The Florida Hometown Heroes program is an excellent way to receive funds to help go towards your down payment and closing costs. We can help determine if you would be eligible.
Only available to first time home buyers.
Down payment and closing costs assistance.
Up to 5% of your loan amount or max of $35,000.
Income and loan amount limits as well as other criteria.
DSCR
The Debt-Service Coverage Ratio (DSCR) loan is a great program for investors looking to purchase a home (1-4 units) with no income documentation. As long as the property being purchased is a true investment property (no part of the property will be occupied by you), this program allows literally no employment or income verification. There are credit score requirements and asset verification is required, but it can be a helpful alternative for those buyers not wanting to verify anything beyond the funds to close and their credit.
DSCR is for investment property purchases only.
Employment and income section is left blank on the mortgage application.
Down payment as low as 15%.
There is no minimum rental income required.
Alternative Documentation
Bank statement (Alternative Documentation) loans are an option for buyers that are self-employed but would prefer to not show their tax returns. The bank statements for this type of buyer shows positive cash flow (deposits) but the tax returns could hinder them due how their CPA possibly may have prepared the taxes. Bank statement loans do have requirements in regards to credit score and down payment amounts but it is a great option for those buyers that do not quite qualify with showing their taxes.
Available for primary home or investment property.
Down payment as low as 10%.
Only available to self-employed borrowers with proof of a business.
Minimum credit score and down payment requirements.
Want to see which loan program is best for you?
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The team at US Trust Home Loans have been helping my clients become homeowners for over 7 years.
I have the utmost confidence in US Trust Home Loans and delighted whenever I have an opportunity to work with them.
Jacques Jean Charles
Realtor
What Makes Us Better:
Local, Personalized Service
The ability to be local and truly in touch with the South Florida market is crucial to understanding your needs. We live here, we work here. Our local connections are strong.
Always the Lowest Rates
We have proven, time and time again, to be the cheapest and best option when choosing a mortgage lender. Our rates have consistently proven to be the lowest available.
Multiple Programs
We have the ability to place home buyers into a program that specifically fits their needs. If one program doesn’t work, we always have other options to choose from.
Access to Multiple Lenders
We have built strong, loyal relationships with our wholesale lenders that have put us at the top of their lists for the best service, attention, and exceptions. Underwriters love us and you will too.
Purchase Assistance
We are able to determine if you fit the criteria for Florida’s Hometown Heroes. Receive 5% of your loan amount or up to $35,000 in down payment and closing cost assistance. Call us now to see if you qualify.
Experience
Our team has an extensive background in the mortgage and real estate industry. This experience is crucial when it comes to handling your home loan with the attention you need and deserve.
Solutions
Extensive range of loan programs to fit your specific needs.
Everyone’s individual needs are different. We have loan programs that are suited for different credit score ranges, regular W2 employed individuals, self-employed individuals, and the list goes on.
Find out now which loan program is best for you.
Get a custom, tailored mortgage to fit your needs.
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