When you are self-employed or a business owner and you want to buy a home, you fill out the same application as everyone else. The same factors are considered: your credit score, how much debt you have, your assets and your income. So what’s different? When you work for someone else, lenders go to your employer to verify the amount and history of that income, and how likely it is you’ll keep earning it.
The Debt Service Coverage Ratio [ DSCR ] is a ratio of a property’s annual net operating income and its annual mortgage debt, including principal and interest. Lenders use DSCR to analyze how much of a loan can be supported by the income coming from the property as well as to determine how much income coverage there will be at a specific loan amount. The DSCR Program is for investment properties only.
Condo Mortgage Programs
Condominiums are classified as Warrantable, Non-Warrantable or a Condotel. Condos are a single, individually-owned housing unit in a multi-unit building. The condominium owner holds sole title to the unit, but owns land and common property (elevators, halls, roof, stairs, etc.) jointly with other unit owners, and shares the upkeep expenses on the common-property with them. Unit owner pays property taxes only on his or her unit, and may mortgage, rent, or sell it just like any other personal property.
A Coop/Co-op, which is also known as a cooperative share (or cooperative housing), is a multi-family housing complex that is owned by a corporation. Learn more about our Coop/Co-op mortgage financing.
Construction Mortgage Programs
Our New Construction Programs is a one-close construction loan:
- $0 Down for VA for Primary Home Only
- 5% Down for Conforming Primary Home
- Options for Second home & Investment Properties
- Simple and flexible draw process
Conforming Mortgage Programs
Conforming mortgages are ideal for borrowers with good or excellent credit. They follow fairly conservative guidelines for:
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- Borrower credit scores – min 620.
- Minimum down payments of 3%.
- Debt-to-income ratios under 50%.
- For Primary Home, Second Homes and Investment Properties
FHA Mortgage Programs
Federal Housing Administration mortgages have flexible lending standards to benefit:
- Minimum Down Payment of 3.5%.
- Minimum score of 620.
- Homebuyers with small down payments and refinancers with little equity.
Jumbo Mortgage Programs
Jumbo mortgages for 2024 are home loans that exceed conforming loan limits of $766,550. A jumbo loan is one way to buy a high-priced or luxury home:
- Credit scores as low as 680 may qualify
- Buy a home with as little as 10% down payment
- Loan amounts up to $5,000,000
Renovation Mortgage Programs
Our renovation remodeling loans allow you to roll the costs of repairs or upgrades. Available for FHA or Conforming:
- One Loan: The loan covers the purchase plus renovation costs
- Renovation work can begin immediately
- Simplicity: Just one application, one closing, and one monthly payment
Portfolio Mortgage Programs
Portfolio Mortgages also known as Non-QM loans are great for our clients that do not fit into the usual mortgage options. This is great for clients that are Self-Employed, Business Owners, etc…
- Asset Qualifier / Asset Depletion Program
- Bank Statements
- DSCR
- One Year Tax Return
Veterans [ VA ] Mortgage Programs
Because the VA guarantees a portion of your loan, you won’t need to pay mortgage insurance:
- Credit scores as low as 620 may qualify
- Buy a home with as little as $0 down
- Certificate of Eligibility
- VA loans were designed to offset common financial challenges
USDA Mortgage Programs
Federal Housing Administration mortgages have flexible lending standards to benefit:
- People whose house payments will be a big chunk of take-home pay.
- Borrowers with less than perfect credit scores.
- Homebuyers with small down payments and refinancers with little equity.
Investment Mortgage Programs
Thinking of buying an additional property for a new source of income? Consider an investment home with the option of long or short terms rental income:
- Minimum down payment of 15%
- Minimum credit score 700
- Debt to income ratio under 43%
Second Home Mortgage Programs
Buying a second home or vacation home is a dream for many Americans. It is occupied by the owner some portion of the year and is a good decision for retirement:
- Minimum down payment of 10%
- Minimum credit score 680
- Debt to income ratio under 43%