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Other Loan Types
VA loans, FHA loans, and conventional mortgages make up the majority of home loans. However, the typical lending package doesn't always meet every buyers needs. For the nontraditional borrower, we have lots of other lending options available to you. Below is just a sampling of what we offer.
Want to skip the article and just talk to a professional? Call
(727) 784-5555.
Construction-to-Permanent Loans
If you want to buy a lot and build your dream home, a Construction-to-Permanent Loan might be your best option. This type of loan allows you to borrow money and then draw on those funds to pay builders, contractors, and any other tradesmen that are involved in the project. You may be required to provide additional documentation such as builder agreements, land contacts, floor plans, architectural drawings, deeds, and other supporting documentation.
As with a standard mortgage, it is important that you know your upfront costs and cash reserves. It's fairly common for homeowners to make modifications or upgrades to their original plans during the home-building process. Make sure you have the funds and flexibility that you need! Contact us today and ask about our Construction-to-Permanent Loans.
USDA Home Loans
USDA loans are available to individuals and property that meet certain guidelines for eligibility. In general, the home to be purchased must be located in an eligible rural area as defined by USDA. To determine an area of eligibility contact one of our loan officers or visit USDA eligibility. In general applicants must:
- Have a household income that does not exceed 115% of median household income.
- Agree to occupy the dwelling as their primary residence.
- Be a U.S. citizen, U.S. non-citizen national, or Qualified Alien.
- Be unable to obtain conventional financing with no private mortgage insurance (PMI).
- Not be suspended or debarred from participation in federal programs.
Click here for more information about property and other qualifications. Or, talk to a professional.
If you would like to learn more about USDA Loans, contact a loan officer today! Or start your loan application.
Non-Qualified Mortgage (non-QM)
A non-qualified mortgage (non-QM) is a home loan designed to help homebuyers who can't meet the strict criteria of a qualifying mortgage. For example, if you are self-employed or don't have all the necessary documentation to qualify for a traditional mortgage, you might need to look at non-qualified mortgages.
There is a lot to consider when choosing a mortgage. Here's a quick rundown of the pros and cons associated with a non-QM from our friends at
Motley Fool.
PROs
- Enables buyers with low credit scores to qualify for a mortgage
- Requires less stringent income documentation
- Application process is nearly identical to qualifying mortgages
CONs
- Interest rate and fees may be higher on a non-QM loan
- Non-QMs can be more difficult to find
- Non-QMs cannot be sold to Fannie Mae and Freddie Mac
If you would like more information about your loan options, contact us today! Or start your loan application.
Foreign National Loans
Foreign National Loans are a type of mortgage for a foreign national who is not a resident of the united states but still wants to purchase real estate. These properties might be vacation homes, investment properties, or second homes. Down payment requirements are often higher for these types of loans and documentation can vary by lender.
Reverse Mortgages
Reverse mortgages allow you to receive cash payments for the equity that is in your home. These loans don't require monthly mortgage payments. Instead, payments are made to you. The downside of these types of loans is over time interest and loan fees accumulate and fewer assets are available to leave heirs and loved ones. You can still leave the home to your family, but they will have to repay the loan balance.
If you would like more information about your loan options, contact us today! Or start your loan application.
