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FIND A LOAN

CONVENTIONAL

FHA

VA

USDA

JUMBO

OTHER

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Conventional Loans

A conventional mortgage is a home loan that isn’t backed by a government agency. When most people talk about conventional mortgages, they are referring to conforming mortgages, which are loans that 'conform' to guidelines established by Fannie Mae and Freddie Mac. These two government-sponsored entities (GSEs) purchase loans from lenders and then sell them to investors in what are called 'Mortgage Backed Securities.’ By purchasing these loans, Fannie Mae and Freddie Mac free up the lender's money so they are able to lend it again which makes mortgages more widely available.

Advantages

• Wide variety of terms available

• Second homes and investment properties are eligible

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COMMON LOAN TYPES

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FHA Loans

The Federal Housing Administration (FHA) was established in 1934 to help increase home sales during the Great Depression. In current times the FHA's role is to financially back home loans to mitigate much of the risk of non-payment and foreclosure to private lenders. It’s important to note that the FHA is NOT a lender, but a government entity created to insure your loan. With an FHA mortgage, your loan comes from NRL and is insured by the FHA.

Advantages

• Smaller down payment

• Less restrictive credit requirements than conventional loans

• More lenient on past significant credit events such as 

foreclosure and bankruptcy

• Insured by the Federal Housing Administration

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VA Loans

A VA loan is a residential mortgage loan that’s issued by a private lender and backed by the U.S. Department of Veterans Affairs. Introduced in 1944 as part of the GI Bill, VA loans help U.S. Military veterans, active-duty service members, and surviving military spouses buy a home with a loan that generally requires no down payment.

Advantages

• No down payment

• No monthly mortgage insurance

• Limits on the amount of closing costs a lender can charge

• Flexible underwriting guidelines

• Less restrictive credit requirements than conventional loans

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USDA Loans

The USDA Rural Housing Guaranteed Loan Program provides financing to low-to-moderate income families living in designated rural areas. This program allows qualified borrowers to get a home loan that requires minimal closing costs and no down payment.

Advantages

• No down payment requirement

• Property must be located in an eligible rural area

• Closing costs may potentially be rolled into the new loan

• Flexible underwriting guidelines

• Less restrictive credit requirements than conventional loans

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Jumbo Loans

A jumbo loan is a conventional mortgage that’s bigger than the conforming loan limits set by the Federal Housing Finance Administration (FHFA).

Advantages

• Allow for loans as high as $3 million

• Options available with as little as 10% down

• Wide variety of terms available

OTHER LOAN TYPES

Bank Statement Program

Self Employed individuals whose tax returns have extensive write offs and don’t accurately reflect the cash flow received by the individual/business

Main Features Overview

• No tax returns required

• 12 or 24 months personal or business statements are used to determine monthly qualifying income

• Down payments as low at 10%

• Credit scores as low as 620

• Loan Amounts as high as $2.5 million

• All occupancy types available

• Cash Out Refinance available

• Recent credit event okay (bankruptcy, foreclosure, mortgage lates)

• Interest Only and 40-year Amortization options available

Asset Utilization Program

Individuals with limited/no income but substantial assets.

Main Features Overview

• No tax returns required

• Qualify using assets (bank statements, investments, retirement, etc)

• Can be combined with wage/self-employment income

• Down payments as low as 10%

• Credit scores as low as 580

• Loan Amounts as high as $3.0 million

• All occupancy types available

• Cash Out Refinances available

• Recent credit event okay (bankruptcy, foreclosure, mortgage lates)

• Interest Only and 40-year Amortization options available

Foreign National Program

Individuals who are not U.S. Citizens, Permanent Resident Aliens or do not have an acceptable Visa classification to be considered an eligible Non-Permanent Resident Alien.

Main Features Overview

• Down payments as low as 25%

• Loan Amounts as high as $3.0 million

• Not required to have US-based credit or credit score

• Can be utilized with other niche programs, such as the Bank Statement Program or Asset Utilization

• Second Home and Investment properties eligible

• Cash Out Refinance available

• Interest Only and 40-year Amortization options available

Investor Loan Program

Established investors who cannot qualify for traditional financing due to the number of properties owned or have tax returns are structured. Also allows title to be held in the name of a trust or business to give the individual more protection from liability.

Main Features Overview

• Tax returns not required

• Qualify off the cash flow of the subject property

• Down payments as low as 20%

• Credit scores as low at 620

• Credit events >2 years okay 

• Loan Amounts as high as $2.0 million

• Foreign Nations Eligible

• Title can be in the name of a trust or business (not required to be held in the name of an individual)

• Cash Out Refinance available

• Interest Only and 40-year Amortization options available

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