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Loan Programs

CONVENTIONAL LOAN

  • Minimum Down 3%
  • Maximum DTI – 28%/36% (but can go up to 45% if borrower meets certain circumstance)
  • Minimum Credit Score – 640 FICO (though it can go lower)

Conventional loans are often the most competitive option for borrowers with strong credit. These loans aren’t limited to borrowers based on income, location or military status. Anyone who is able to meet a lender’s standards is eligible for a conventional mortgage. The Loan limit for a conventional mortgage in 2022 on a one-unit property in the contiguous United States is $647,200 (could be higher depending on county). Please note these limits change annually and can change by county. Click here for loan limits.

JUMBO LOAN

CONVENTIONAL, BUT NON-CONFORMING LOAN AMOUNTS

Are you ready to make a purchase or refinance on a home above the conforming limit? Then a Jumbo loan may be perfect for you! Why? If the home you are looking to purchase or refinance is above the conforming limit, a Jumbo loan offers you: – Affordable terms designed specifically for homes that are non- conforming – Loans for a primary- residence, second residence, vacation homes and any investment properties. Keep in mind this is about the loan amount and not the purchase price or value of the property. Is the property you seek over the conforming limit of $625,000 set by Fannie Mae and Freddie Mac? Ask your loan specialist if your property purchase will require a Jumbo loan. Click here for loan limits.

FHA LOAN

  • GOVERNMENT LOAN
  • MAXIMUM DEBT TO INCOME : 31%/43%
  • MINIMUM DOWN PAYMENT: 3.5%
  • CAN BE BENEFICIAL TO BORROWERS 62 AND OLDER

FHAs loans are one of the most advantageous for first time home buyers Why? Because an FHA loan is backed up by the Federal Housing Administration and they are government insured. For you this means that a lender is much more disposed to offer you a loan with: – a down payment as low as 3.5 % and – lower fixed and adjustable rates. What other benefits come from an FHA loan? For starters, they allow those who may not qualify for a conventional mortgage, become a homeowner. Without the rigorous credit expectations and allow for flexible income qualifications among other benefits. FHA loans can help borrowers 62 and older with a reverse mortgage. It enables older homeowners to convert the equity they have in their home into cash, using a variety of payment options to address their specific financial needs. Ask your loan specialist if an FHA loan is right for you.

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VA LOAN

  • MAXIMUM DEBT TO INCOME: 41% RESIDUAL INCOME VERIFIED
  • MINIMUM DOWN PAYMENT: 0%
  • APPRAISAL IS REQUIRED
  • MINIMUM CREDIT SCORE: N/A
  • BONUS ENTITLEMENT IF NEEDED

If you or your loved one has served, you can be rewarded by a VA loan with the assistance it offers in buying your new home. The Department of Veterans affairs designed this loan specifically for veterans, members of the military or a military spouse to help ease some of the intricate aspects of buying a home. The VA loan allows for you to put as little as 0% down on your home. Other benefits include: – Lower interest rates and terms – No requirements for Private mortgage insurance and – It may offer you lower closing costs. To see the full list of service requirements, click here.

USDA LOAN

  • MAXIMUM DEBT TO INCOME: 29%/41%
  • INCOME LIMIT: 115% MAX OF AREA MEDIA
  • MINIMUM DOWN PAYMENT: 0%
  • LESS THAN 35,000 PEOPLE
  • MINIMUM CREDIT SCORE: N/A
  • NO RESERVE REQUIREMENT

Are you considering buying a home in a rural or suburban area? If so, take advantage of all the great benefits that a USDA loan offers home buyers purchasing in these designated areas. Those benefits include: – Purchasing the home with no down payment or little to no payment. – Lower interest rates – Closing costs that can be rolled into the loan itself – Loan payoffs without the penalties that come with prepayment. The USDA loan can help you achieve your goals of buying a home without the stress of a down payment, closing costs and extensive credit requirements.

VA loans subject to individual VA Entitlement amounts and eligibility, qualifying factors such as income and credit standards, and property limits. Bear Flag Home Loans is not affiliated with any government agencies. This information is not from VA, HUD or FHA, and was not approved by VA, HUD or FHA, or any other government agency.