Loan Programs

Below is a list of a few of our more popular loan programs.

Click on the program name for details.

Remember, these are guidelines to help you. You should contact our office for complete details and rates tailored to your individual needs. The best place to start is by submitting our pre-qualification form.

Please email us if you don't find the program you are looking for or have additional questions.
Check this box to view all program descriptions
  • Adjustable Rate Mortgages
    • Adjustable Rate Mortgages have payments that adjust periodically to the Index (Treasury, Libor, COFI, etc) the ARM is based on plus a specified margin.
      The Adjustment Cap is the maximum your interest rate can go up or down per adjustment period.
      The Life Cap is the maximum your interest rate can go up or down over the life of the loan.
      For more details please contact our office.
    • 1 year, 3/1, 5/1, 7/1 & 10/1 are your most common types of  ARMS available. (Example - A 3/1 ARM is fixed for 3 yrs. and then adjusts each year)
    • Available for conforming, jumbo and VA loans.
    • 1 - 4 units, owner-occupied, second homes or non-owner occupied properties.
    • Up to 100% LTVs.
    • More information about ARM loans is available in the Federal Reserve's "Consumer Handbook on Adjustable-Rate Mortgages" (the CHARM booklet). Click Here
  • Combined 1st & 2nd Lien Loan Programs
    (80-10-10, 80-15-5, 80-20 & 75/25)
    • Example: 80-10-10 is an 80% 1st lien, 10% 2nd lien & 10% down payment.

      Advantages:
    • Build equity in your home quicker. The 2nd lien is normally a 15 year loan so more of your payment will go towards your principal balance sooner than with a 30 yr loan.
    • Mortgage Insurance may not be tax deductible.
    • The 2nd lien interest you pay is tax deductible so you receive a higher tax deduction by using a 1st and 2nd lien loan program.
    • Mortgage Insurance is NOT required when the 1st lien loan has a loan to value of 80% or less.
      Disadvantages:
    • Requires lower debt to income ratios(DTI) compared to a single loan with MI. Usually 50% or less is required on most 2nd liens. Some higher rate 2nd liens allow up to 55% DTI.
    • You have two monthly payments, instead of one. Both loans can be set up to have your payment auto drafted from your bank account.
    • Closing costs can be a little higher - Closing cost for the 2nd lien vary from $214 to about $350 for the 2nd lien.

      Comparisons to a 1st lien only with Mortgage Insurance(MI)
      80-15-5 (80%-1st lien, 15%-2nd lien & 5% down)
    • Monthly payments are generally lower than a 95% LTV loan with MI.
    • The interest rate on the 1st lien and 2nd lien are slightly higher.
      80-10-10 (80%-1st lien, 10%-2nd lien & 10% down)
    • Monthly payments are generally lower than a loan with MI.
    • The interest rate on the 1st lien is the same and slightly lower on the 2nd lien .
      80-20 (80%-1st lien, 20%-2nd lien & 0% down)
    • Available with our zero down loan programs.
    • 2nd lien requires 700 minimum credit scores.
    • Maximum DTI (debt to income) ratio is 45% on most 100% CLTV 2nd lien loans.
    • Monthly payments are much lower than a zero down loan with MI.
    • The interest rate on the 1st lien is the same as our zero down loan programs with MI.
      75-25 (75%-1st lien, 25%-2nd lien & 0% down)
    • Available with our zero down loan programs.
    • The 1st lien rate on a 75/25 loan program is lower than on an 80/20 loan program.
    • 2nd lien requires 700 minimum credit scores.
    • Maximum DTI (debt to income) ratio is 45% on most 100% CLTV 2nd lien loans.
    • Monthly payments are much lower than a zero down loan with MI and usually lower than the 80/20..
    • Lower 1st lien interest rate, compared to the 80-20 loan program.
  • Conforming Loan Programs
    • Conforming loans are limited to loan amounts set by Fannie Mae and Freddie Mac at the beginning of each year. These limits are listed in the table below.
      One Unit $417,000
      Two Unit $533,850
      Three Unit $645,300
      Four Unit $801,950
      Loans greater than these limits are classed as Jumbo or Non-conforming loans.
      Conforming Loan Limits are set by Freddie Mac and Fannie Mae at the end of each year.
    • Up to a 95% LTV. These conforming loans have the best rates.
    • LTVs greater than 95% are available, but at higher interest rates.
    • Mortgage insurance is required on loans over 80% LTV.
    • You are eligible to Waive Escrows(pay your own taxes and insurance) if your 1st lien loan is an 80% LTV or lower. If the 1st lien is above 80% LTV we can use an 80-10-10 or other combined loan program, allowing you to waive escrows.
    • Most conforming loans are underwritten using Automated Underwriting. This generally allows for higher qualifying ratios and more streamline documentation for the loan. On refinance loans, it can also reduce the cost of the appraisal.
  • Construction Loans
    • Permanent Loan Only. We can provide you with your permanent loan to go with your own interim construction loan. We can also help arrange for your interim loan if you would like us to.
    • Permanent loans available for Conventional, Jumbo, Texas Vet & VA programs.
  • FHA Loans
    • We do not offer FHA loans. In most cases we now have conventional loan programs that are better for you than an FHA loan.
  • Home Improvement Loans
    • Stand alone 2nd liens available for home improvement loans up to $150,000.
    • Loan amounts from $25,000 to $150,000.
    • Loan to values up to 100% of your current appraised value are available with some restrictions.
  • Home Equity Refinance Loans (webpage)
  • Loans for Investment Properties
    • Non-Owner Occupied(NOO) Loans for 1-4 units.
    • Standard Fannie/Freddie Guidelines limit the number of properties finance to 10. We do have other programs with no limit on the number of properties financed.
    • Up to 90% LTV available. Mortgage insurance required on loans over 80% LTV.
    • 2nd lien loans are not currently available for investment properties.
    • 15 & 30 year fixed rates.
    • No Cash-out Refi's to 90% LTV(some restrictions apply) Mortgage insurance required on loans over 80% LTV.
    • Cash-out Refi's to 85% LTV. Mortgage insurance required on loans over 80% LTV.
  • Jumbo Loans
    • Jumbo Loans are Loan Amounts Greater than $417,000.
      Purchase or Rate/Term Refinances
      15 or 30 year Terms - Owner Occupied, PUD, Townhouse, Second home(1) or 1-4 story Condos
      Primary Residence
      Units Max LTV/CLTV Max Loan Amount
      1 - 2 Unit 95%/95% $500,000(1)
      90%/95% $650,000(1)
      80%/95% $1,000,000(1)
      80%/80% $1,500,000(2)
      70%/85% $2,000,000(3)
      Second Homes
      Units Max LTV/CLTV Max Loan Amount
      1 Unit
      Only      		 90%/90% $500,000(1)
      80%/95% $650,000(1)
      75%/90% $1,000,000(1)
      70%/80% $1,500,000(2)
      65%/65% $2,000,000(3)
    • Also available with jumbo loans - Investment Property Loans, NO Ratio Loans, Stated Income Loans, Verification of Asset Loans, 1 yr, 3/1, 5/1, 7/1 & 10/1 ARM Loans. ARM loans are also available as interest only loans where you pay the interest only during the fixed rate period for the ARM loan you choose. (3/1 ARM is at a fixed rate and interest only payments are made for the first 3 years)
    • Many times using an 80-10-10 or 80-15-5 loan program will lower your 1st lien loan amount to $417,000 or less, providing you with lower conforming interest rates, as well as, the other benefits associated with these programs - no mortgage insurance, lower monthly payments, etc. We automatically look at these options for you and will advise you of the benefits.
  • Low Down Payment Loans
    • From zero to 3% down payment loans are available with the Fannie Mae Flex 100 loan program.
    • NO Income Limits.
    • NO Homebuyer Study Course Required.
    • NO Reserves Required.
    • 30 & 15 year terms.
    • 25% Mortgage Insurance instead of the usual 35% required on most 0% down programs.
    • Program requires borrowers to have a minimum of $500 of their own funds in the transaction for down payment and/or closing costs & prepaid items. Acceptable Gift Funds can be used for this requirement.
    • Up to 3% seller contributions are allowed, but cannot be part of the 3% requirement above.
    • If your credit scores are 700 or higher you may be eligible for the Flex 80/20 or 75/25. This combines an 80% or 75% 1st lien with a 20% or 25% 2nd lien to eliminate the need for mortgage insurance. This will usually lower your payment significantly and allow the seller to contribute up to 6% of the sales price towards your closing costs.
  • No Doc Loans * THIS PROGRAM NOT AVAILABLE AT THIS TIME *
    • Not as popular due to the higher rates, but if you need a program like this it's nice to know it's available.
    • Income - WE DON'T ASK!
    • Employment - WE DON'T ASK!
    • Qualifying Ratios - WE DON'T ASK!
    • Tax Returns - WE DON'T ASK!
    • No IRS 4506 or 8821 required.
    • 1-4 units or Condo. (Reduce LTV for Condo's by 5%)
    • Primary Home - LTV up to 95%.
    • 2nd Home - LTV up to 90%.
    • Investment - LTV to 50%.
    • 100% Gift Funds allowed only on Primary Residence - LTV to 70%.
    • Requires minimum credit scores of 700.
    • Mortgage insurance not required.
    • Asset Verification may be required. Source of asset not required.
    • Two(2) yr. history of housing payments required.
    • Two(2) appraisals may be required.
  • No Ratio Loans * THIS PROGRAM NOT AVAILABLE AT THIS TIME *
    • A good program if you have high ratios that won't meet standard loan programs.
    • Requires 2 years continuous employment with the same employer.
    • 100% LTV - Primary residence (up to $500,000.00) with 660 credit score.
    • 2nd Homes to 65% LTV (up to $650,000.00).
    • Non Owner Occupied to 60% LTV (up to $350,000.00).
    • Self-employed, salaried or retired (pension) borrowers.
    • First time homebuyers allowed. No Gifts allowed.
    • No Income Verification or Disclosure.
    • No Ratio Calculations.
    • No 4506 required.
    • No Mortgage insurance.
    • Minimum credit score is 680.
    • 6 months PITI reserves.
    • Higher interest rates than regular conforming loan rates.
  • Other Loan Programs
    • Second Liens for 75/25, 80/20, 80/10/10 or 80/15/5 loan programs to purchase or refinance your home.
    • Condos.
    • Buy downs.
    • Commercial Loans.
  • Stated Income Loans
    • Up to 90% LTV (up to $417,000). Lender MI required on loans over 80%.
    • 80/10/10 available with stated income 2nd lien up to $150,000. (NO MI Req'd.)
    • 15, 20, 30 & 40 year terms.
    • Purchase or Rate/Term Refinances.
    • Primary Residence, second homes and non-owner occupied properties.
    • Requires 2 years employment history (college applies).
    • DTI (debt to income) ratio up to: 50% Primary Residence - 60% Second Homes - 45% Non-Owner.
    • No Income Verification, but, must state income.
    • No Asset Verification, but, must state assets.
    • Cash reserves required.
    • IRS form 4506 required.
    • Self-employed or salaried borrowers.
    • Requires minimum credit scores. 700 for all borrowers - 720 for Non-Owner properties.
    • Slightly higher interest rates than regular conforming loan rates.
  • Texas Vet Home Loans (webpage)
  • VA Home Loans (webpage)
  • Zero Down Payment Loans
    • Conforming Loans - click on "Low Down Payment Loans" in the list above.
    • VA Loans - click on "VA Loans" in the list above.

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