LOANS PROGRAMS
OUR DEDICATED SERVICES
Loan Programs We Offer
FHA Loan
The Federal Housing Administration (FHA), a branch of the U.S. Department of Housing and Urban Development (HUD) insures this type of mortgage. FHA Loans are more forgiving for those with blemished credit and higher debt ratios. FHA Loans are great for first time home buyers because of their flexibility, although anyone can apply. Minimum score requirement is a 580
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For Primary Residence and Secondary residences only
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A 3.5% payment is required, which can be gifted
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A Seller can contribute up to 6% towards the buyers closing costs.
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Requires Mortgage Insurance Premium (MIP) for the life of the loan.
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Available for Purchase and Refinance Transactions
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A lender requires an appraisal to estimate the value and rent for all the units combined.
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FHA will deduct 25% as a vacancy factor.
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75% of that appraisal rental income is allowed to be used on the self-sufficiency test rule.
For example:
4plex PITI monthly payment 5,540
Appraisal rental estimate 1,500 per unit= 6,000
75% total market rent= 4,500
Scenario fails to meet the FHA self-sufficiency test rule and is not able to obtain FHA financing since 75% appraisal rental income is not more than the monthly PITI payment. Conventional financing will be the next available option in this scenario.
What does the FHA Self Sufficiency Test Rule Entail?
3-4 units must meet Self Sufficiency Test Rule
Conventional Loan
Conventional loans are for borrowers that have credit scores above 620, stable income, low debts, and a minimum of 5% down payment based on single family unit. This type of loan is the most common and the least complicated way to get the most flexible mortgage options.
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Fixed and adjustable rates available
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Loan terms of 10, 15, 20 and 30, flexible terms available
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Loan limit $726,200 based on amount of Units.
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For primary, secondary, and investment properties
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Down payments as low as 3% for those that qualify
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Available for Purchase and Refinance Transactions
USDA Loan
The US Department of Agriculture (USDA) offers mortgage loans in eligible areas that are considered rural. USDA will only allow a borrower to have one financed property at a time. There are some income restrictions for USDA loans. This type of loan is great for first time home buyers.
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Primary residences only
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New manufactured homes are allowable
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100% Financing Available
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30 year fixed rate terms
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House must be in a Rural Development-eligible area.
Jumbo Loan
Jumbo Loans exceed the maximum loan amounts established by conventional loan limits, any amount that exceeds $ 726,200. A Jumbo Loan is right for you if you are looking to buy a high priced or luxury home.
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Financing above Conforming Loan Limits of $ 726,200.
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The convenience of One Loan versus having Multiple Mortgages
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Purchase options available with a 10% down payment with NO Private Mortgage Insurance (PMI)
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Fixed and Adjustable Rate Mortgage Options
Zero Down Payment Assistance (DPA) Program
Down payment assistance (DPA) programs help home buyers with loans or grants that reduce the amount they need for a down payment.
Provided you qualify, you could receive an outright grant or a low- or no-interest loan to cover your down payment.
Most DPA programs are offered at the local level. And eligibility requirements vary from one program to the next. Many DPAs require that you be a first-time home buyer (meaning you haven’t owned a home in three years) with a decent credit score and a low or moderate income.
VA Loan
The Department of Veterans Affairs (VA) offers financing for Veterans. The VA determines eligibility and will issue a certificate of eligibility to qualifying applicants.
Must be a Veteran, Active Duty Military, or member of the Reserves.
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100% Financing
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No Monthly Mortgage Insurance
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Closing costs can be gifted by immediate family or by seller contributions at a maximum 4% of the selling price.
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Available for Purchase and Refinance Transactions
Non QM Loans
A nonqualified mortgage (Non QM loan) doesn’t conform to the consumer protection provisions of the Dodd-Frank Act. Applicants whose incomes vary from month to month or those with other unique circumstances may qualify for these types of mortgages.
Reasons why borrowers seek out a nonqualified mortgage are:
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Who can't provide income tax returns
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Employees of less than (2) Two years
Interest rates on loans will vary from lender to lender, but you may find that a nonqualified mortgage will have a higher interest rate.
No Income Verification loan for primary and secondary home
Bank Statement loan
1099 loan
DSCR Investor loan
Foreign National Loans
Types of Non QM loans
No Income Verification Loan
The term no income verification (no doc) mortgage refers to a loan that doesn't require income verification from the borrower. This type of loan requires 20% down payment of the loan amount, credit needs to be over 640 and requires reserves.
Reserves: Mortgage reserves are savings balances that will be that will be available after you close on your home.
Regarded as emergency funds, in the event huge income loss or unemployment, reserves assure lenders that you will be able to continue making payments to afford your loan. Essentially, your mortgage reserves are cash funds you can tap when you needed.
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No documentation mortgages do not require income verification from the borrower; instead, borrowers provide lenders with a asset declaration, such as bank statements, stock/investment statement, etc. reflecting they can repay the loan.
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Since the Great Recession, true no doc mortgages are rare—the term now applies to loans that do not require tax returns or other traditional income-verifying documents.
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No income verification mortgages generally require higher down payments and higher interest rates than traditional mortgages.
Bank Statement Loan
We offer bank statement home loans to self employed borrowers who may find it difficult qualifying using W2 and tax returns due to write offs or fluctuations in pay.
With Bank Statement Loans, borrowers are qualified based upon their ability to repay using 12 or 24 month average of deposits. And, depending on the program, personal or business bank statements may be used.
Bank Statement product is a loan option for eligible self-employed borrowers to purchase or refinance a home.
Our bank statement loan maximizes income with personal or business bank statement deposits. We count your busines cash flow (the amount you actually bring in) as income in lieu of tax returns.
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No W2's or Tax Returns Needed!
1099 Loan
Self employed or 1099 employees deserve to get into a mortgage too!
1099 Mortgage Loans, also known as self-employed mortgages, allow you to secure a mortgage without the documentation you normally use to verify your income, such as W2's and tax-returns.
Qualify based upon the 1-2 years of 1099's.
Entrepreneurs, freelancers, small business owners, and self-employed borrowers get the mortgage you want at the low rates you deserve.
DSCR Investor Loan
It's a No Income or Employment verification with a minimum of 620 credit score. 15% down with 720+FICO. Loanable amount up to $2.5 million. Permanent Resident or Non Permanent are eligible borrowers. Gift funds are accepted, Warrantable or Non Warrantable Condos are allowed even first time Investors are welcome.
Profit and Loss Loan
A profit and loss loan looks at a company’s P&L statement to determine if borrowers qualify for a loan. This eliminates the need to use tax returns which can be helpful when applicants take a large number of deductions and do not qualify for traditional financing.
A P&L loan gives them a chance to show their company’s profitability even if their tax returns and bank statements do not reflect this information.
Proof they have been self-employed for at least 2 years – This gives us the satisfaction of knowing they have been successful for at least 2 years and that their business will continue.
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Provide 12-to-24-month P&L statement certified from a licensed CPA, enrolled Tax Agent, or licensed Tax Preparer.
Information
US Mortgage Lenders LLC NMLS #1108258
Hours 8 AM – 6 PM Mon Fri
Licensed in FL, GA, AL, SC, NC, TX, AR, OK
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