A conventional loan is a mortgage loan that’s not backed by a government agency. These loans come in all shapes and sizes, and while they don’t provide some of the benefits as FHA, VA and USDA loans, conventional loans remain the most common type of mortgage loan.
What is a Conventional Loan?
Who qualifies for Conventional Loan?
Conventional home loans can be a great choice for borrowers who have good credit, a strong financial history and enough money to make a down payment.
To learn more about Conventional loans, Please give us a call +1 (866) 649-0179
Conventional Loan Benefits
• Mortgage insurance not required if 80% loan to value (LTV) or less• Cancel existing mortgage insurance at 80% LTV • Can be used on all property types • More loan program options • Can hold numerous conventional loans • Faster Loan Underwriting
What is an FHA Loan?
An FHA loan is a government-backed mortgage insured by the Federal Housing Administration. FHA home loans require lower minimum credit scores and down payments than many conventional loans, which makes them especially popular with first-time home buyers. In fact, according to FHA’s 2021 Annual Report, more than 84.6 percent of all FHA loan origination’s were for borrowers purchasing their first homes.
Who qualifies for FHA Loan?
If you can’t qualify for a conventional mortgage, VA loan, or USDA loan, FHA loans are here to help. They allow you to put less money down and are available to people working on their credit providing very flexible qualifications guidelines.
To learn more about FHA loans call (866) 649-0179
FHA Loan Benefits
- Easy to qualify, low credit score.
- Easy to refinance.
- Low down payment minimum 3.5% to qualify.
- Finance options available
- Flexible DTI requirements.
- Predictable payments/Low Interest Rates.
What is a VA Loan?
A VA loan is a $0-down mortgage option issued by private lenders and partially backed, or guaranteed, by the Department of Veterans Affairs (VA). Eligible borrowers can use a VA loan to purchase a property as their primary residence or refinance an existing mortgage.
Who qualifies for VA Loan?
A direct and VA-backed Veterans home loans can help Veterans, service members, and their survivors to buy, build, improve, or refinance a home. You’ll still need to have the required credit and income for the loan amount you want to borrow. But a Veterans home loan may offer better terms than traditional loan. For example, nearly 90% of VA-backed loans are made with no down payment.
To learn more about VA loans call (866) 649-0179
VA Loan Benefits
VA Loans offer unique benefits to eligible veterans and active duty servicemen and women who are looking for:
- No down payment required.
- Competitively low interest rates.
- Low credit score.
- Limited closing costs.
- No Private Mortgage Insurance (PMI)
- The VA home loan is a lifetime benefit: you can use the guaranty multiple times.
What is an Interest Only Mortgage?
An interest-only mortgage is when you only pay interest the first several years of the loan, making your monthly payments lower when you first start making mortgage payments.
Who qualifies for Interest Only Loan Loan?
- If you’re interested in keeping your month-to-month housing costs low, an interest-only loan may be a good option. Common candidates for an interest-only mortgage are people who aren’t looking to own a home for the long-term — they may be frequent movers or are purchasing the home as a short-term investment.
- If you’re looking to buy a second home, you may want to consider an interest-only loan. Some people buy a second home and eventually turn it into their primary home. Making payments towards just the interest may be convenient if you aren’t permanently living in the home yet.
To learn more about Interest only loans call (866) 649-0179
Interest Only Mortgage Benefits
- The initial monthly payments are usually lower.
- May help you afford a pricier home.
- Can be paid off faster than a conventional loan.
- Possible increase to your cash flow.
- Rates may be lower.
- Custom loan options.
What is No Income Verification Loan?
A no income verification mortgage is often referred to as a no doc mortgage as the name implies, this type of loan does not require the lender to verify how much you earn, and is sometimes called NINJ mortgages, which stands for no income, no job. and it’s a loan that’s above the conventional loan limits.
Who qualifies for No Income Verification Loan?
We don’t have to confirm a borrower’s income like tax returns and recent pay stubs like traditional mortgages. The programs are available for single-family residential housing (regular houses, townhomes, and condominiums). Multi-unit, vacant land, and commercial properties are not eligible
To learn more about No Income Verification loans call (866) 649-0179
The Benefits of applying for a No Income Verification Mortgage
- Doesn’t require the borrower to provide documentation of income.
- No Statement or Verification of income is required.
- Low amount of paperwork.
- The debt-to-Income Ratio does not factor into underwriting guidelines.
- No Prepayment Penalty.
- Rate and Term and Cash-Out Refinance options are available.
What is Reverse Mortgage?
- A reverse mortgage is a type of loan that allows homeowners ages 62 and older who typically have a minimum 50% equity in your home, to borrow part of their home’s equity as tax-free income. Unlike a regular mortgage in which the homeowner makes payments to the lender, with a reverse mortgage, the lender pays the homeowner.
Who qualifies for Reverse Mortgage Loan?
- Reverse Mortgage enable seniors to access a portion of their home equity without having to pay a monthly mortgage payment. Reverse Mortgage allows home owners pay bills and expenses during retirement or pay off other obligations that can prove an immense help and an alleviation of financial worry. Borrowers are responsible for paying property taxes, homeowner’s insurance, and for home maintenance.
To learn more about Reverse Mortgage loans call (866) 649-0179
Reverse Mortgage Benefits
- Allows the homeowner to stay in the home.
- Can pay off existing mortgages on the home.
- Easy to qualify for.
- No minimum credit score and generally no income requirements.
- No monthly mortgage payments are required.
- The homeowner receives payments on flexible terms.
- A reverse mortgage cannot get “upside down”.
- Heirs inherit the home and keep any remaining equity.
- Loan proceeds are not taxable.
- Lower interest rate than traditional mortgages.
What is a HELOC and HELOAN?
A HELOC is a line of credit that allows you to borrow money as needed with a variable interest rate, while a home equity loan is a lump sum that is disbursed upfront and paid back in fixed installments.
Who qualifies for HELOC or HELOAN Loan?
- Have at least 15 percent to 20 percent equity.
- Have a credit score in the mid-600s.
- Have a debt-to-income ratio of 43 percent or lower.
- Have sufficient income.
- Have a reliable payment history.
To learn more about HELOC or HELOAN call (866) 649-0179
HELOC or HELOAN Benefits
- You could qualify for a low APR.
- Interest might be tax-deductible.
- You can borrow only what you need.
- Flexible repayment options.
- Potential to raise your credit score.
- Few restrictions on how you use the funds.
- Home as collateral.
- Variable interest rate.
What is a Non-QM Loan?
A non-conventional loan is a mortgage that doesn’t meet the guidelines for a conventional loan set by Fannie Mae and Freddie Mac. Often a loan is classified as non-conventional because the loan amount exceeds the conventional limit, which is $647,200 in most U.S counties. In addition to higher loan amounts, non-conventional loans from West Capital Lending can offer expanded down-payment and credit qualification options.
Who qualifies for Non-QM Loan?
Flexible options for loan amounts that exceed conforming loan amounts and product guidelines. Benefit from low rates, competitive closing costs, and our streamlined approach on a customized Non-Conventional Loan.
Non-conventional loans may be the right solution when looking for:
- Expanded guidelines and enhanced options
- Tailored mortgage solutions for unique financial situations
- Customized Portfolio Loans and Interest-Only Mortgages
To learn more about Non-QM loans call (866) 649-0179
Non-Conventional Loan Benefits
- Jumbo and Super Jumbo loan amounts of up to $30 million or more
- Flexibility to choose either a fixed-rate or an adjustable-rate mortgage (ARM)
- Personalization for complex financial situations
- Financing for non-owner occupied properties
What Is a Construction Loan?
A construction loan is a short-term loan that covers only the costs of custom home building. This type of loan is short-term and is usually issued for a year. It’s meant to cover only the actual construction period. This is different from a mortgage, and it’s considered specialty financing. Once the home is built, the prospective occupant must apply for a mortgage to pay for the completed home.
Who qualifies for Construction Loan?
Construction loans let future homeowners borrow money to purchase materials and pay for labor necessary to build a home. You also can often use this money to purchase the land you’re building on. If you already own the land, you may be able to use the property as collateral for your loan.
To learn more about Construction loans call (866) 649-0179
Construction-to-permanent loans are a financing option that prospective custom home builders can apply for. Like construction-only, construction-to-permanent financing are one-time loans that fund construction and then convert into a permanent mortgage. During the construction phase, borrowers make interest-only payments.
What Is a Hard Money Loan?
A hard money loan is a short-term, non-conforming loan for commercial or investment properties, that doesn’t come from traditional lenders, but rather people or private companies that accept property or an asset as collateral.
Who qualifies for Hard Money Loan?
Commercial borrowers may turn to hard money loans after having a loan or mortgage application denied, or to avoid the lengthy process of getting approved for a loan through traditional means.
Like a traditional mortgage, a hard money loan is a secured loan, guaranteed by the property it’s being used to purchase. The “hard” part of “hard money” refers to the tangible asset being used to back the value of the loan.
To learn more about Hard Money loans call (866) 649-0179
Hard Money Loan Benefits
Unlike traditional mortgages or other types of secured loans, hard money loans come with a fast and typically less stringent approval process, making them ideal if a purchase needs to happen fairly quickly. With a mortgage, it often takes more than a month, from application to close, to purchase a property. With hard money loans, it’s possible to close in just a few days.