Loan Programs
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Find The Right Home Loan For Your Needs
Step into the world of MORTGAGEinc, where we’re not just about crunching numbers – we’re all about making your home ownership dreams come true! Dive into our treasure trove of home financing options below and discover a world of possibilities. From cozy starter homes to sprawling dream estates, we’ve got the perfect mortgage fit for you. Let’s turn your house hunt into a thrilling adventure!
Purchase
Bank Statement
A Bank Statement Mortgage loan is a type of home loan designed for self-employed individuals, freelancers, and business owners who may not have traditional income documentation like W-2s or pay stubs. Instead of relying on these documents, lenders use the borrower's bank statements to assess their income and ability to repay the loan. This approach provides a more accurate picture of the borrower's cash flow and financial health.
Bridge Loan
A Bridge Loan is a short-term financing option used to "bridge" the gap between the sale of an existing property and the purchase of a new property. It provides immediate funds to cover the down payment or closing costs on a new home while the borrower is still waiting to sell their current home. Bridge loans are typically secured by the existing property and are meant to be repaid quickly, usually within a few months to a year.
Non-QM Loan
A Non-QM (Non-Qualified Mortgage) loan is a type of mortgage that isn't backed by Fannie Mae or Freddie Mac, meaning it doesn't follow the traditional underwriting guidelines. These loans cater to borrowers who might not meet standard mortgage criteria, such as specific debt-to-income ratios. Instead, approval is based on other factors like credit score or income history.
Profit and Loss
A Profit and Loss (P&L) Mortgage loan is a type of home loan designed for self-employed individuals and business owners who may not have traditional income documentation. Instead of relying solely on W-2 forms or pay stubs, these loans use an audited profit and loss statement prepared by a certified public accountant (CPA) or the borrower to verify income. This method provides a more accurate picture of the borrower's financial health and business performance.
Down Payment Assistance
At MORTGAGEinc, we are committed to providing you with all the information you need to understand Down Payment Assistance (DPA) for homebuyers. Navigating the home-buying process can be challenging, but we're here to support you every step of the way. If you're a first-time homebuyer or looking to purchase your next home, we may have a DPA program that suits your needs.
Self-Employed Loan
A self-employed mortgage loan is specially designed for individuals who run their own businesses. Unlike traditional mortgages that require steady W-2 income and standard income verification, these loans cater to the unique financial situations of freelancers, entrepreneurs, and sole proprietors.
DSCR Loan
A DSCR (Debt Service Coverage Ratio) loan is a type of financing primarily used by real estate investors and business owners. The DSCR is a financial metric used to evaluate an entity's ability to produce enough cash flow to cover its debt obligations. A DSCR loan focuses on the cash flow generated by the property or business, rather than the borrower's personal income, making it an attractive option for investors and entrepreneurs.
USDA Loan
A USDA Loan, also known as the USDA Rural Development Guaranteed Housing Loan Program, is a government-sponsored home loan provided by the United States Department of Agriculture (USDA). It is designed for individuals looking to purchase, refinance, or renovate homes in rural areas across the country. This loan program aims to assist low and moderate-income families in improving their living standards while stimulating economic growth in rural communities.
FHA 203k Loan
The FHA 203k Loan is a home renovation loan supported by the Federal Housing Administration (FHA). It provides a valuable opportunity for homebuyers and homeowners to renovate or repair their primary residence. This loan type has gained popularity as more homeowners seek to enhance their living spaces and increase their property values.
Verification of Employment Only
A Verification of Employment (VOE) Only loan is a type of mortgage that relies solely on the borrower's employment status and income as verified by their employer, rather than requiring extensive financial documentation such as tax returns or bank statements. This type of loan is designed to simplify the qualification process for borrowers who have a steady job and income but may not have traditional documentation to support their financial standing.
Refinance
Cash Out Refinance
A Cash Out Refinance is a type of mortgage that allows homeowners to refinance their existing mortgage by obtaining a new loan that exceeds the amount they currently owe. This enables homeowners to "cash out" the equity in their home and receive the difference in cash at closing.
Reverse Mortgage
A Reverse Mortgage is a type of home loan that allows homeowners aged 62 or older to convert part of their home equity into cash without selling or moving out of their home. Instead of making monthly payments to a lender, the lender makes payments to the borrower based on the equity in the home. The loan is repaid when the homeowner moves out, sells the home, or passes away.
Mortgage Refinance
Refinancing a mortgage involves replacing your current mortgage with a new one. Essentially, you pay off your existing loan and obtain a new one with different terms. This may include securing a lower interest rate, extending the loan term, or switching from a fixed-rate to an adjustable-rate mortgage.
HELOC
A Home Equity Line of Credit (HELOC) is a revolving line of credit that uses your home equity as collateral. This type of credit line is typically available for up to 10 years. HELOCs are ideal for homeowners who need funds for significant expenses such as home renovations, education, or medical bills. The limit on a HELOC is usually determined by your home’s equity and your creditworthiness.