Mortgages Done Right

Conventional Loan

Key Features:

• Credit Requirements: Typically requires a higher credit score (usually 620 or above).
• Down Payment: Often 5%–20%, though some programs allow as low as 1% to 3% with restriction.
• Private Mortgage Insurance (PMI): Required if your down payment is less than 20%.
• Loan Limits: Must fall within conforming loan limits set by Fannie Mae and Freddie Mac.

It’s a popular choice for borrowers with strong credit and stable income. 

FHA Loan (Federal Housing Administration Loan)
An FHA loan is a government-backed mortgage designed to help people with lower credit scores or limited savings. Need help  become homeowners. It’s especially popular with first-time buyers.

Key Features:

• Low Down Payment: As little as 3.5% if your credit score is 580 or higher.
• Flexible Credit Requirements: You can qualify with a score as low as 500 (with a 10% down payment).
• Competitive Interest Rates: Often lower than conventional loans.
• Mortgage Insurance: Required upfront and monthly to protect the lender in case of default.
• Use Cases: Can be used to buy, build, renovate with a 203K, or refinance a home.

It’s a great option if you’re working with a tight budget or building your credit.

VA Loan (Veterans Affairs Loan)
VA loan is a government-backed mortgage designed to help veterans, active-duty service members, and eligible surviving spouses buy or refinance a home.

Key Features:

• No Down Payment: You can finance 100% of the home’s value.
• No Private Mortgage Insurance (PMI): Saves you money monthly.
• Competitive Interest Rates: Often lower than conventional loans.
• Flexible Credit Requirements: Easier to qualify compared to other loan types.
• VA Funding Fee: A one-time fee that helps sustain the program (can be waived for some).

Eligibility:

• Must meet service requirements set by the VA.
• Requires a Certificate of Eligibility (COE) from the VA.

VA loans are a powerful benefit for those who’ve served, making homeownership more accessible and affordable. Want help checking eligibility or comparing it to FHA or conventional loans?

USDA Loan (U.S. Department of Agriculture Loan)
A USDA loan is a government-backed mortgage designed to help low- to moderate-income borrowers buy homes in rural or suburban areas. It’s part of the USDA’s Rural Development program to promote homeownership outside major cities.

Key Features:

• No Down Payment: You can finance 100% of the home’s value.
• Low Interest Rates: Often lower than conventional loans.
• Income Limits: Typically limited to households earning up to 115% of the area’s median income.
• Location Requirements: The home must be in a USDA-eligible rural area (surprisingly, many suburban areas qualify).
• Mortgage Insurance: Required, but usually lower than FHA loans.

It’s a great option if you're looking for affordable homeownership in less densely populated areas. Want help checking if your area qualifies?

Down Payment Assistance (DPA) programs are designed to help homebuyers—especially first-time or low- to moderate-income buyers—cover the upfront cost of a down payment, which is often one of the biggest hurdles to homeownership.

💰 Types of Down Payment Assistance:

• Grants: Free money that doesn’t need to be repaid.
• Forgivable Loans: Loans that are forgiven after a certain period (e.g., 5–10 years) if you stay in the home.
• Deferred Loans: No payments until you sell, refinance, or pay off the mortgage.
• Matched Savings Programs: You save a certain amount, and the program matches it.

🏘️ Who Offers These Programs?

• State and local housing agencies
• Nonprofit organizations
• Lenders partnering with government programs: 
• Here are Examples of Some Programs
• Florida Bond $10,000 640 Min Credit score
• Home Town Heros Up to  35,000
• 640 Min Credit score
• Income limits based on area median income Such as Pasco County up to 65,000 Minimum credit score (usually 620+)
• Completion of a homebuyer education course

Want help finding programs specific to your area or situation?

Alternative Income Programs are a great way to get into a home with out the traditional Income tax returns or paystubs. Greatly used by self employed borrowers or 1099 or Gig workers

Self Employed borrowers can use 

Bank statements 

Profit and Loss 

Use a 1099

We can combine W2 income and Bank statements.  Let's discuss your challenging scenario today.