Loan Programs

Your options are endless!

We understand each client's financial situation and goals are unique and by offering a wide range of loan programs, we can tailor our solutions to meet the diverse needs of our clients. Whether it's a first-time buyer looking for an affordable option, an investor seeking flexible financing, or someone interested in a second home, we've got the right program.

Conventional Mortgage Loans

Conventional mortgage financing is a widely-used method for purchasing homes. These loans typically have a minimum down payment requirement of 3% - 5%, debt to income limitation at 49% and borrowers with stronger credit scores often benefit from more competitive interest rates. The terms and conditions of these loans can vary, offering flexibility for different financial situations.

FHA Mortgages Loans

FHA mortgage financing is a popular option for homebuyers, particularly those with limited down payment funds and/or lower credit scores. A few key advantages is the lower down payment requirement of 3.5%, higher debt to income ratio of 55% and less restrictive guidelines. Additionally, FHA loans may be more forgiving of imperfect credit histories, making homeownership attainable for those who might face challenges with conventional loans.

VA Mortgage Loans

VA mortgage financing is a specialized home loan program designed to support active-duty military members, veterans, and eligible surviving spouses in achieving homeownership. One notable feature is the absence of a down payment requirement, making homeownership more accessible for those who have served our country. VA loans also tend to have competitive interest rates and may have more lenient credit score requirements compared to conventional loans.

USDA Mortgage Loans

United States Department of Agriculture, USDA, mortgage financing is a government-backed loan program aimed at promoting homeownership in rural areas. One key feature of USDA loans is their focus on supporting low to moderate-income families, offering them the opportunity to purchase a home with little to no down payment. These loans also often come with competitive interest rates and flexible credit score requirements.

Down Payment Assistance

This financing is a valuable resource for homebuyers looking to overcome the hurdle of the down payment. These products typically follow standard financing requirements (Conventional, FHA, VA etc) with assistance in the form of grants, loans, or other programs designed to help cover or offset the initial down payment and closing cost requirement. Eligibility criteria often consider factors like income, credit score, debt to income ratio and physical location of the property. By providing financial support upfront, down payment assistance aims to make homeownership more accessible, especially for first-time buyers or those with limited financial resources.

Self-Employed Borrowers

Securing financing as a self-employed individual can be challenging due to the unique nature of income scenarios. While traditional financing methods are suitable for many, self-employed borrowers often find themselves in complex situations. Their income may fluctuate, making it difficult to meet standard requirements. In such cases, alternative income verification programs, like those utilizing bank statements, become invaluable. These programs offer a different approach to calculate income, providing flexibility for borrowers with irregular earnings.

Jumbo Loans

This type of financing is available when the loan amount exceeds the conforming loan limits, helping to accommodate the purchase of higher-priced homes. It's offered by private investors and the guidelines vary amongst them. They tend to adopt standard conventional guidelines but will have be more strict or have additional overlays to mitigate risk for lending at a higher loan amount. A few that are common amongst them is higher minimum credit scores, longer credit history, lower debt to income ratios and higher down payments. Because these products are more strict, it is always best to complete a full pre-approval and supply all documentation to ensure your earnest money is protected.

Borrowers With Considerable Assets

Securing financing can be a unique challenge for borrowers who possess substantial assets but lack standard income sources. In some cases, individuals may have significant funds in investment and liquid accounts but struggle to meet traditional financing requirements based on income alone. However, there's good news – programs exist that enable borrowers to leverage their assets as income, opening doors to secure the financing they need. These asset-based income programs provide a valuable solution for those with unconventional income scenarios, allowing them to navigate the complexities of the lending landscape and realize their financial goals.

Real Estate Investors

Financing for real estate investors can be a complex journey, especially for those entering the investment market or managing multiple properties. Qualification requirements may differ from traditional mortgages, making it essential for investors to navigate these intricacies effectively. Investors often need access to more assets for a down payment and to meet reserves after closing, ensuring a strong financial position. There are DSCR and commercial financing options available for real estate investors looking to expand their portfolios and need a solution that doesn't fit standard financing.

Home Equity Loans

These offer homeowners a flexible way to tap into their home equity without have to refinance their first mortgage. The main advantage of HELOCs is their versatility; they allow borrowers to access funds as needed, similar to a credit card, and only pay interest on the amount borrowed. This makes HELOCs ideal for home improvements, education expenses, or unexpected financial needs. The interest rates on HELOCs are typically variable, meaning they can fluctuate with market rates, potentially resulting in higher payments over time. It's crucial for borrowers to carefully consider their financial goals and ability to manage variable payments when considering a HELOC.

Adjustable Rate Mortgages (ARM)

There are advantages and disadvantages to borrowers using this option. On the positive side, they typically start with lower initial interest rates, leading to lower initial monthly payments and lower overall borrowing costs, making them attractive for short-term homeowners or those who anticipate increasing income in the future. However, the downside is that these rates can adjust periodically, potentially leading to higher monthly payments when interest rates rise, making budgeting more unpredictable. It's crucial for borrowers to carefully weigh the benefits and risks of ARMs and consider their financial stability and future plans when opting for this type of mortgage.

Fixed Rate Mortgage Loans

Fixed-rate mortgages offer stability and predictability for borrowers. With a fixed interest rate, homeowners can count on consistent monthly payments throughout the life of the loan, making budgeting easier and providing peace of mind, even if interest rates rise. On the flip side, the initial interest rates for fixed mortgages tend to be higher than those of adjustable-rate mortgages (ARMs), which can result in higher initial monthly payments. However, the long-term security and protection against interest rate fluctuations are the significant advantages of fixed-rate mortgages.

Construction Loans

Construction loans are a valuable financial tool for those embarking on renovation projects or custom home building ventures. These loans offer flexibility, allowing borrowers to finance not only the construction itself but also renovation costs and/or the purchase of land. One significant advantage of construction loans is that they can be used to pay off temporary financing used during the construction phase, streamlining the process. Whether you're looking to transform an existing property or build your dream home from scratch, construction loans provide the necessary funds to turn your vision into reality.

Other Unique Scenarios

When it comes to financing, it's essential to keep an open mind and explore unique options as you might be surprised to discover there are products available to help you qualify, even if you initially believe you might not meet the criteria. Your dream of homeownership might be more attainable than you think.

Let's schedule some time to discuss your financing goals and prepare you for the process.

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Contact Info

Rachel Vigil

NMLS | 955528

303.506.8533 Rachel@trunorthmortgage.com

Address:

10303 East Dry Creek Road, STE 100

Englewood, CO 80112

NMLS | 1907235

Empowering people and improving communities through education to build lasting wealth with homeownership.

Equal Opportunity Lender

Synergy One Lending, Inc. | NMLS 1907235 | http://www.nmlsconsumeraccess.org | 610 W. Ash Street, Suite 1505, San Diego, CA 92101 | (888) 995-1256

| © 2024 | Not affiliated with any government agency. All Loans are subject to underwriting approval. Terms and Conditions apply. Some loan products may not be available in all states. Subject to change without notice.

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§HELOC loan preapproval may be granted in as little as five minutes, but ultimately depends on individual speed at entering all required information. The S1L Texas HELOC requires a property condition report of greater than or equal to average. HELOC not available in all states. Not a commitment to lock or lend. Funding timelines will vary based on a variety of things, such as verifying property condition. Actual loan amounts will vary based on your home value and equity at the time of application, as determined by Synergy One Lending using independent data sources and automated valuation models. Not all applicants will qualify.

Synergy One Lending is an Equal Opportunity Employer, EEO is the law.