Loan Programs
Our wide range of Loans helps You build, grow, and Invest in your future
Find the right loan program to best fit your needs and growth plan.
Conventional Loans
Conventional loans are a solid mortgage option for homebuyers or for those looking to refinance. These loans are not government loans, and often work well for those with strong credit.
Conventional mortgage loans generally offer:
- Competitive interest rates
- Options for fixed-rate or adjustable-rate
- Down payments as low as 3%
USDA Loans
The USDA mortgage program, also known as Section 502 Direct Loan Program, helps low- and very-low-income applications by providing payment assistance to help them get into safe, decent housing in eligible rural areas. The family’s adjusted income is used to determine the amount of assistance provided.
Things to know about USDA loans:
- Applicants must be unable to obtain a loan from other resources
- Applicants must meet income eligibility
- Funds may be used to build, repair, renovate or relocate a home, or to prepare a home site with water and sewage facilities
- Typically no down payment is required
FHA Loans
FHA Loans are government-backed mortgage loans offered by the Federal Housing Administration. These are a good option for those who may not be ready to make a large down payment.
FHA Loans generally offer:
- Lower down payment requirements
- Options for either fixed-rate or adjustable rate
- Easy credit qualifying
- Low closing costs
VA loans for Veterans
VA loans provide active-duty military and veterans with loans to achieve their homeownership dreams.
VA Loans generally offer:
- No down payment requirement
- Lower interest rates
- Lower closing costs
- No required private mortgage insurance (PMI)
- Both fixed-rate and adjustable-rate options
Down Payment Assistance
Down payment assistance programs help eligible participants with a mortgage loan and funding to use for the down payment.
This program generally offers:
- Option to receive down payment assistance as a grant (which does not need to be repaid)
- Option to receive down payment assistance as a deferred forgivable second lien loan (to be repaid if the owner sells or refinances within 3 years)
- Includes “Homes for Texas Heroes” program
- Includes “Home Sweet Texas” home loan program
Jumbo Loans
A jumbo loan is a mortgage loan that covers an amount larger-than-normal. This amount can vary depending on the area of the country, but often applies to mortgages greater than $727,000. The rates can be either higher or lower than other mortgage rates, though the mortgage loan itself works much the same as a traditional mortgage.
Things to know about Jumbo Loans:
- Typically has stricter underwriting guidelines than conforming mortgage
- There are larger income requirements
- Allows applicants to borrow more than a traditional mortgage loan
HELOC – Home Equity Line of Credit
A Home Equity Line of Credit (HELOC) provides a revolving credit line, secured by your home. These funds could be used to consolidate higher-interest rate debt in other areas – such as credit cards – or to fund large expenses such as home improvements and upgrades or college tuition.
Things to know about HELOC:
- It borrows against the available equity in your home
- Typically you can borrow up to 85% of the value of your home minus the amount you owe.
- Lenders generally evaluate an applicant’s credit score, employment history, income and debts.
- When you withdraw money from the HELOC, you’ll make monthly payments to pay the loan back – including principal and interest.
NIV DSCR Investor Loans
No Income Verification Debt Service Coverage Ration (NIV DSCR) loans provide a way for borrowers to qualify for a loan based on the cash flow expected to be generated by the investment property being purchased.
This type of loan is designed for real estate investors.
Things to know about NIV DSCR Loans:
- Personal income is not used to qualify
- They can be financed directly to an LLC
- Great for investment rental properties, including AirBnB & Vrbo units
- Often no limit on the number of properties financed
Commercial Residential Loans
Commercial residential mortgage loans are used by borrowers who are purchasing residential properties for commercial use – such as apartment complexes or commercial dwellings. This is different than purchasing commercial property that is not for residential use.
Things to know about this type of loan:
- It is for purchasing 5+ units
- Eligible for up to 100 doors
- No income verification
- Generally requires 20% minimum down payment
Bank Statement Income Verification Loans
This type of loan is known as a bank statement mortgage and is really helpful if you are self-employed. Lenders use your bank statements to determine your cash flow and get you qualified based on your ‘real’ income. This is a good option for freelancers, contractors, business owners and gig workers.
Things to know about Bank Statement Mortgages:
- Great option for self-employed
- Bank deposits are used instead of tax forms to verify income
- Works well for those without salaried income
- Most lenders require 12 months of bank statements; providing more history may qualify for better rates or terms
Asset Depletion Mortgage Loans
With an Asset Depletion Mortgage, the application qualifies for the loan by using their substantial assets instead of employment income. The assets become collateral, instead of using your income as a qualification for paying back the loan.
This type of loan is beneficial for borrowers such as those who are self-employed without traditional, verifiable income; retirees who may have insufficient verifiable fixed income; or individuals who hold a large number of assets within the U.S.
Things to know:
- Assets instead of income are used to qualify
- Can be a great option for self-employed borrowers
- Assets to be used as collateral could include – money market accounts, certificates of deposits, investment accounts, retirement accounts, etc.
- Could require a higher down payment or credit score