Purchase
PURCHASE
If you’re like most people, purchasing a home is probably one of the biggest investments you’ll ever make in your lifetime. If you’re considering buying a home, you’re likely aware of the complexity of the endeavor. Because of the numerous factors to consider when purchasing a home, it’s important to prepare as best you can. At Your Loan Officer Hemen, we are dedicated to finding the loan that fits your individual needs.
Our Purchase Programs Include
1. Conventional Loan
Purpose: Standard loan not backed by the government.
Best For: Borrowers with strong credit, stable income, and a down payment of at least 3-5%.
2. FHA Loan (Federal Housing Administration)
Purpose: Government-backed loan with lower down payment requirements.
Best For: First-time homebuyers and those with lower credit scores or smaller down payments (3.5% minimum).
3. VA Loan (Department of Veterans Affairs)
Purpose: Loan program for eligible veterans, active-duty military, and certain military spouses.
Best For: Veterans and military personnel, offering zero down payment and no private mortgage insurance (PMI).
4. USDA Loan (United States Department of Agriculture)
Purpose: Government-backed loan for rural and suburban properties.
Best For: Low- to moderate-income borrowers purchasing homes in eligible rural areas, with zero down payment required.
5. Jumbo Loan
Purpose: Loan for high-value properties that exceed conventional loan limits.
Best For: Borrowers purchasing luxury or high-cost properties (above conforming loan limits, typically $726,200+ in most areas).
6. Non-QM Loan (Non-Qualified Mortgage)
Purpose: Flexible loan option for borrowers who don’t meet traditional mortgage requirements.
Best For: Self-employed borrowers, real estate investors, and those with irregular income sources.
7. DSCR Loan (Debt Service Coverage Ratio)
Purpose: Loan for real estate investors that qualifies based on rental property income rather than personal income.
Best For: Investors purchasing rental properties; typically requires DSCR ≥ 1.0.
8. Fixed-Rate Mortgage
Purpose: Loan with a fixed interest rate for the entire loan term.
Best For: Borrowers who prefer predictable monthly payments over a fixed period (e.g., 15, 20, or 30 years).
9. Adjustable-Rate Mortgage (ARM)
Purpose: Loan with an interest rate that adjusts periodically after an initial fixed period (e.g., 5/1 ARM).
Best For: Borrowers who plan to sell or refinance within a few years or expect lower rates in the future.
10. First-Time Homebuyer Programs
Purpose: Programs with benefits like low down payments, down payment assistance, or reduced PMI.
Best For: First-time buyers, often with special state or local grants.
11. Interest-Only Loan
Purpose: Loan where borrowers pay only interest for a set period before principal payments start.
Best For: Borrowers looking for lower initial payments, often used by investors or those with fluctuating income.
12. Renovation Loan
Types: Includes FHA 203(k) and Fannie Mae HomeStyle® loans.
Purpose: Loans that cover both the purchase of the home and the cost of renovations.
Best For: Buyers interested in fixer-uppers who want to finance improvements as part of the mortgage.
13. Bridge Loan
Purpose: Short-term financing that allows buyers to purchase a new home before selling their current one.
Best For: Borrowers in need of temporary funds to “bridge” the gap between buying and selling properties.
14. Portfolio Loan
Purpose: Loans held by lenders “in-house” rather than being sold on the secondary market, allowing for customized terms.
Best For: Borrowers with unique financial situations or property types that don’t meet conventional guidelines.
15. Physician Loan
Purpose: Specialized loan program for doctors and medical professionals, often with lower down payments and no PMI.
Best For: Doctors and healthcare professionals with high earning potential but limited down payment due to student loans.
16. Energy-Efficient Mortgage (EEM)
Purpose: Allows buyers to finance energy-efficient home upgrades as part of their mortgage.
Best For: Buyers looking to improve home energy efficiency and reduce long-term utility costs.
17. ITIN Loan (Individual Tax Identification Number)
Purpose: Mortgage option for non-U.S. citizens who don’t have a Social Security number but have an ITIN.
Best For: Non-citizen residents without a Social Security number who have an ITIN and stable income.
18. Bank Statement Loan
Purpose: Alternative income verification loan using bank statements instead of W-2s or tax returns.
Best For: Self-employed borrowers with irregular income who can demonstrate cash flow through bank statements.
Getting Started
- Rent Versus Buy Calculator
Click Here to compare renting versus buying - Documents You Will Need
Click Here to see what you’ll need - Ready to Get Your Loan
Click Here to Apply Now
Free Consultation
PURCHASE
If you’re like most people, purchasing a home is probably one of the biggest investments you’ll ever make in your lifetime. If you’re considering buying a home, you’re likely aware of the complexity of the endeavor. Because of the numerous factors to consider when purchasing a home, it’s important to prepare as best you can. At Your Loan Officer Hemen, we are dedicated to finding the loan that fits your individual needs.
Our Purchase Programs Include
1. Conventional Loan
Purpose: Standard loan not backed by the government.
Best For: Borrowers with strong credit, stable income, and a down payment of at least 3-5%.
2. FHA Loan (Federal Housing Administration)
Purpose: Government-backed loan with lower down payment requirements.
Best For: First-time homebuyers and those with lower credit scores or smaller down payments (3.5% minimum).
3. VA Loan (Department of Veterans Affairs)
Purpose: Loan program for eligible veterans, active-duty military, and certain military spouses.
Best For: Veterans and military personnel, offering zero down payment and no private mortgage insurance (PMI).
4. USDA Loan (United States Department of Agriculture)
Purpose: Government-backed loan for rural and suburban properties.
Best For: Low- to moderate-income borrowers purchasing homes in eligible rural areas, with zero down payment required.
5. Jumbo Loan
Purpose: Loan for high-value properties that exceed conventional loan limits.
Best For: Borrowers purchasing luxury or high-cost properties (above conforming loan limits, typically $726,200+ in most areas).
6. Non-QM Loan (Non-Qualified Mortgage)
Purpose: Flexible loan option for borrowers who don’t meet traditional mortgage requirements.
Best For: Self-employed borrowers, real estate investors, and those with irregular income sources.
7. DSCR Loan (Debt Service Coverage Ratio)
Purpose: Loan for real estate investors that qualifies based on rental property income rather than personal income.
Best For: Investors purchasing rental properties; typically requires DSCR ≥ 1.0.
8. Fixed-Rate Mortgage
Purpose: Loan with a fixed interest rate for the entire loan term.
Best For: Borrowers who prefer predictable monthly payments over a fixed period (e.g., 15, 20, or 30 years).
9. Adjustable-Rate Mortgage (ARM)
Purpose: Loan with an interest rate that adjusts periodically after an initial fixed period (e.g., 5/1 ARM).
Best For: Borrowers who plan to sell or refinance within a few years or expect lower rates in the future.
10. First-Time Homebuyer Programs
Purpose: Programs with benefits like low down payments, down payment assistance, or reduced PMI.
Best For: First-time buyers, often with special state or local grants.
11. Interest-Only Loan
Purpose: Loan where borrowers pay only interest for a set period before principal payments start.
Best For: Borrowers looking for lower initial payments, often used by investors or those with fluctuating income.
12. Renovation Loan
Types: Includes FHA 203(k) and Fannie Mae HomeStyle® loans.
Purpose: Loans that cover both the purchase of the home and the cost of renovations.
Best For: Buyers interested in fixer-uppers who want to finance improvements as part of the mortgage.
13. Bridge Loan
Purpose: Short-term financing that allows buyers to purchase a new home before selling their current one.
Best For: Borrowers in need of temporary funds to “bridge” the gap between buying and selling properties.
14. Portfolio Loan
Purpose: Loans held by lenders “in-house” rather than being sold on the secondary market, allowing for customized terms.
Best For: Borrowers with unique financial situations or property types that don’t meet conventional guidelines.
15. Physician Loan
Purpose: Specialized loan program for doctors and medical professionals, often with lower down payments and no PMI.
Best For: Doctors and healthcare professionals with high earning potential but limited down payment due to student loans.
16. Energy-Efficient Mortgage (EEM)
Purpose: Allows buyers to finance energy-efficient home upgrades as part of their mortgage.
Best For: Buyers looking to improve home energy efficiency and reduce long-term utility costs.
17. ITIN Loan (Individual Tax Identification Number)
Purpose: Mortgage option for non-U.S. citizens who don’t have a Social Security number but have an ITIN.
Best For: Non-citizen residents without a Social Security number who have an ITIN and stable income.
18. Bank Statement Loan
Purpose: Alternative income verification loan using bank statements instead of W-2s or tax returns.
Best For: Self-employed borrowers with irregular income who can demonstrate cash flow through bank statements.
Getting Started
- Rent Versus Buy Calculator
Click Here to compare renting versus buying - Documents You Will Need
Click Here to see what you’ll need - Ready to Get Your Loan
Click Here to Apply Now
Free Consultation
PURCHASE
If you’re like most people, purchasing a home is probably one of the biggest investments you’ll ever make in your lifetime. If you’re considering buying a home, you’re likely aware of the complexity of the endeavor. Because of the numerous factors to consider when purchasing a home, it’s important to prepare as best you can. At Your Loan Officer Hemen, we are dedicated to finding the loan that fits your individual needs.
Our Purchase Programs Include
1. Conventional Loan
Purpose: Standard loan not backed by the government.
Best For: Borrowers with strong credit, stable income, and a down payment of at least 3-5%.
2. FHA Loan (Federal Housing Administration)
Purpose: Government-backed loan with lower down payment requirements.
Best For: First-time homebuyers and those with lower credit scores or smaller down payments (3.5% minimum).
3. VA Loan (Department of Veterans Affairs)
Purpose: Loan program for eligible veterans, active-duty military, and certain military spouses.
Best For: Veterans and military personnel, offering zero down payment and no private mortgage insurance (PMI).
4. USDA Loan (United States Department of Agriculture)
Purpose: Government-backed loan for rural and suburban properties.
Best For: Low- to moderate-income borrowers purchasing homes in eligible rural areas, with zero down payment required.
5. Jumbo Loan
Purpose: Loan for high-value properties that exceed conventional loan limits.
Best For: Borrowers purchasing luxury or high-cost properties (above conforming loan limits, typically $726,200+ in most areas).
6. Non-QM Loan (Non-Qualified Mortgage)
Purpose: Flexible loan option for borrowers who don’t meet traditional mortgage requirements.
Best For: Self-employed borrowers, real estate investors, and those with irregular income sources.
7. DSCR Loan (Debt Service Coverage Ratio)
Purpose: Loan for real estate investors that qualifies based on rental property income rather than personal income.
Best For: Investors purchasing rental properties; typically requires DSCR ≥ 1.0.
8. Fixed-Rate Mortgage
Purpose: Loan with a fixed interest rate for the entire loan term.
Best For: Borrowers who prefer predictable monthly payments over a fixed period (e.g., 15, 20, or 30 years).
9. Adjustable-Rate Mortgage (ARM)
Purpose: Loan with an interest rate that adjusts periodically after an initial fixed period (e.g., 5/1 ARM).
Best For: Borrowers who plan to sell or refinance within a few years or expect lower rates in the future.
10. First-Time Homebuyer Programs
Purpose: Programs with benefits like low down payments, down payment assistance, or reduced PMI.
Best For: First-time buyers, often with special state or local grants.
11. Interest-Only Loan
Purpose: Loan where borrowers pay only interest for a set period before principal payments start.
Best For: Borrowers looking for lower initial payments, often used by investors or those with fluctuating income.
12. Renovation Loan
Types: Includes FHA 203(k) and Fannie Mae HomeStyle® loans.
Purpose: Loans that cover both the purchase of the home and the cost of renovations.
Best For: Buyers interested in fixer-uppers who want to finance improvements as part of the mortgage.
13. Bridge Loan
Purpose: Short-term financing that allows buyers to purchase a new home before selling their current one.
Best For: Borrowers in need of temporary funds to “bridge” the gap between buying and selling properties.
14. Portfolio Loan
Purpose: Loans held by lenders “in-house” rather than being sold on the secondary market, allowing for customized terms.
Best For: Borrowers with unique financial situations or property types that don’t meet conventional guidelines.
15. Physician Loan
Purpose: Specialized loan program for doctors and medical professionals, often with lower down payments and no PMI.
Best For: Doctors and healthcare professionals with high earning potential but limited down payment due to student loans.
16. Energy-Efficient Mortgage (EEM)
Purpose: Allows buyers to finance energy-efficient home upgrades as part of their mortgage.
Best For: Buyers looking to improve home energy efficiency and reduce long-term utility costs.
17. ITIN Loan (Individual Tax Identification Number)
Purpose: Mortgage option for non-U.S. citizens who don’t have a Social Security number but have an ITIN.
Best For: Non-citizen residents without a Social Security number who have an ITIN and stable income.
18. Bank Statement Loan
Purpose: Alternative income verification loan using bank statements instead of W-2s or tax returns.
Best For: Self-employed borrowers with irregular income who can demonstrate cash flow through bank statements.
Getting Started
- Rent Versus Buy Calculator
Click Here to compare renting versus buying - Documents You Will Need
Click Here to see what you’ll need - Ready to Get Your Loan
Click Here to Apply Now