Need financing options on a home, or other real estate? Choosing a purchase loan product that matches your goals and making sure you get the best rate for your given scenario can feel like playing whack-a-mole.
We’re here to make the home loan process a whole lot easier, with tools and expertise that will help guide you along the way, starting with a pre-approval letter request with no obligation.
We’ll help you clearly see differences between loan programs, allowing you to choose the right one for you whether you’re a first-time home buyer or a seasoned investor.
The Home Purchase Loan Process
Here’s how our home purchase loan process works:
Complete our simple mortgage pre-approval letter request
Receive options based on your unique criteria and scenario
Compare mortgage interest rates and terms
Choose the offer that best fits your needs
Do I Qualify?
To qualify for a mortgage, lenders typically require that you have a debt-to-income ratio of “28/36.” This means that no more than 28% of your total monthly income (from all sources, before taxes) can go toward housing, and no more than 36% of your monthly income can go toward your total monthly debt (including your mortgage payment).
Which Loan Option is Best for Me?
Whether you are a first-time homebuyer or an experience homeowner, US Lender can help guide you through the process. The following are several things to consider in guaranteeing your best loan option:
I am a Veteran or actively serving
The U.S. Department of Veteran Affairs helps Veteran, service members and eligible surviving spouses to become homeowners. To be eligible, you must have satisfactory credit, sufficient income to meet the expected obligations, and a valid Certificate of Eligibility.
Traditionally, the only loan programs under 5% down payment were FHA and VA loans. Today, with down payment assistance programs, we have loans available with 0% down, 1% down with NO mortgage insurance, and up to 5% for more traditional conventional financing. A conforming loan is a mortgage that is not guaranteed or insured by any government agency, including the Federal Housing Administration (FHA) and Department of Veteran Affairs (VA). Conforming loans meet guidelines such as loan limits that are set by government-sponsored enterprises (GSE), Fannie Mae or Freddie Mac.
When a loan amount reaches a certain limit, Jumbo loans offer financing that a conforming loan cannot, based on the maximum conforming loan amount, which varies by county. Historically, Jumbo financing was limited to only those with large down payments and near perfect credit. Today, we offer loan programs with a maximum loan amount to $2 million dollars for borrowers that have credit scores as low as 500, with as little as 5% down. In addition to recent housing events, such as bankruptcy, foreclosures, and short-sales.
This program assists in providing low-and moderate-income households the opportunity to purchase a primary residence in an eligible rural area. The USDA loan program is for homebuyers wishing to purchase a home outside in an eligible rural area as their primary residence.
* This payment calculator is for informational purposes only. Ask your loan officer for the current market interest rate and APR for the most accurate payment possible which will include all of the following:
Principal and interest, property taxes, homeowner’s insurance, and mortgage insurance (if applicable).