Home Loan Options for
Everyone
Let us help you light the path to homeownership!
Conventional
A conventional loan is a mortgage that is not guaranteed or insured by any government agency, making it more challenging to qualify for. But, it often tends to be more flexible as far as properties you can choose from, fees, and loan structure. If you have a good credit score, here are some of the benefits from a conventional home loan:
- As little as 3% down payment
- No private mortgage insurance (PMI) with 20% down
- PMI removed at 78% loan-to-value (primary residences)
- Down payment assistance programs available
FHA
An FHA loan is a mortgage issued by federally qualified lenders and insured by the Federal Housing Administration (FHA). FHA loans are designed for low-to-moderate income borrowers who are unable to make a large down payment or have a less than ideal credit score.
- As little as 3.5% down payment
- Lower credit scores
- Higher debt-to-income percentages
- Down payment assistance programs available
VA (Active Military & Veterans)
A VA loan is a mortgage loan guaranteed by the U.S. Department of Veterans Affairs. The VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses (provided they do not remarry).
- 0% down payment
- Must meet VA entitlement qualifications
- Upfront fees may be rolled into loan (VA waives for certain military status/disability ratings)
- Discounted closing costs
- No monthly mortgage insurance
USDA
A USDA loan, also known as the USDA Rural Development Guaranteed Housing Loan Program, is a mortgage loan offered to rural property owners by the United States Department of Agriculture.
- 0% down payment
- Property must be located in a qualified area
- Maximum household income limits apply (varies by state/county)
- Upfront fee to USDA can be rolled into the loan
- Minimal monthly mortgage insurance
Jumbo (Conventional Non-conforming)
A jumbo loan is a mortgage loan that’s used for properties that go above the federal mortgage limits set by Fannie Mae & Freddie Mac. These loans are designed to finance properties that are much more expensive than the average home, so the criteria to qualify for them are more strict as well. Here are a few benefits of our jumbo loan program:
- 90% loans with as little as 10% down with no PMI
- Fixed term, interest-only, and adjustable rate mortgage programs available
- Projected income with signed job offer/contract acceptable if starting within 60 days of closing (great for relocation clients)
Non-Traditional & Other Loan Types
- No-Doc and Low-Doc Loans: If you’re self-employed or have unique income sources, these loans might require less documentation than traditional mortgages.
- Home Equity Conversion Mortgages (HECMs): For seniors aged 62 and older, HECMs provide a way to convert home equity into cash to enhance retirement.
- Bridge Loan: Short-term financing to help you purchase a new home before selling your current one
- New Construction/Renovation
- Cash Option
Still unsure about your next step as a homebuyer?
That’s okay—because our team is here to help guide you every step of the way. We don’t want you to feel left out in the dark, but instead to have complete clarity and transparency throughout your entire loan process.
Here at Luminate Bank, we truly believe in our mission and core values. We focus on people like you because we understand that character does count. We stay humble and work hard so that the lending process stays approachable and transparent every step of the way.
Did you know...
We do almost everything we can digitally! Not only does this help our environment by using less paper, it also makes your loan process that much easier.
Our digital loan process here at Luminate is simple, secure, and user-friendly. You can access your loan information from anywhere with an internet connection, so you can always check for status updates. You can even securely upload any and all of your documents!
Want your free guide to our mortgage loan process?
The mortgage loan process can seem complex. Luminate and Team Hint want to ensure you feel educated as you move through the process. This resource packet will outline the steps you will take with Luminate as you work towards your mortgage loan.
And the best part? It's free for you to download any time! Simply input your info below to get access.
