Traditional Mortgage Loan Products & Requirements 

Which loan is best for you and your family?
​The Nathan Grove Team specializes in finding the loan that aligns with your long-term goals as well as current market conditions.  While obtaining a low interest rate is essential, crafting a personalized mortgage strategy is equally important!  A good rate with the wrong strategy can cost a homeowner tens of thousands of dollars over time.  The Nathan Grove Team prides itself on taking the time to understand our clients' unique goals.  We offer holistic solutions that align with our values   Whether you are looking to purchase your first home, acquire an investment property, or consolidate high-interest debt, The Nathan Grove Team will partner with you to make those goals a reality.  Let a Certified Mortgage Advisor help you find the ideal mortgage loan!

FHA

FHA loans require a minimum credit score of 580 and a down payment of 3.5%.  Unlike conventional loans, FHA loans required PMI for at least 11 years and often the entire duration of the loan.  Borrowers can always opt to refinance into a conventional loan once they have obtained at least 20% equity in the property.  FHA loans are intended solely for a primary residence, and cannot be used for second homes or investment properties.
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Conventional

Conventional loans require a minimum credit score of 620 and a down payment of 5%.  Under select circumstances, some borrowers may be able to only put 3% down with the aid of down payment assistance programs.  Private Mortgage insurance, or PMI, is required until the homeowner has achieved 20% equity in the home.  At this point, the borrower can elect to remove PMI by contacting the current loan servicer or through a refinance.
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VA

VA loans are reserved for members of the armed services and family members of our fallen heroes.  They can be obtained with no down payment but are subject to a VA Funding Fee which is paid to the Department of Veterans Affairs.  The fee is 2.3% of the loan amount for first-time use and 3.6% of the loan amount for each additional use.  With a 5% down payment, The funding fee is reduced to 1.65% for each use with a 5% down payment and 1.4% with a 10% down payment.
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USDA

USDA loans are offered to rural homeowners and eligibility is subject to income and location. Similar to VA loans, USDA loans require no down payment.  USDA loans do not require mortgage insurance, but there is a 1% upfront guarantee fee and .35% annual fee (paid monthly) as a function of current loan balance.  

Jumbo 

Jumbo loans refer to those loans with a balance over the threshold of $647,200 for one-unit properties and $970,800 for one-unit properties in high cost areas.  

Non-Qualified (non-QM) Mortgage Loan Products & Requirements 

Alt Income Bank Statement Loan

This loan give self-employed borrowers the ability to maximize write-offs while still qualifying for their dream home.  No tax returns or mortgage insurance required.  Purchase and cash-out or rate-term refinance also available, as well as jumbo loans up to $3,000,000.  Up to 90% loan-to-value. 

Bank Statement Loan

Created for self-employed and 1099 borrowers to purchase or refinance.  Since tax returns are not required, this could be a great option for credit-worthy self-employed homebuyers!  Up to 90% LTV and credit scores starting at 600.  Two years seasoning for foreclosoure, short sale, bankruptcy or deed-in-lieu.  No tax returns required and loan amounts up to $3,000,000.  12-24 business and personal bank statements required.

Foreign Nationals

Foreign nationals wanting to purchase or refinance a home in the United States.  This is a DSCR program with a 1:1 ratio on cash flow.  No income or U.S. credit required to qualify.  Max Loan-to-Value of 70% and 65% for cash-out.  No foreign or U.S.  credit required.  Assets sourced and seasoned for 60 days and 12 months reserves required in U.S. bank.  Must have proper Visa or Passport.

Investor Cash Flow

Qualification based on property cash flow, the minimum Debt Service Coverage Ratio (DSCR).  Credit scores starting at 680.  No personal income or employment needed.  Short-term rentals and VRBO's ok, but no condo hotels.  Up to 75% LTV.  40-year fixed-rate interest-only available.  Loans up to $1,500,000 with a minimum $75,000 loan amount.  No limit on number of financed properties and they can be held within an LLC.

Portfolio Select

Offers borrowers all the flexibility, features and benefits of non-QM programs.  Up to 90% LTV no MI.  Credit scores starting at 600.  One year seasoning for foreclosure, short sale or deed-in-lieu.  Two years seasoning for bankruptcy.  Purchase and cash-out or rate-term refinance.  Owner-occupied, second homes, and investment properties.  Non-warrantable condos allowed.  Up to 50% DTI.  Loans up to $2.5 million.  Gift funds and 40-year fixed-rate interest-only loans available.

Helping you Build Wealth through Real Estate

Homeownership is far and away the primary source of wealth for most American households.  As such, it remains one of the simplest ways to attain wealth over time.
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With inflation on the rise, rents will continue to climb. Homeowners have the ability to set their mortgage payment at a fixed rate for the duration of their loan.  Homeowners also receive tax incentives that are simply not available to renters.  Examples include the ability to write off mortgage interest and property taxes.