A conventional loan is a purchase loan that is not guaranteed by a government agency but can be made or guaranteed by a private lender or one of the Government Sponsored Entities (GSE) like Fannie Mae and Freddie Mac. The borrower’s down payment requirements vary by product and interest rate is often based on a combination of loan-to-value ratio and credit score.Federal Housing Administration (FHA) Loan
FHA is a loan product designed for borrowers with a lower down payment and/or a lower credit score than conventional loan products. Mortgage insurance is charged in both an upfront fee and an annual premium charged monthly. The cost of mortgage insurance is based on the loan amount and loan-to-value ratio. FHA mortgage insurance cannot be cancelled even if the unpaid balance of the loan falls below 80% of the property value. Borrowers typically need to provide 3.5% down payment plus closing costs. Down payment assistance can be used with this product if that product is approved, but typically can't be used toward the 3.5% buyer requirement unless it is from a government source.Veterans Affairs (VA) Loan
VA is a loan product that is available to Service Members, Veterans, National Guard, and Reserve Members, a program that provides a guarantee to private lenders to make loans with little or no upfront cash required from the borrower. The borrower pays a one-time upfront funding fee, which is based on the loan to value and whether it is the borrower's first time using a VA backed loan. That fee currently ranges from 1.4% to 3.6% of loan amount.USDA Direct/Purchase
USDA Direct/Purchase is a program to assist low-and very low-income applicants purchase or repair a home in eligible rural areas by providing payment assistance to increase an applicant’s repayment ability. Currently, CPLC is a Certified Packager and markets the program, prescreens potential applicants, counsel clients, and assist the applicant in assembling a complete application.United States Department of Agriculture (USDA) Guarantee — Purchase
USDA Guarantee – Purchase is a program that provides a 90% guarantee to approved lenders to make purchase loans to eligible buyers in rural areas. Family income is limited to 115% of median household income and borrowers can finance up to 100% of the purchase price to reduce the upfront cash requirement. Borrowers pay an upfront guaranteed fee and an annual fee, charged monthly.
Purchase loans with flexible down payment and/or lower credit scores than Conventional and FHA products. Market interest rate pricing.
Fill out this application to see if you qualify for one of our loans. Please note, pre-qualification is not an official application for a loan—it is simply a resource to help you understand if you are ready to purchase a home.
After you submit the form, one of our team members will reach out to discuss your options!