Loan Programs

WHICH LOAN IS RIGHT FOR YOU?

There are many loan programs available today, but how do you know which type of financing is your best fit?

That’s where ACB Mortgage Solutions comes in!

Below is a snapshot of our most popular loan programs and some qualifying factors for each. However, there’s no substitute for a quick phone call to answer your questions and determine which would truly be your perfectly matched mortgage.

Residential

CONVENTIONAL LOANS

  • Loan amounts up to $548,250 (2021)
  • Fixed or adjustable rates
  • Down payment as low as 3% for primary home
  • Primary, second, and investment property options

JUMBO LOANS

  • Loan amounts up to $5,000,000
  • Fixed or adjustable rates
  • Primary, second, and investment property options

HOMEONE

  • Available to qualified first-time homebuyers
  • 3% down payment
  • For primary, single-family residences only

FHA LOANS

  • 3.5% minimum down payment required for home purchase
  • Minimum credit score is usually 580
  • May qualify 2 years post-bankruptcy and 3 years after prior foreclosure
  • Down payment assistance of up to 3 1/2%

USDA LOANS

  • Available to some rural and suburban homebuyers
  • Down payment as low as 0%
  • Lenient eligibility requirements and competitive interest rates

VA LOANS

  • Competitive interest rates that are routinely lower than conventional loans
  • Down payment as low as 0%
  • Higher allowable debt-to-income ratio than other loan types
  • Sellers can pay up to 6% of closing costs and other concessions
  • VA Renovation loans

RENOVATION LOANS

  • Also referred to as an 203(k) or rehab loans
  • Allows for the purchase of a “fixer-upper”
  • Buyers can finance the cost of the home plus the home improvement costs in one mortgage

FHA MANUFACTURED HOUSING LOANS

  • Also known as Title I loans
  • Can be applied to purchase a manufactured home, a lot for a home already owned or to be purchased, or to buy a manufactured home and lot in combination
  • Comes with shorter loan terms—20 years maximum for a manufactured home or single-section manufactured home and lot
  • Comes with shorter loan termsThe maximum term for a manufactured home lot loan is 15 years, and 25 years for a loan on a multi-section manufactured home and lot

REVERSE MORTGAGES

  • For eligible homeowners aged 62 and older
  • Allows homeowners to use the equity in their home and convert it into payments received, instead of the borrower making payments to the lender
  • The money received is usually is tax-free and doesn’t have to be paid back for as long as the owner lives in the home

Home Remodeling Loans

  • Loans taken out by homeowners who are seeking repairs, improvements, or expansions.
  • Allows for homeowners to finance small projects, such as kitchen and bathroom remodels up to $25,000.
  • Options available for larger renovations and improvements, like home extensions or a new roof up to 75% of the “as completed” appraised value of the home.
  • Program allows for pool installations.

New Constructions Loans

  • Loans taken out by homebuyers who are custom-building their own home
  • Short-term loans, usually for a period of only one year.
  • After construction is complete, the borrower can either refinance the construction loan into a permanent mortgage or obtain a new loan to pay off the construction loan
  • Can be taken out to finance rehabilitation and restoration projects, as well as to build a new home

Investor

Fix & Flip Loans

  • Loans for real estate investors to purchase and improve a property to then sell for a profit
  • The real estate serves as collateral, and in case of a default, the lender could take ownership of the collateral
  • Short-term loans that are typically for 12 to 24 months–and there is no penalty for repaying the loan early

Non-Warrantable Condo/ Portfolio Loans

  • Loans to buy a non-warrantable condo, which are harder to obtain financing for as they are not backed by Fannie Mae and Freddie Mac
  • Lenders do not sell this loan to third parties and instead, hold on their books
  • Since lenders take on all the risk, they have more stringent underwriting criteria and may carry higher interest rates than conventional loans

Rental Property Loans

  • Conventional loans for a property you plan to rent or sell, but not reside in.
  • 15% to 25% down payment required, depending on the property type
  • Higher credit score minimums required than for government-backed loan programs

Investor Lines of Credit

  • Designed for real estate investors who engage in both fix & flip and fix & hold
  • Allows investors to have open credit lines to make repairs or improvements for current and future projects
  • No income verification

New Constructions Loans

  • Loans taken out by builders or investors who are custom building rental properties or commercial sites
  • Short-term loans, usually for a period of 12-24 months
  • 25% down payment for future single family rentals or Townhomes
  • 30 to 40% down payment for 2-8 unit commercial space
  • New Construction Investor Loans up to $50 Million After construction is complete, the investor can either refinance the construction loan into a permanent mortgage or obtain a new loan to pay to the construction loan

ARE YOU ELIGIBLE FOR A MORTGAGE?