Know Your Options
At 55 Puertas, we offer a wide range of loan options to our clients to meet their specific needs. Whether it's a first-time homebuyer, refinancing a mortgage, or purchasing an investment property, we have access to a diverse network of lenders to help find the best rates and terms available. Working with a mortgage broker can also save time and money, as we can compare and compete with multiple lenders on behalf of our clients. Our team is committed to finding the right loan option and guiding our clients through the mortgage lending process from start to finish. can u add a little bit more
Conventional Loan
A conventional loan is a type of mortgage that is not insured by a government agency. These loans typically have stricter eligibility requirements, such as higher credit scores and larger down payments, but can offer more flexible terms and lower interest rates than government-backed loans. Conventional loans are a popular choice for borrowers with good credit and stable income.
VA Loan
A VA loan is a type of mortgage that is guaranteed by the U.S. Department of Veterans Affairs, designed to help current and former military service members, as well as their spouses, buy homes. VA loans typically offer favorable terms such as no down payment or mortgage insurance requirement, and lower interest rates than conventional loans, making them an attractive option for eligible borrowers.
JUMBO
A jumbo loan is a type of mortgage that is used to finance high-value properties and exceeds the loan limits set by Fannie Mae and Freddie Mac. Jumbo loans typically have stricter eligibility requirements and higher interest rates than conforming loans.
FHA Loan
An FHA loan is a mortgage that is insured by the Federal Housing Administration, designed to help lower-income and first-time homebuyers. FHA loans typically have lower down payment and credit score requirements than conventional loans, but may come with higher mortgage insurance premiums.
ITIN Loan
An ITIN loan is a type of mortgage designed for borrowers with an Individual Taxpayer Identification Number instead of a Social Security number. To qualify, borrowers must have a valid ITIN and provide alternative forms of documentation to verify their identity and income. ITIN loans are typically offered by lenders who specialize in serving borrowers with non-traditional immigration statuses and may have higher interest rates and stricter eligibility requirements.
Bank Statement Loan
A bank statement loan is a type of mortgage that uses bank statements instead of traditional income documentation to verify a borrower's income, often used by self-employed borrowers or those with non-traditional income sources. To qualify, borrowers typically need good credit and several months of bank statements to show a consistent income.
USDA Loan
A USDA loan is a type of mortgage that is guaranteed by the U.S. Department of Agriculture, designed to help low- to moderate-income borrowers buy homes in rural areas. USDA loans offer low or no down payment options, and may have lower interest rates than conventional loans. To qualify for a USDA loan, the property must be located in an eligible rural area and the borrower must meet certain income requirements.
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