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FHA Loans

An FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA). Essentially, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments.

Why an FHA Loan?
Home loans provided by the Federal Housing Administration (FHA) may make it easier for you to buy a home. For an FHA loan low down payments are available.

VA Loans

A VA loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs (VA). The loan may be issued by qualified lenders. The VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses (provided they do not remarry).

Why a VA Loan?
If you’re a military veteran or still in active service, you may qualify for a U.S. Department of Veterans Affairs (VA) loan. These often require no down payment and have lower closing costs, which can help keep your savings secure.

Jumbo Loans

A jumbo loan is a loan that exceeds the conforming loan limits as set by Fannie Mae and Freddie Mac. As of 2022, the limit is $647,200 for most of the US, apart from Alaska, Hawaii, Guam, and the U.S. Virgin Islands, where the limit is $970,800. Rates tend to be a bit higher on jumbo loans because lenders generally have a higher risk.

Why a Jumbo Loan?
There are many benefits to jumbo loans. One of the biggest benefits is that financing options are available up to $3,000,000. This may provide convenience to many borrowers.

203K Loans

An FHA 203K loan is a loan backed by the federal government and given to buyers who want to renovate a home. An FHA 203K loan allows the borrower to finance the home, plus provides financing to do the necessary renovations to the home.

Why an FHA 203K Loan?
The main benefit of these loans is that they give you the ability to buy a home in need of repairs that you might not otherwise have been able to afford to buy. Plus, the down payment requirements are minimal, and often you may be able to receive a favorable interest rate.

USDA Loans

The United States Department of Agriculture (USDA) gives borrowers the opportunity to own a home outside of the city limits. There are several benefits of a USDA loan,including flexible credit underwriting requirements and no down payment required.

Why a USDA Loan?
There are many benefits of a USDA home loan. One of the biggest benefits is that no down payment is required.* Borrowers who qualify for a USDA home loan have the flexibility to pay nothing out of pocket for a down payment.

HARP Loans

The Home Affordable Refinance Program (HARP) is a federal program of the United States, set up by the Federal Housing Finance Agency in March 2009, to help underwater and near-underwater homeowners refinance their mortgages

Why a HARP Loan?

If you’re underwater on your conforming, conventional mortgage, you may be eligible to refinance without paying down principal, and without having to pay mortgage insurance.

DSCR Loans

DSCR (Debt Service Coverage Ratio) loans are a financing option often used in commercial real estate. With DSCR loans, lenders evaluate the property's income to ensure it can cover loan payments. This type of loan offers reliability to lenders by assessing the property's ability to generate income and repay the loan.

Why a DSCR Loan?

DSCR loans provide an effective means of financing for income-producing properties such as apartment complexes, office buildings, and retail centers. Lenders rely on the Debt Service Coverage Ratio to gauge the property's income against its debt obligations. This ensures that the property's revenue is sufficient to cover loan payments, offering stability and security for both borrowers and lenders.

Conventional

Conventional loans are a popular financing option for homebuyers looking to purchase a property within city limits. These loans are not backed by a government agency like FHA or USDA loans. Conventional loans offer various advantages, including competitive interest rates and flexibility in terms of loan terms and down payment requirements.

Why a Conventional Loan?

Conventional loans provide borrowers with the flexibility to tailor their loan terms according to their financial situation and goals. With competitive interest rates and customizable down payment options, conventional loans offer an attractive financing solution for purchasing a home within urban areas

And many more!

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Branch Manager/Loan Officer NMLS# 1660690

Madison Hellickson

+1(253) 352-4622

madison@perfectfitloans.com

Loan Officer NMLS# 2172542

London Carter

+1(425) 633-4454

london@perfectfitloans.com

Manager/Biz Dev

Sawyer Pawlenchuk

+1(206) 949-2389

sawyer@perfectfitloans.com

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Madison Hellickson

Branch Manager/Loan Officer NMLS# 1660690 | License ID: 1660690

+1(253) 352-4622