TYPE OF LOANS WE WORK WITH
Conventional Loans
Adjustable Rate Loans
An adjustable-rate mortgage (ARM) is a loan with an interest rate that changes. ARMs may start with lower monthly payments than fixed-rate mortgages. However, with an ARM loan, the interest rate changes periodically, usually in relation to an index, and payments may go up or down accordingly.
With most ARMs, the interest rate and monthly payment change every month, quarter, year, 3 years, or 5 years. The period between rate changes is called the adjustment period.
BO Home Loans will help you understand all the variables that are involved in these types of loans: the terms and conditions for the loan, including information about the index and margin, how your rate will be calculated, how often your rate can change, limits on changes, etc.
NON-QM Loans
A non-qualified mortgage (non-QM) is a home loan designed to help home buyers who don't meet the strict criteria of a conventional loan. These loans are designed for the self-employed, people with ITIN numbers, or others who do not have all the documentation necessary for a traditional loan.
A non-QM is a good idea when you have the income to make regular, on-time mortgage payments, but cannot get a qualifying mortgage.
The most common Non-QM loans are: bank statement loan (12 or 24 bank statements), ITIN number loans, VOE loans, asset as income loans, etc. Please contact us for more information about these types of loans.
FHA Loans
A Federal Housing Administration (FHA) loan is a home mortgage that is insured by the government and issued by a bank or other lender that is approved by the agency. The FHA guarantees the loan. That makes it easier to get bank approval since the bank isn't bearing the default risk. Some people refer to it as an FHA-insured loan for that reason.
FHA loans require a lower minimum down payment than many conventional loans, and applicants may have lower credit scores than is usually required. The FHA loan is designed to help low- to moderate-income families attain home ownership. They are particularly popular with first-time home buyers.
VA Loans
A VA home loan is one of the most useful military benefits. If you qualify, you can buy or build a home, or refinance an existing home mortgage, with as little as $0 down, great rates and financing with no mandated cap.
VA Home Loans are provided by private lenders, such as banks and mortgage companies. VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms.
Are you eligible to use a VA loan? Contact BO Home Loans and we will gladly look at your case for free.
DSCR Loans
A debt service coverage (DSCR) loan is one that qualifies borrowers through an investment property’s cash flow rather than the borrower’s income. DSCR loans — also known as investor cash flow loans — are frequently used by real estate investors to qualify for mortgages and buy investment properties.
With a No-Ratio DSCR loan, lenders don't consider your income to qualify. Instead, they focus on the income potential of the property and down payment. No ratio DSCR loans close faster too because it involves way less documentation than conventional loans with no debt service coverage ratio.
Do you qualify? Contact us now to find out.
