LOAN PROGRAMS
to make YOU the hero in your homeownership story!
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OUR LOAN PRODUCTS
CONVENTIONAL LOANS
Best for Borrowers Who Have a:
Strong credit score:
Stronger credit scores are recommended for this program in order to get the lowest monthly mortgage payment.
Low debt-to-income ratio:
Your debt-to-income ratio is also carefully reviewed and needs to be below 45%.
As Low as 3% Down Payment Available
A common misconception about conventional mortgages is that a 20% down payment is required in order to qualify. The reality is that conventional financing allows for a 3% down payment when used in combination with monthly mortgage insurance- which is often more affordable than most people may think!
Why Are Conventional Loans So Great?
Conventional loans are one of the best options for prospective borrowers with high credit
scores. By having a higher credit score, additional benefits become available such as:
No Mortgage Insurance Required
Lower down payments
More competitive pricing
When considering a new home loan, conventional financing should be at the top of the list if you have the following:
Above-average credit
A larger down payment
Would like to avoid the additional cost sometimes associated with government-insured loans.
What Are the Advantages of Conventional Loans?
Competitive pricing
No prepayment penalty
No mortgage insurance option
Up to 45% debt to income ratio eligible
Allows for up to 6% in seller paid closing costs
What Are the Waiting Periods For Eligibility After a Hardship?
4 Years from Foreclosure or Short Sale
4 Years from Discharge of Chapter 7 Bankruptcy
2 Year from Discharge of Chapter 13 Bankruptcy
What Are Some Popular Conventional Programs?
Conventional Purchase Features:
Loan amounts to $548,250 for most areas of the United States with the exception of FHFA declared high cost areas at $822,375 for 2021
3%, 5%, 10% or 20% down
Don’t have to be 1st time buyer
With or without mortgage insurance
Conventional Refinance Features:
Competitive interest rates
Loan amounts up to $548,250 for most areas of the United States with the exception of FHFA declared high cost areas at $822,375 for 2021
30yr, 25yr, 20yr, 15yr, or 10yr
Fixed or adjustable rates available
Conventional Cash Out Features:
Up to 80% LTV
Competitive interest rates
Payoff a 2nd mortgage or HELOC
Cashout to pay off high-interest debt
VA LOANS
As a VA approved lender, Waymaker Mortgage is committed to helping the heroes who have served our country to achieve their American Dream and build wealth through real estate ownership.
Why Are VA Loans So Great?
VA loans are one of the best options available for veterans who would like to purchase a home or refinance their current VA mortgage. The VA program allows veterans to purchase a home with no down payment and 100% financing. In addition to this, monthly mortgage insurance is not required which makes the VA program one of the most affordable options available. If a veteran is already on a VA loan, they can take advantage of a reduced documentation refinance by using the streamline program to lower their payments.
What Are the Advantages of VA Loans?
No down payment
No mortgage insurance
Credit scores down to 600 (and possibly even below)
No prepayment penalty
Up to 57% debt to income ratio eligible
A VA loan may also be assumable
Allows for 4% seller paid closing costs
What Are the Waiting Periods For Eligibility After a Hardship?
2 Years from Foreclosure or Short Sale
2 Years from Discharge of Chapter 7 Bankruptcy
1 Year from Discharge of Chapter 13 Bankruptcy
Who is Eligible for a VA Home Loan?
Wartime Veterans Who Were Not Dishonorably Discharged And Served At Least 90 Days:
World War II – September 16, 1940 to July 25, 1947
Korean Conflict – June 27, 1950 to January 31, 1955
Vietnam Era – August 5, 1964 to May 7, 1975
Persian Gulf War – Check with VA regional office for specific eligibility
Afghanistan and Iraq – Check the VA’s Website for eligibility guidelines for current service in Afghanistan and Iraq
Reserves And National Guard
Members who have completed six years of service and have been honorably discharged (or are still serving) may be eligible for a VA loan. Contact your regional VA office for more details.
Peacetime Service
Peacetime service of at least 181 days of continuous active duty with no dishonorable discharge may also be eligible for a VA loan. If you were discharged earlier due to a service-connected disability, you should speak with the regional VA office to verify eligibility.
July 26, 1947 to June 26, 1950
February 1, 1955 to August 4, 1964, or
May 8, 1975 to September 7, 1980 (enlisted) or to October 16, 1981 (officer)
Enlisted veterans whose service began after September 7, 1980, or officers whose service began after October 16, 1981, must normally have served at least two years.
Other Types Of Service That May Make You Eligible For A VA Loan:
Certain US citizens who served in the armed forces of a government allied with the United States during World War II.
Surviving spouses of eligible persons who died as the result of service or service-connected injuries. The surviving spouse must not have remarried.
The spouse of any member of the Armed Forces serving on active duty who has been listed as a prisoner of war or missing in action for more than 90 days;
What Are Some Popular VA Programs?
Standard VA Purchase Features:
Flexible approval process
You can reuse VA benefits
Higher loan limits available
Don’t have to be 1st time buyer
VA Streamline Refinance Features:
No appraisal required
No income verification
Reduced documentation
Competitive interest rates
Also known as “VA Interest Rate Reduction Loan or IRRL”
USDA LOANS
There are a host of benefits to a USDA home mortgage loan. For those who qualify, 100% financing is available and low-interest rates, as well as flexible guidelines, make the USDA home loan an excellent choice to help you achieve your financial goals. Many homeowners are surprised to find out how many properties just outside major cities qualify for a USDA loan- even though they are anything but “rural”!
Why Are USDA Loans So Great?
USDA loans are a very attractive option for borrowers who want to purchase a home or refinance their current USDA mortgage. USDA loans are for designated “rural” areas- but rural does not necessarily mean remote. A quick eligibility check will allow you to track down homes that meet the USDA guidelines. Many people are surprised to find that many of them are in close proximity to some of the nation’s fastest-growing metro areas.
USDA financing is one of the only mortgages available (other than those for members of the US military) that offer zero money down. It is an excellent option for those with low to moderate incomes or less than perfect credit. Payments are kept affordable, thanks to the fact that the loans are 30-year fixed-rate mortgages.
What Are The Advantages Of USDA Loans?
No down payment
Credit scores down to 600
No maximum purchase price
Up to 50% debt to income ratio
Easy to use gifts for closing costs
Allows for 6% seller paid closing costs
What Are The Waiting Periods for Eligibility After A Hardship?
3 Years from Foreclosure or Short Sale
2 Years from Discharge of Chapter 7 Bankruptcy
1 Year from Discharge of Chapter 13 Bankruptcy
What Are The Eligibility Requirements For A USDA Loan?
As part of the 2009 American Recovery and Reinvestment Act, the requirements for USDA home loans were streamlined and opened the door for higher eligibility rates. Borrowers must still meet certain income requirements and provide a credit report, however, the guidelines are not as strict as they were previously. Below are the top eligibility requirements for a USDA loan:
Geographic Area:
The home you are buying must be in one of the geographically qualifying areas which are designated as Rural for USDA Loans.
Property Type:
The home you are buying must be a single family residence. It must also be your primary residence
Credit:
All USDA Loans require a credit score of a least 600 or higher to qualify.
Debt Ratio:
Typically with a full approval your total debt to income ratio can be as high as 50%.
Income Limit:
USDA Loans have a maximum income limit for the median income in your area. If you surpass that limit, you will not qualify. There are different brackets for determining the maximum income allowed, determined by your geographic area and the number of people living in the household.
What Are Some Popular USDA Programs?
Standard USDA Purchase Features
Up to 102% LTV
30 year fixed only
No maximum purchase price
Closing costs can be financed
USDA Streamline Refinance Features
No appraisal needed
No income verification
Reduced documentation
Must lower note rate by 1%
FHA LOANS
Why Are FHA Loans So Great?
FHA loans are by far the easiest mortgage loans to qualify for due to the flexible credit guidelines and the low down payment requirements! A borrower who cannot afford a traditional down payment of 20%, or one who has gone through a financial hardship like a short sale, foreclosure, or bankruptcy, can benefit the most from the FHA program.
What Are the Advantages of FHA Loans?
3.5% down payment
Credit scores down to 600
No prepayment penalty
An FHA loan may also be assumable
Up to 57% debt to income ratio
Allows for 6% seller paid closing costs
Easy to use gifts for down payment and closing costs
Allows for non-occupying co-borrowers to help qualify
What Are the Waiting Periods For Eligibility After a Hardship?
3 Years from Foreclosure or Short Sale
2 Years from Discharge of Chapter 7 Bankruptcy
1 Year from Discharge of Chapter 13 Bankruptcy
What Are Some Popular FHA Programs?
Standard FHA Purchase Features:
Most popular FHA program for home purchase
Fixed and ARM rates available
1-4 unit properties eligible
3.5% down payment
HUD REO $100 Down Program:
Most popular HUD foreclosure program
No appraisal needed
Allows for repairs up to $5K
$100 down payment
FHA Streamline Refinance
Most popular FHA refinance program
No appraisal required
No income verification
Reduced documentation
FHA Cash-Out Refinance
Debt consolidation OK
Cashout up to 85% LTV
Debt to income ratio to 57%
Fixed and ARM rates available
CONSTRUCTION LOANS
RENOVATION LOANS
INVESTOR SPECIALIZED LOANS
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