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Before you even think about achieving the American dream of buying your home, you will have to find out that you will be able to get your purchase financed through a Mortgage Loan. Nowadays, no realtor or seller will consider your case without the Approval or the Pre-Approval letter from your Mortgage Loan originator. Find out if you can qualify for a home loan. Then get your Pre-Approval Letter from us. It will not impact your credit score
Purchase
Why get pre‑qualified?
1- Know what's in your budget
Shop with confidence knowing that you pre-qualify for a home loan.
2- Reach your financing goals
Get connected with certified loan officers at SBAIP Home Loans lenders to answer your questions.
Refinance
What's the difference between a HELOC and a HELOAN?
A Home Equity Line of Credit (HELOC) is a flexible, secured loan tied to the prime rate, where borrowers can access funds up to a limit, borrowing and repaying as needed, and only paying interest on the amount used. It can have either a fixed or adjustable rate.
A Home Equity Loan (HELOAN) provides a lump-sum, fixed-rate loan that is fully amortized, with borrowers paying interest on the entire loan amount from the start.
Both HELOCs and HELOANs generally offer lower interest rates compared to other forms of credit.
Cash Out
A cash-out refinance allows you to tap into your home's equity to consolidate high-interest debt into a new mortgage. This can lower monthly payments and potentially avoid upfront costs by including refinancing fees in the loan. It helps pay off debts like credit cards or student loans, which may improve your credit score. If you're staying in your home, you can use the funds for value-adding renovations. Additionally, it can improve cash flow, providing more flexibility in your budget and opportunities for investment or other financial goals.
Home Equity Loan
A home equity loan allows you to borrow against the value of your home, converting a portion of your home equity into cash. Home equity is the difference between your home's current value and your mortgage balance. These loans can be used for various purposes, such as covering unexpected expenses, financing home renovations, consolidating debt, starting a business, buying a second home, or paying for college.
Conventional
A conventional loan (the most common type) is a mortgage from private lenders, not backed by the government. It can be conforming (meets Fannie Mae and Freddie Mac guidelines) and nonconforming loans.
Key features:
Credit Score: Conforming loans may be available with a score as low as 620.
Down Payment: Starts at 3%, with PMI required if under 20%.
Amounts: Conforming loans have limits; larger loans are jumbo.
Loan Terms: Typically, 30 years, options 15- 20- year.
Interest Rates: Fixed or adjustable, lower rates for higher credit.
FHA
FHA loans are government-backed mortgages designed for borrowers with less strict financial qualifications. They require mortgage insurance for the life of the loan, unless a 10% down payment is made, in which case it can be canceled after 11 years. Loan amounts vary by location.
Down Payment: FHA - 3.5%.
Credit: FHA accepts lower credit scores.
Interest: FHA have higher rates than conventional.
Closing Costs: FHA loans allow some costs to be financed, while conventional loans require full upfront payment.
VA
VA loans are available to military service members, veterans, National Guard and reserve members, and their spouses or surviving spouses, with eligibility based on service requirements and an honorable discharge. These loans, issued by private lenders and backed by the U.S. government, offer a 0% down payment option, with optional down payments to reduce fees and increase equity.
- VA loans are for primary homes.
- VA funding fee is required; lenders set interest rates and fees.
- Borrowers must prove eligibility and get prequalified.
- VA approved appraiser required.
- Borrowing limits apply'
Home Ready
The HomeReady mortgage by Fannie Mae is tailored for low- to moderate-income borrowers. It stands out for low mortgage rates and reduced private mortgage insurance requirements.
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A minimum down payment of 3 %
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Income limits set at 80% of the area median income
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620 minimum credit score
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Accepts co-borrower incomes, even if the co-borrower doesn’t live in the home
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Available for various property types, including single-family homes, condos, and townhouses
Home Possible
The Freddie Mac Home Possible mortgage offers affordable homeownership opportunities to a broad spectrum of borrowers, including first-time home buyers with lower credit scores.
- Minimum down payment of 3%
- Income limits at 80% of the area median income
660 minimum credit score
- Mandatory homeownership education for first-time home buyers
- Available for single-family homes, condos, and multi-unit properties
Jumbo
A jumbo loan, also known as a jumbo mortgage, is a type of home mortgage that exceeds the lending limits set by the Federal Housing Finance Agency (FHFA) for conventional mortgages. Unlike those mortgages, a jumbo loan is not eligible to be purchased, guaranteed, or securitized by Fannie Mae or Freddie Mac.
Lenders offer jumbo loans to finance luxury properties and homes in very expensive local real estate markets and have more stringent underwriting requirements for them.
FHA Streamline Refi
An FHA streamline refinance is a simplified refinancing program for homeowners with existing FHA loans, aimed at lowering interest rates or switching to a fixed-rate mortgage. It reduces paperwork and underwriting requirements compared to standard refinances, often without the need for an appraisal. The process is designed to be faster and easier, helping borrowers lower their monthly payments or transition from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage.
VA IRRRL
Interest rate reduction refinance loan
If you have an existing VA-backed home loan and you want to reduce your monthly mortgage payments—or make your payments more stable—an interest rate reduction refinance loan (IRRRL) may be right for you. Refinancing lets you replace your current loan with a new one under different terms.
USDA Mortgage
The USDA's Single Family Housing Guaranteed Loan Program helps low- to moderate-income buyers purchase homes in rural areas with affordable mortgage options. Backed by the USDA, these loans offer benefits like no down payment, competitive rates, and lower interest rates compared to conventional loans, even for those with less-than-perfect credit or limited savings. USDA loans are available in rural and suburban areas and can be used for purchasing, building, repairing, or relocating homes, as well as preparing home sites.
