Loan Programs
Mortgage Programs in Plain English
Explore the financing options Bruce offers. Each program has different guidelines—Bruce helps you understand which may be the right fit for your situation.
Conventional Loans
Flexible financing backed by Fannie Mae or Freddie Mac, often with competitive rates for borrowers with solid credit.
Who Might Consider This
Borrowers with stable income and good credit looking for a straightforward mortgage with flexible terms.
Potential Benefits
- Competitive interest rates
- Flexible down payment options
- No upfront mortgage insurance with 20% down
- Wide range of loan terms
Considerations
- Credit score and income requirements apply
- Private mortgage insurance may be required below 20% down
Availability, terms, eligibility, and approval depend on borrower qualifications and applicable program guidelines.
FHA Loans
Government-backed loans designed to make homeownership accessible with more flexible qualifying guidelines.
Who Might Consider This
First-time buyers and borrowers who may have lower credit scores or smaller down payments.
Potential Benefits
- Lower down payment requirements
- More flexible credit guidelines
- Gift funds may be allowed for down payment
- Available for purchases and refinances
Considerations
- Mortgage insurance premiums apply
- Property must meet FHA appraisal standards
- Loan limits apply by county
Availability, terms, eligibility, and approval depend on borrower qualifications and applicable program guidelines.
VA Loans
Loans for eligible veterans, active-duty service members, and qualifying spouses, backed by the Department of Veterans Affairs.
Who Might Consider This
Veterans, active-duty military, and eligible surviving spouses who want to purchase or refinance a home.
Potential Benefits
- No down payment may be required for eligible borrowers
- No private mortgage insurance
- Competitive rates
- Limited closing cost options
Considerations
- Eligibility requires a Certificate of Eligibility
- Property must meet VA appraisal standards
- Funding fee may apply
Availability, terms, eligibility, and approval depend on borrower qualifications and applicable program guidelines.
Jumbo Loans
Financing for higher-priced homes that exceeds conforming loan limits, with tailored qualification guidelines.
Who Might Consider This
Buyers purchasing luxury or higher-priced properties who need financing above conforming limits.
Potential Benefits
- Financing for higher-priced properties
- Flexible loan structures
- Options for primary and secondary homes
- Tailored for high-net-worth borrowers
Considerations
- Stricter credit and income requirements
- Larger down payment typically required
- Additional documentation may be needed
Availability, terms, eligibility, and approval depend on borrower qualifications and applicable program guidelines.
First-Time Homebuyer Loans
Programs designed to help first-time buyers navigate the path to homeownership with guidance and support.
Who Might Consider This
Those purchasing their first home or who have not owned a home in recent years.
Potential Benefits
- Educational guidance throughout the process
- Access to programs with lower down payments
- Pre-approval support
- Personalized consultations
Considerations
- Program availability and requirements vary
- Income and purchase price limits may apply for certain programs
- Credit and income qualification required
Availability, terms, eligibility, and approval depend on borrower qualifications and applicable program guidelines.
Refinance Loans
Refinancing your current mortgage to potentially adjust your rate, term, or monthly payment.
Who Might Consider This
Homeowners looking to adjust their mortgage terms or take advantage of changing market conditions.
Potential Benefits
- Potential to adjust interest rate or loan term
- May change monthly payment amount
- Options to remove mortgage insurance
- Streamlined process for qualifying borrowers
Considerations
- Closing costs apply
- Qualification depends on credit, income, and home value
- Refinancing may increase total interest paid over the life of the loan
Availability, terms, eligibility, and approval depend on borrower qualifications and applicable program guidelines.
Cash-Out Refinance
Refinancing for more than you owe and receiving the difference in cash, using your home equity.
Who Might Consider This
Homeowners who have built equity and want to access funds for major expenses or financial goals.
Potential Benefits
- Access to home equity for various needs
- Potential for competitive rates versus other borrowing options
- Funds may be used for home improvements, debt consolidation, or other goals
- Single monthly payment
Considerations
- Increases your loan balance
- Closing costs apply
- Repayment terms and qualification requirements apply
- Using equity reduces your ownership stake
Availability, terms, eligibility, and approval depend on borrower qualifications and applicable program guidelines.
Investment Property Loans
Financing for rental properties and investment real estate with guidelines tailored to investors.
Who Might Consider This
Real estate investors purchasing rental properties or expanding their portfolios.
Potential Benefits
- Financing for 1-to-4 unit investment properties
- Options for experienced and new investors
- Potential rental income consideration
- Portfolio-building support
Considerations
- Larger down payment typically required
- Income and reserve requirements apply
- Property condition and rental analysis may be required
Availability, terms, eligibility, and approval depend on borrower qualifications and applicable program guidelines.
Condo Financing
Mortgage options for purchasing or refinancing condominiums, with guidance through project review requirements.
Who Might Consider This
Buyers purchasing a condominium as a primary residence, second home, or investment.
Potential Benefits
- Financing for warrantable and non-warrantable condos
- Guidance through HOA and project review
- Options for primary and secondary residences
- Clear explanation of condo requirements
Considerations
- Condo project approval may be required
- HOA dues factored into qualification
- Some condo projects may have financing restrictions
Availability, terms, eligibility, and approval depend on borrower qualifications and applicable program guidelines.
Reverse Mortgages
A loan for eligible homeowners 62 and older that allows access to home equity without monthly mortgage payments.
Who Might Consider This
Homeowners 62 and older who want to access home equity to support retirement or financial goals.
Potential Benefits
- Access to home equity without selling the home
- No monthly mortgage payment required (borrower must pay taxes, insurance, and maintain the home)
- Funds can be received as a line of credit, monthly payments, or lump sum
- Borrower retains ownership of the home
Considerations
- Eligibility requirements apply including age and counseling
- Costs and fees apply
- Borrower must maintain the home and pay taxes and insurance
- Loan becomes due when the home is sold, the borrower moves out, or passes away
Availability, terms, eligibility, and approval depend on borrower qualifications and applicable program guidelines.
Information on this website is provided for educational purposes only and is not a commitment to lend. Loan programs, rates, terms, availability, and eligibility requirements are subject to change and may vary based on borrower qualifications and applicable guidelines.