LOAN PROGRAMS

Equity Atlas Loan Programs Overview

Jumbo Loans

The
jumbo loan
is a loan that is over the conforming loan limit ($417,000) set by the government-sponsored
mortgage
agencies, Freddie Mac (FHLMC) and Fannie Mae (
FNMA
). When FNMA and FHLMC limits don’t cover the full loan amount, the loan is referred to as a “jumbo loan”.
Interest rate
s are traditionally higher on jumbo loans than for conforming loans and a larger
down payment
might be required. In addition, the loan usually requires higher
credit
score
s and higher reserves (or emergency funds) than conforming loans. Fixed and adjustable loans are available in jumbo form.

In some instances, a combination loan can be obtained to reduce the need for a Jumbo loan. The option includes a first loan at the conforming loan amount of $417,000 and a second loan for the difference. Higher interest rates on the second loan can sometimes offset the savings on the first loan. The option must be compared against the Jumbo loan to determine if the savings warrant the additional complexity of having two loans.

Loan Programs

Program Details

30 Year Fixed-Rate Mortgage
This traditional fixed-rate mortgage offers a stable, fixed payment over the life of the loan.
Pre-Apply Details
CREDIT

620

Minimum Credit Score
Eligibility for this program requires a minimum credit score of 620
Higher Downpayment
This designation indicates the program requires a higher initial down-payment from the borrower.
Minimal Loan Documentation
This designation indicates the program requires less complex documentation
15 Year Fixed-Rate Mortgage
The 15 year fixed-rate mortgage enables you to own your home in half the time as the 30 year fixed-rate mortgage.
Pre-Apply Details
CREDIT

620

Minimum Credit Score
Eligibility for this program requires a minimum credit score of 620
Higher Downpayment
This designation indicates the program requires a higher initial down-payment from the borrower.
Minimal Loan Documentation
This designation indicates the program requires less complex documentation
Flex Term Fixed-Rate Mortgage
The flex term fixed-rate mortgage offers repayment terms ranging from 16 to 29 years.
Pre-Apply Details
CREDIT

620

Minimum Credit Score
Eligibility for this program requires a minimum credit score of 620
Higher Downpayment
This designation indicates the program requires a higher initial down-payment from the borrower.
Minimal Loan Documentation
This designation indicates the program requires less complex documentation
Jumbo Loans
The jumbo loan is a loan that is over the conforming loan limit ($417,000) set by the government-sponsored mortgage agencies, Freddie Mac (FHLMC) and Fannie Mae (FNMA).
Pre-Apply Details
CREDIT

700

Minimum Credit Score
Eligibility for this program requires a minimum credit score of 700
Higher Downpayment
This designation indicates the program requires a higher initial down-payment from the borrower.
Minimal Loan Documentation
This designation indicates the program requires less complex documentation
Adjustable Rate Mortgage
Adjustable rate mortgages (ARM) have an initial fixed-rate period of 1, 3, 5, 7 or 10 years after which time they convert to an adjustable rate mortgage. Dependent on the length of time you intend to own your home, the ARM might be a consideration.
Pre-Apply Details
Higher Downpayment
This designation indicates the program requires a higher initial down-payment from the borrower.
Minimal Loan Documentation
This designation indicates the program requires less complex documentation
Federal Housing Administration Loan (FHA)
FHA home loans insured by the Federal Housing Administration (FHA) offer expanded lending guidelines for individuals who may not qualify for conventional financing.
Pre-Apply Details
CREDIT

550

Minimum Credit Score
Eligibility for this program requires a minimum credit score of 550
Lower Downpayment
This designation indicates the program allows a lower initial down-payment from the borrower.
Extra Loan Documentation
This designation indicates the program requires more complex documentation.
VA - Veterans Loans
VA home loans insured by the Department of Veteran Affairs offer military veterans exceptional benefits, including low interest rates and no down payment requirement.
Pre-Apply Details
CREDIT

550

Minimum Credit Score
Eligibility for this program requires a minimum credit score of 550
Specialized Program
This designation indicates the program has specialized eligibility requirements.
Zero Downpayment
This designation indicates the program requires zero initial down-payment from the borrower.
USDA Rural Housing Loans
USDA Rural Housing home loans insured by Housing & Urban Development (HUD) are designed to assist low-to-moderate income rural residents in purchasing a new home by providing affordable interest rates and loan terms.
Pre-Apply Details
CREDIT

550

Minimum Credit Score
Eligibility for this program requires a minimum credit score of 550
Specialized Program
This designation indicates the program has specialized eligibility requirements.
Zero Downpayment
This designation indicates the program requires zero initial down-payment from the borrower.
Extra Loan Documentation
This designation indicates the program requires more complex documentation.
HUD-184 - Native American Loans
HUD-184 Native American home loans insured by HUD are specifically designed for Native Americans, Alaska Native families, Alaska Villages, New Mexican Pueblo homebuyers, Tribes, or Tribally Designated Housing Entities.
Pre-Apply Details
Specialized Program
This designation indicates the program has specialized eligibility requirements.
Lower Downpayment
This designation indicates the program allows a lower initial down-payment from the borrower.
Extra Loan Documentation
This designation indicates the program requires more complex documentation.
Renovation Loan
Purchasing a home that needs a little updating or energy efficiency improvements? The renovation loan allows you to combine the cost of the home with the renovation or remodeling costs and finance it in one loan.
Pre-Apply Details
CREDIT

680

Minimum Credit Score
Eligibility for this program requires a minimum credit score of 680
Higher Downpayment
This designation indicates the program requires a higher initial down-payment from the borrower.
Design/Build Construction Loan
Finance your property, construction, and permanent mortgage all with a single loan. No Re-Qualification.
No Second Appraisal.
Pre-Apply Details
Specialized Program
This designation indicates the program has specialized eligibility requirements.
MCC - Mortgage Credit Certificate
The Mortgage Credit Certificate (MCC) is an IRS-approved tax credit which reduces a home buyers’ federal income tax liability as long as they have the loan, continuously occupy the home as their principal residence, have a tax liability, and utilize the MCC when their taxes are filed with the IRS.
Pre-Apply Details
CREDIT

600

Minimum Credit Score
Eligibility for this program requires a minimum credit score of 600
Specialized Program
This designation indicates the program has specialized eligibility requirements.
Income Limitations
This designation indicates requirements related to the borrower's income.
Extra Loan Documentation
This designation indicates the program requires more complex documentation.
Keep an eye out for our loan programs in development. We are always looking for updated information and innovative ways to offer the right borrowing opportunities for the right borrower.
You Have New Rights
  It is not enough to offer a banker's version of a borrower's rights. We are extending new right's to borrowers, such as the right to support their local economy and the right to understand their obligation.