Review Your Finances
Take time to thoroughly assess your financial position. Be as accurate as
you can in determining your current
debt and ongoing expenses.
Get Pre-Approved
Having pre-approval puts you in a stronger position when making an
offer, and gives a seller confidence
in you as a buyer.
Get a Credit Check
Your credit score is one factor that lenders will consider when you
come to apply for a loan.
Affording a Home
Be clear about your needs, wants, and financial position. Once you have established what you can realistically afford we can quickly identify homes that meet your requirements and budget.
Most Common Loan Types
CONVENTIONAL LOANS
(Fannie Mae & Freddie Mac)
Who Qualifies?
Anyone meeting minimum credit and income levels.
Used for Second Homes?
Yes. They are the most common home loans.
What's the Minimum Down Payment?
Between 3% - 20% of the purchase price.
Upfront Down Payment?
No required upfront down payment.
Requires a Monthly Mortgage Insurance?
Depends on the amount of the down payment.
Maximum Loan Amount
As of 2024 it is $766,550.
JUMBO LOANS
(Private Insurers)
Who Qualifies?
Anyone meeting minimum credit and income levels.
Anyone meeting minimum credit and income levels.
Used for Second Homes?
Yes. Typically used for High-Priced Homes.
What's the Minimum Down Payment?
Varies by lender. Typically 10% of the purchase price.
Upfront Down Payment?
No required upfront downpayment.
Requires a Monthly Mortgage Insurance?
Depends on the amount of the down payment.
Depends on the amount of the down payment.
Maximum Loan Amount
Typically $2,000,000. Varies by lender.
FHA
(Federal Housing Administration)
Who Qualifies?
Anyone meeting minimum credit and income levels.
Anyone meeting minimum credit and income levels.
Used for Second Homes?
No. These are reserved for first-time home buyers.
No. These are reserved for first-time home buyers.
What's the Minimum Down Payment?
FHA loans are typically 3.5% of the purchase price.
Upfront Down Payment?
1.75% of loan.
Requires a Monthly Mortgage Insurance?
Required.
Required.
Maximum Loan Amount
As of 2024 it is $498,257.
As of 2024 it is $498,257.
VA
(Department of Veteran Affairs)
(Department of Veteran Affairs)
Who Qualifies?
Veterans, Reservists, National Guard, Surviving Spouses
Used for Second Homes?
No, with some exceptions.
No, with some exceptions.
What's the Minimum Down Payment?
No required minimum down payment.
No required minimum down payment.
Upfront Down Payment?
No required upfront down payment.
No required upfront down payment.
Requires a Monthly Mortgage Insurance?
Required.
Required.
Maximum Loan Amount
As of 2024 it is $766,550.
As of 2024 it is $766,550.
