Exploring Homeseed’s Loan Programs & Strategies
When it comes to obtaining a mortgage for your dream home, Homeseed, an independent mortgage banker, is your go-to lender for a wide range of innovative loan programs strategies. As an independent mortgage banker, Homeseed offers correspondent, direct agency, and wholesale lending solutions, making it a one-stop-shop for all your mortgage needs. In addition to the standard conventional, government, and jumbo loan products, Homeseed provides a wide range of creative financing solutions and unique products designed to cater to your specific needs. In this post, we’ll take a closer look at the loan programs and strategies that many homebuyers are taking advantage of in today’s market and highlight all of the products offered by Homeseed.
Creative Financing Solutions
In a high-interest rate environment, securing an affordable mortgage becomes a paramount concern for prospective homebuyers. The importance of providing creative financing solutions cannot be overstated, as these solutions serve as a bridge between the desire for homeownership and the reality of higher interest rates. At Homeseed, we understand that clients should not be deterred from achieving their dream of homeownership due to market conditions and offer many financing solutions for clients to navigate these challenges effectively. Recently, homebuyers have found success using the following programs and strategies:
- Down Payment Assistance Loans: These loans offer financial support that can help homebuyers cover the down payment requirements and closing costs.
- DSCR (Debt Service Coverage Ratio) Loans: These loans are designed for real estate investors and focus on the rental income generated by the property to qualify for the mortgage. This is an excellent option for those wanting to get into real estate investment and even seasoned investors.
- Temporary and Permanent Buydowns: Temporary and permanent buydowns offer clients the advantage of lower initial interest rates, lowering the monthly mortgage payments and making homeownership more accessible and affordable.
- Buy Before You Sell Program: This program provides homeowners the flexibility to secure their new dream home before selling their current property, relieving the stress and need of having to submit a new offer with a contingency.
- Construction/Renovation Loans: If you’re looking to build a custom home or purchased a discounted property that needs renovating, Homeseed offers construction and renovation loan options to help make your dream home a reality.
- P&L (Profit and Loss) Loans: Homeseed offers loans that consider your business’s profit and loss statements, which can potentially help self-employed individuals and small business owners qualify for a higher purchase price on a home.
- Bank Statement Loans: These loans use your bank statements to verify your income, making them an excellent choice for individuals with non-traditional income sources who also want to qualify more income for a higher home purchase price point.
- HELOCs (Home Equity Line of Credit): Homeseed provides HELOCs that allow you to access the equity in your home for various purposes, such as home improvements, debt consolidation, or other financial needs while potentially allowing you to keep your primary fixed rate.
Loan Product Options
CONVENTIONAL LOANS
- Fannie & Freddie seller- servicer & securitizer (direct bond market participant).
GOVERNMENT LOANS
- Ginnie Mae (FHA, VA, USD) seller-servicer & securitizer (direct bond market participant).
JUMBO LOANS
- 22 programs allowing 10% (or 10.01%) downpayment
- Some programs allow 90% over $1.0M with <1 yr from a major credit event
- 40-yr mortgage & interest only options
- 10% downpayment on second homes
- Lending with no max acreage limit
- In-house delegated underwriting
RENOVATION LOANS
- In-house funding & administration of FHA 203K, Fannie Mae Homestyle, and VA Renovation
- Draws assisted and completed by Homeseed
CONSTRUCTION LOANS
- In-house funding & administration of Conforming, FHA, VA, USDA & Jumbo construction loan.
- 0-5% downpayment options
- Draws assisted and completed by Homeseed
DOWN PAYMENT ASSISTANCE
- No income limit
- Up to 5% assistance
- Options for repayable and non-repayable assistance
- Available on multi-family properties
OTHER LOAN PROGRAMS
- Multiple programs that do 90% (or 89.99%) LTV on cash-out
- DSCR: Investor cash flow
- 1099 Income Loan Program
- Hobby farms: 5 programs including barndominiums and shouses
- Raw land lending including farms
- Agency & Non-agency manufactured homes
- Programs for foreign national and ITIN borrowers
- Multi-family and Fix & Flip programs (up to 25 units)
- Programs that use 24- or 12- months bank statement for income (to 10% down)
- Or use of previous year only income qualification
- Use of stock units for income
- Use of current financial assets to boost income for qualifying
- For 2nd mortgages
- Programs for non-warrantable condos (90% to $2.0M with 700)
- Great programs with near-prime rates on condotels and non-warrantable condos
- Multiple state & national down payment assistance programs
- HELOCs & 2nd mortgages that can fund within a week, with a fee
*Information is subject to change without notice. This is not an offer for extension of credit or a commitment to lend. This ad is not from HUD, VA, or FHA and was not reviewed or approved by any government agencies.