Loan Programs

Conventional Loans

A conventional mortgage is a home loan that isn't guaranteed or insured by the federal government. Conventional mortgages that conform to the requirements set forth by Fannie Mae and Freddie Mac are called Conforming Loans. Borrowers who put 20% down do not have to pay PMI (Private Mortgage Insurance). Conventional mortgages are ideal for borrowers with good or excellent credit. Although, depending on the financial institution and the borrower's circumstances, applicants with lower credit scores may qualify.

97% Financing for Home Ready / Home Possible Program
95% Financing on conforming and high balances
Gifts are allowed
Closing cost can be financed with a Seller's Concession
Fixed and adjustable rate options

Federal Housing Administration Loans

FHA loans are insured by the government and backed by the Federal Housing Administration. They have lower interest rates and more inclusive qualifications. Therefore, FHA borrowers pay for mortgage insurance, which protects the lender from a loss if the borrower defaults on the loan. An FHA loan can be used to purchase a 1-4 family. FHA loan offers:

96.5% Financing
Gifts from family members are allowed
Closing cost can be financed with a Seller's Concession
Lower minimum credit qualification
Fixed rate options

Investment Loans

Real Estate investment loans are similar to other home mortgage loans, but different in that the lender determines the loan program and qualifications. Investment property loans have higher interest rates, require larger down payments, and have different approval requirements. This type of loan is considered riskier than a traditional mortgage for an owner/occupant. Typically, loans used for a second home or rental property require a minimum 20% down payment since mortgage insurance is not available for investment properties.

80% financing for a 1 unit
75% financing for a 2-4 unit
Fixed and adjustable rates

Jumbo Loans

Jumbo mortgages are home loans that are more expensive than the typical traditional loan and exceed conforming loan limits. A jumbo loan is one way to buy a high-priced or luxury home. If you have a lower debt-to-income ratio and a higher credit score, a jumbo loan may be right for you. Jumbo loans are typically available with either a fixed interest rate or an adjustable rate, and they come with a variety of terms.

90% financing for a 1 unit
Loan amount up to 4,000,000
Eligible properties: 1-4 units. Condos and Co-ops.
Fixed and Adjustable rates

Veteran Affair (VA) Loans

New Dwelling Mortgage is honored to support the men and women who have served or are currently serving our country. VA loans are issued through approved lenders, and are guaranteed by the US Federal Government through the US Department of Veterans Affairs (VA). This type of mortgage provides the option for qualifying veterans to purchase or refinance a property with the lowest rates in the industry with no monthly PMI (private mortgage insurance).

100% financing
No Private Mortgage Insurance (PMI)
Gifts from family members are allowed
Closing cost can be rolled into the loan
Fixed rate options