EPM offers a wide variety of products to help you purchase or refinance your home. We are licensed in all 50 states including Puerto Rico and Washington, D.C. and are dedicated to bringing you access to the most diverse array of home lending products available in the industry.
Conventional loans are loans that are not insured by the federal government. The borrower must have good credit, sustained employment, and income history, and be able to put down at least 3%of the total loan.
If putting down less than 20%, most lenders require PMI or Private Mortgage Insurance to be able to recover in a situation of default. Some lenders do have conventional loans a low down payment and no private mortgage insurance.
FHA Loans or Government-Insured Federal Housing Administration Loans are often times used forlow-to-median-income buyerswhen buying their first property when they cannot qualify for a conventional loan.
You can putdown as little as 3.5%and these loans usually have more lenient credit-scorerequirements. All FHA borrowers pay an upfront and annualmortgage insurance premium (MIP)which is an insurance policy for the lender backed by the federal government.
VA Loans are loans insured by the U.S. Department ofVeterans Affairs(VA) and are a guaranteed home buyer loan for military service members, veterans, and their spouses. Borrowers canfinance up to 100%of the loan amount without a required down payment.
These loans usually havelower interest rates,lower closing costs, andno PMI or MIPis necessary. VA loans may require a funding fee however, some do not and the fee varies based on service category and loan amount.
Loans over $548,250, which is the conforming loan limit for a one-unit property, are considered jumbo loans. Some lenders classify jumbo loans as riskier and so, will require documentation oflarger cash reserves, astrong credit score, and adown payment between 10-20%.
Bank Statement Loans
This loan program is ideal for buyers that earnseasonal income, areindependent contractors, or areself-employed. Working with your information on bank statements and other documentation, we are able tolend based on your income.