Budgeting for your home is extremely important. As no two people are alike, EPM offers a variety of government, conventional, and niche loan programs to meet your specific needs. If you have any questions, one of our qualified Mortgage Players can help guide you to the best possible loan.
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 for low-to-median-income buyers when buying their first property when they cannot qualify for a conventional loan.
You can put down as little as 3.5% and these loans usually have more lenient credit-score requirements. All FHA borrowers pay an upfront and annual mortgage 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 of Veterans Affairs (VA) and are a guaranteed home buyer loan for military service members, veterans, and their spouses. Borrowers can finance up to 100% of the loan amount without a required down payment.
These loans usually have lower interest rates, lower closing costs, and no PMI or MIP is 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 of larger cash reserves, a strong credit score, and a down payment between 10-20%.
Bank Statement Loans
This loan program is ideal for buyers that earn seasonal income, are independent contractors, or are self-employed. Working with your information on bank statements and other documentation, we are able to lend based on your income.
Why choose EPM?
upfront credit approval
Give yourself the advantage over competing bids. Harness the power to negotiate with the seller. Save time by looking at properties you know you can afford.
Government Approved Direct Lender
Work with a safe FHA Direct Endorsement Lender. Deal with the decision maker; we approve and fund your loan. Our personal approach means all your questions are answered.
Choose from Multiple Loan Products
Choose the loan that best suits your needs. Get the best mortgage rates available to you on your loan. FHA, VA, Conventional, Jumbo, Reverse Mortgage loans and more!