Loan Programs
Down Payment Programs
Loan Terms: 15 or 30 Year
Loan Options: Conventional & FHA (Purchase only)
Down Payment Programs are provided to qualified borrowers in conjunction with a Conventional or FHA first mortgage. Down payment funds are provided to homebuyers' through LBC Funding's down payment assistance fund, also know as the Eagle Connect Fund. These down payment funds are offered through Grant Funds or Soft Forgivable Secondary Financing. Some features may include:
- No repayment of grant
- Up to 3.5% down payment grant
- No second Mortgage
- Approval amount dependant on Area Medium Income (AMI), varies by county
- Rate dependent on market and borrower quilifications
- Rate buy down option available
Conventional Product
Fannie Mae HomeReady, 30-year Fixed Rate 1st Mortgage
3% down - Provided in Full by Eagle Connect Fund
No income limits in low income census tracs
640+ Credit score
FHA Product
3.5% Down - Provided in Full by Eagle Connect Fund
Up to 120% AMI
620+ Credit Score
FHA Loan Product 203 (b) & 203(c)
Conventional Product
Conventional loan products with 640+ credit score.
ADV. 97
- 3% Down – Provided in full by Eagle Connect Fund
- No income limits
- Must be 1st time homebuyer
- Up to $484,350* loan amount, varies by county and state per Fannie Mae guidelines
*Amount subject to change annually.
FHA
Loan Terms: 15 or 30 Year
Loan Options: Purchase, Refinance (Cash-Out/No Cash-Out)
Loan Type: Fixed or Adjustable Rate Mortgage (ARM)
Property Option: Primary Residence
HUD is a government insured loan that provides majority of borrowers the ability to own a home. FHA allows lower county loan limits than conventional loans. Typically the right fit for those who may have lower credit, or a higher debt-to-income ratio.
- Requires up-front & monthly mortgage insurance (MI)
- MI required for life of the loan
- Maximum loan limit dependant upon county limits
- Debt-to-income ratio qualification
- 640+ Credit Score
- Rate dependent on market and borrower quilifications
- Rate buy down option
Conventional
Loan Terms: 10, 15 or 30 Year
Loan Options: Purchase, Refinance (Cash-Out/No Cash-Out)
Loan Type: Fixed or Adjustable Rate Mortgage (ARM)
Property Options: Primary or secondary home, investment property
A conforming loan for multi purpose loan use from primary resident to an investment property. A conventional loan will require mortgage insurance (MI) if a down payment is less than 20 percent of the loan amount.
- MI required if down payment is less than 20%
- MI cancel option when loan reaches 80% loan-to-value
- More loan term options
- Debt-to-income ratio qualification
- 640+ Credit Score
- Rate dependent on market and borrower quilifications
- Rate buy down option
- Loan amounts up to $484,350, varies by county and state per Fannie Mae guidelines.
VA
Loan Terms: 15 or 30 Year
Loan Options: Purchase, Refinance (Cash-Out/No Cash-Out)
Loan Type: Fixed or Adjustable Rate Mortgage (ARM)
Property Options: Primary Residence
Specific Qualification: Veterans Only
The Veteran Administration (VA) insured loan available to all honorably discharged Veterans. A VA loan eliminates down payment requirements. VA loans do include an upfront VA funding fee that may be financed into the loan. Typically a VA loan has lower interest rates available to those who qualify, providing an affordable option to all veterans.
- No down payment required
- VA funding fee
- Lower interest rates
- No Monthly MI
- Future refinance option available
- 640+ Credit Score
- Rate dependent on market and borrower quilifications
- Rate buy down option
USDA - Rural
Loan Terms: 30 Year
Loan Options: Purchase, Refinance (Cash-Out/No Cash-Out)
Loan Type: Fixed or ARM
Property Options: Primary Residence
Loans specific to certain rural areas to help low-to-moderate income borrowers purchase a home. Offered through the United States Department of Agriculture (USDA), it provides financing in rural areas. An upfront guarantee fee of 2.0%, which can be financed into the loan, and a low MI.
- Available to rural areas
- Up-front guarantee premium and MI
- No down payment required
- Maximum income limits vary by county
