Which loan is right for me?
There are so many loan programs out there, it can be difficult to know which one is right for you. When you work with NetLending Home Loans, you won’t be forced into a loan program that isn’t a good fit. We take your needs, credit history and goals in mind when creating your financing plan.
We encourage you to take a look at our various loan programs below and get a feel for your general options. Our passionate team is here to help you find the perfect, cutomizable loan and would be more than happy to answer any of your questions. You can fill out the contact form at the bottom of the page and someone will reach out shortly.
OUR LOAN PRODUCTS
CONVENTIONAL LOANS
- Low interest rates
- Faster loan processing than an FHA
- Variety of down payment options, starting as low as 3% of the home’s sale price
- Various term lengths ranging from 10 to 30 years, on a fixed-rate mortgage
- Reduced private mortgage insurance (PMI)
NON-QM AND JUMBO LOANS
- For loans that exceed the maximum loan amounts established by Fannie Mae and Freddie Mac conventional loan limits
- Rates are typically higher than conforming loans
- Typically used to buy more expensive properties and high-end custom construction homes
- Typically require a higher down payment than traditional loans
BANK STATEMENT LOANS
- Also known as self-employed mortgages or alternative documentation loans, a bank statement loan allows you to secure a mortgage without the typical documentation, like W-2’s, tax returns and pay stubs to verify income.
- Designed for entrepreneurs and others who do not have consistent income or a single employer to prove thier salary
- Applicants may use thier personal and/or business bank accounts to prove thier income and cash flow.
FHA LOANS
- Government-backed mortgage for the Federal Housing Admin (FHA) with low down payment and less strict credit requirements
- Popular for first-time homeowners
- May be approved with 3.5% down vs. 20% that is required on other loan programs
- Financial hardship relief may be available
FHA 203k LOANS
- Renovation loan program for both the purchase and renovation of a home
- There are two types: 1.Standard 203k is given for properties that need structural repairs, such as a new roof or room addition 2.streamlined 203k for non-structural repairs, such as painting and new appliances
- The minimum loan amount is $5000
PRIVATE/HARD MONEY
- Private money loans are made by a private person or organization
- Hard money loans are made by a lender who uses the value of underlying real estate to determine the loan amount and rate
- Neither hard money nor private lenders are restricted by banking regulations and qualify borrowers based on thier own criteria.
VA LOANS
- Home financing for veterans, active military, or their surviving spouses
- Issued by federally qualified lenders and are guaranteed by the U.S. Veterans Administration
- No down payment required for eligible homebuyers, compared to conventional loans that generally require a 5% down payment, and FHA loans require 3.5%
- Limitation on buyer’s closing costs
- Lower average interest rates than other loan types
ADJUSTABLE & FIXED-RATE MORTGAGES
- Adjustable-rate mortgages (ARM): The interest rate adjusts periodically based on market conditions
- Fixed-Rate Mortgage: Unlike an ARM, the interest rate is set at the time you take out the loan and will not change
- Hybrid ARM: Features an initial fixed interest rate for a certain amount of time and then becomes an adjustable-rate for the remainder of the term
INVESTOR CASH FLOW LOANS
- A powerful home loan program for real estate investors, which allows cash flow on the purchased property to be used to qualify for the new loan
- No tax returns or employment information required, and no loan amount limits
- this innovative program can be used to effectively to build a portfolio of income generating properties
OUR LOAN PROCESS
WE HAVE A CHAT
We’ll meet and have a discussion. A loan officer will consult with you on your credit, manage expectations, and go over in detail what your available financing options are based on your situation and needs. We’ll then help you pick your perfect match loan, including the loan program and interest rate, that is ideal for your family.
APPLY FOR YOUR LOAN
We move full speed ahead with your application, which includes gathering as much information as possible upfront. We’ll then inform you if additional documents are needed, including tax returns, pay stubs, bank statements, and employment history.
APPRAISAL & UNDERWRITING SUBMISSION
After we receive the requested documents, we’ll promptly order an appraisal, title insurance, tax transcripts, verify your employment, and gather other documents needed for closing. One of our loan processors reviews the paperwork to “pre-underwrite” your loan, then it’s submitted for underwriting. Our underwriters rapidly, but thoroughly, access your loan to have it released within hours
CONDITIONAL APPROVAL& LOAN COMMITMENT
This is the step when you can breathe a sigh of relief. Your loan has been approved, but it comes with conditions that must be met before it can close. You’ll receive your loan commitment subject to these conditions, which your loan officer will work with you to address and resolve.
OUTSTANDING DOCUMENTS SUBMITTED FOR CLOSING
We’ll gather your additional documents noted in the conditional approval, as well as the third-party paperwork we ordered on your behalf. We then submit it all to the underwriter for “clear to close” on your loan.
APPRAISAL & UNDERWRITING SUBMISSION
After we receive the requested documents, we’ll promptly order an appraisal, title insurance, tax transcripts, verify your employment, and gather other documents needed for closing. One of our loan processors reviews the paperwork to “pre-underwrite” your loan, then it’s submitted for underwriting. Our underwriters rapidly, but thoroughly, access your loan to have it released within hours
UNDERWRITING SIGN OFF
The underwriter reviews your loan, affirms that all conditions have been met, and signs off on approval. Now your loan is officially ready to close!
CLOSING
Congratulations! You’re about to become a homeowner. We’ll schedule your closing, work with escrow and title to assemble the final paperwork, and confirm the total funds needed at escrow. The last step is receiving the keys to your new home!