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Review available loan programs, calculate your scenario and be prepared with what to expect.


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Step 1 - Learn

about available loan programs.

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Step 2 - Calculate

your loan scenario.

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Step 3 - Prepare

and know what to expect.

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Step One – Learn

Conventional Home Loans

Conventional

A Conventional loan is available in a variety of loan term options and is advantageous for those coming in with a strong down payment and good credit history. This loan type is not insured by a government program such as FHA or VA.

Fixed-rate Option

Under the Fixed-rate option, your interest rate and monthly payment will remain the same, even if the market rates increase. This makes it the most popular loan as it offers the security of knowing exactly what your mortgage payment is for the entire length of your loan, which protects you from rising interest rates, no matter how high interest rates go.

Loan Program Details
  • 5% minimum down payment with Private Mortgage Insurance (PMI), OR
  • 20% minimum down payment without Private Mortgage Insurance
  • 3%-9% maximum seller contribution depending on down payment
  • Good+ credit and job history
Adjustable-rate (ARM) Option

Adjustable Rate Mortgage options typically have lower initial interest rates than fixed-rate mortgages. The interest rate and monthly principal & interest (P&I) payments remain the same for an initial period of time (such as 5, 7, or 10 years), then adjusts to reflect market conditions up to a yearly and max rate cap limit – meaning your rate can rise (or fall) over time. This option may provide flexibility if you plan to move, pay off your loan or refinance before the initial rate adjusts.

FHA Loans

Federal Housing Administration

A FHA loan is insured by a government agency called the Federal Housing Administration, and offers financing to borrowers who may not be able to qualify for traditional loans. This loan is popular among first-time home buyers and those with less-than perfect credit, as it requires smaller down payments and feature more flexible terms.

Loan Program Details
  • 3.5% minimum down payment (may be a “gift”)
  • Mid+ Credit Score
  • Allows for a non-occupant co-borrower to help you qualify
  • 6% maximum seller contribution
  • Upfront mortgage insurance premium (UFMIP) required, which may be financed into the loan
  • Monthly mortgage insurance based on Loan to Value (LTV)
  • Properties must meet HUD guidelines
  • For primary residence only
  • Only one FHA loan permitted at a time
  • Visit the HUD website for more information

VA Loans

Veterans Affairs

A Veterans Affairs (VA) loan, is designed to offer long-term financing to qualified American veterans, service members, and their eligible surviving spouses. These loans are insured by the United States Department of Veterans Affairs.

Loan Program Details
  • Up to 100% financing available without requiring mortgage insurance
  • Down payment and closing costs may be a “gift”
  • Mid to good credit
  • 4% maximum seller contribution + reasonable and customary costs on a VA loan
  • VA funding fee generally required, which may be financed into the loan
  • Properties must meet VA Minimum Property Requirements (MPRs)
  • For primary residence only
  • Visit the U.S. Dept. of Veterans Affairs home loans website for more information

USDA RD Loans

United States Department of Agriculture

If you’re purchasing a property in a rural area, you may be eligible for a USDA guaranteed loan (see eligible rural areas). This financing option is available for home buyers with low to moderate income.

Loan Program Details
  • Up to 100% financing available with reduced upfront mortgage insurance premiums
  • 6% maximum seller contribution
  • For primary residence only
  • Income restrictions apply (see USDA income limits)
  • Properties must meet USDA guidelines
  • Visit the USDA housing assistance website for more information

Jumbo Loans

Jumbo

If you’re looking for a loan that exceeds the standard conforming limit of $417,000, you may need to look into a Jumbo loan. This option is typically used to buy that higher-priced luxury home.

Loan Program Details
  • 15% minimum down payment (dependent on loan scenario)
  • Lower debt-to-income (DTI) ratio
  • Good+ credit
  • Available for vacation homes to qualified borrowers

Reverse Mortgages

Home Equity Conversion Mortgage

A Reverse Mortgage, or Home Equity Conversion Mortgage (HECM), is for homeowners that are 62 or older and have surplus equity in their home. This is beneficial for those who need additional cash flow for other expenses, as the value of their home’s equity can be converted to cash, eliminating monthly mortgage payments. This is called a Reverse Mortgage, because opposite of a traditional mortgage, the lender makes the payments to the borrower.

Loan Program Details
    • Taxes, homeowners insurance and HOA dues (if applicable) must remain current
    • Loan is due back to the lender when home is sold or otherwise vacated
    • For primary residence only

Renovation Loans

Renovation

Homeseed is proud to offer renovation loans, which give borrowers better options for making additions, remodelling, tackling repairs and more. With a Homeseed construction loan, you’ll gain access to our collaborative, cloud-based construction loan software which simplifies communication between you, the builder, 3rd-party inspectors, title companies and Homeseed. You also get full-time support and real-time tracking through the entire building process, ensuring you stay on-budget and on-time with your renovation project.

Loan Program Details
  • 203K and HomeStyle Loans available
  • Managed in-house

Construction Loans

Construction

Homeseed is proud to offer stick-built contruction loans, which give borrowers a better option for building the home of their dreams. With a Homeseed construction loan, you’ll gain access to our collaborative, cloud-based construction loan software which simplifies communication between you, the builder, 3rd-party inspectors, title companies and Homeseed. You also get full-time support and real-time tracking through the entire building process, ensuring you stay on-budget and on-time with your construction loan.

Loan Program Details
  • 5-10% down payment
  • 1-time closing construction-to-permanent loan
  • Collaborative, cloud-based construction tracking software
  • Available with conventional, FHA, VA & USDA RD loans
  • Managed in-house

Conventional

FHA

VA

Jumbo

USDA

REVERSE

RENOVATION

CONSTRUCTION

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Step Two – Calculate

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Step Three – Prepare

Why should I get a Pre-Approval instead of a Pre-Qualification?

A Pre-Qualification is an initial assessment of your stated debt-to-income ratio, and estimates how much you may be able to borrow. It may get your foot in the door, but it is not a true application and your credit history doesn’t play a factor. Keep in mind that although this number can be informative, it is important to understand that how much you may qualify to borrow is not the same as how much you can actually afford.

Getting Pre-Approved means your lender has verified the information on your loan application against documents such as your pay stubs and bank statements. By providing these documents ahead of time to get a Pre-Approval, sellers will know that you are a serious buyer and that you have the resources to back up your offer. In turn, this allows you to shop confidently and close quicker, which increases your negotiating power.

Note: A Pre-Approval letter is not an official commitment. You will still need to complete the full due diligence and your file will be reviewed by an underwriter to determine if there are any conditions.

What documents should I be ready to supply?

Once you’ve applied online, your Homeseed Advisor will review your application and send you a personalized checklist that pertains to your specific loan scenario. Below is a checklist of the most common asked for documents – being prepared to gather any applicable documents from this list ahead of time will make it less overwhelming and expedite the processing of your loan.

  • Identification

    • Copy of driver’s license
  • Personal Assets

    • Last 2 month’s bank statements (all accounts and all pages)
    • Most current retirement/investment statements (all accounts and all pages)
    • List of properties you currently own (current mortgage statements, insurance and tax statements if not escrowed, and rental agreements if applicable)
  • Income & Employment History

    • Last 30 days pay stubs (most recent)
    • Last 2 years W-2s/1099s
    • Last 2 years personal tax returns (all schedules; include copy of extension if filed)
    • If self-employed or business owner: last 2 years corporate tax returns and YTD profit & loss and balance sheet
    • If receiving social security/disability/pension income: award letters showing annual amount and duration of benefit/income
  • Explanations & Other Documents (if applicable)

    • List of any opened credit accounts within the last 30 days
    • Explanation of any recent large deposits to bank accounts, outside of normal pay Bankruptcy documents and discharge notices
    • Divorce decree & child support order
    • Settlement statement from a short sale
    • Copy of trustee’s deed on a foreclosure
    • List of any opened credit accounts within the last 30 days
  • VA Loan

    • Copy of DD214
    • Certificate of Eligibility
  • On a Purchase

    • Copy of Purchase & Sale Agreement
    • Copy of earnest money
    • Indicate source of down payment (checking, savings, gift, and/or sale of home proceeds)
  • On a Refinance

    • Current mortgage statement
    • Homeowner’s insurance & property tax statements

What are things to avoid when getting a home loan?

  • Do not change your job. Keeping your job and having income stability is key because it shows that you will be able to make your payments and are less likely to default on your loan. You should show at least a two-year history at the same job or in the same line of work.
  • Do not change bank accounts. Just like not changing your job, you will want to show stability in your banking history.
  • Do not apply for any new credit or financing. Looking for new credit doesn’t look good to lenders and your credit could take a hit just for inquiring. More importantly, financing something like a new car will affect your debt-to-income ratio.
  • Do not make late payments or charge excessively on your credit cards. You will need to display a good track record of responsibility and that you can manage your money.
  • Do not make any major purchases. Along the lines of responsibility, you don’t want to make large purchases at this time, especially if you’re going to need it to show reserve in your bank account to qualify or use it to pay closing costs.
  • These can cause red flags if you don’t have a good explanation as to where they came from. You’ll also want to show “seasoned” money that has been in your account for at least two months.

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