FAQs

Types of Loans and Down Payment Options

Primary residences, second home loans, investment property

Yes! You can have one in each state if you wanted, you just can’t have two in the same location as the other.

No, there is only one second home allowed per married couple in the same area.

Of course!

You are separate households and can vacation at different times and not have to vacation together if you did not want to

Yes! If you have a current primary housing expense such as a mortgage, rent, etc. you can use just enough to offset the PITIA. If you have previous rental experience within the past three years, you can use 75% of the total amount of projected monthly income.

You can have gift funds given for down payment on a primary and second home loan as long as you contribute 5% of your own funds to the deal. Gift funds can be used for the remaining down payment and closing costs. You CANNOT have gift funds on an investment loan.

Of course! Keep in mind that we will need to update that monthly payment to count against your debt though.

Yes you can if needed, but let’s talk about your long term goals and see if that is the best option for each of you.

For conventional, you can technically go as high as 50% if FNMA or FHLMC gives us an Accept or Approve/Eligible. For jumbos, the max DTI
is 45%.

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