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Loan Details
Loan Details
Loan Details
Loan Details
Monthly Payments Breakdown
Which Mortgage is Your
Best Match?
There are many types of mortgages, and each program is designed for different types of borrowers. When you work with Skyway Financial, we consider your personal home buying or refinancing scenario, so you are matched with the mortgage that best meets your personal goals. Whether you are a first-time homebuyer, high-net-worth, self-employed, or a foreign national, we’ll find the loan you’ll like, along with the lowest fees and best rates.
Below is a sample of the various loan programs we offer. However, there is no substitute for a quick conversation with one of our mortgage advisors, who can lead you towards your perfect loan.
Loan Programs
FHA Home Loan
- 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
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
Cash Out Loan
- 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
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)
High Balance
- 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
Non-QM 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
Condotel 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
Non Warrantable 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
Primary/Secondary/ Investment Properties
- 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
Rate/Term Reduction
- 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)
Purchase 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
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
Conventional Loans
- Mortgage insurance not required if 80% loan to value (LTV)or less
- Can Cancel existing mortgage insurance at 80% LTV
- Can be used on more property types
- More loan program options
- Can hold numerous conventional loans
- Higher maximum loan limit
VA Loans
- Can Finance up to 100% Loan to Value
- Typically Lower Interest Rate
- No Mortgage Insurance
- Streamline Eligible
FHA Home Loan
- Lower Down Payment Options
- Lower Credit Score Minimums
- Higher Debt-to-Income Allowed
- No Maximum Income Limits
- Streamline Eligible
USDA
- Can Finance up to 100% Loan to Value
- No Cash Reserves Required
- Flexible Credit and Qualifying guidelines
- Typically lower interest rates
High Balance
- For Properties above average market prices
- Less Restrictions for Qualifying than Jumbo
- Lower Down payment requirements than Jumbo
- Typically Lower Credit requirements than jumbo
Jumbo
- Available in all States/Not County Specific
- Maximum Loan Limit is Set by Lender
- Allows you to buy a home without meeting Conforming Loan Limits
Non-QM
- Bank Statement Loans
- NON Warrantable
- DSCR
- Condotels
HELOC
- Line of Credit on your home you can use as needed
- Keep the payments separate from your mortgage
- Typically lower cost
- Can access for a set period of time
203K Loans
- Lower Down payment option
- Easier requirements for income and credit
- Avoid spending savings or using credit cards to cover renovations
- Lower closing cost
- One Mortgage with one closing. Not Taking out multiple loans to cover cost
Construction Loans
- Lender will pay the builder as the work is progressing
- Lender will convert that cost to a mortgage at closing
- Makes the Home lending for new build process smooth
- Gives you the advantage to lock the rate sooner
Our Loan Process
WE HAVE A CHAT
We’ll then help you pick your perfect matched loan, including the loan program and interest rate that is ideal for your family.
APPLY FOR 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.
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!
