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Purchase Mortgage
Mortgage products for people looking to purchase properties. Conventional, FHA, VA, USDA, Non-QM, and more
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Loan Options

Conventional Loan

Probably the most popular loan option for someone looking to purchase a loan. With special programs for first time homebuyers like Freddie Mac Home Possible to renovation loans like the Fannie Mae Homestyle Renovation Mortgage, we can find the right program to fit you!
A conventional loan is a type of mortgage that is not insured or guaranteed by a government agency like the FHA, VA, or USDA. Instead, it is backed by private lenders or banks. Here are some key features:
  • Down Payment: Conventional loans usually require a down payment, which can range from 3% to 20% of the home’s purchase price, depending on the lender and the borrower’s credit profile.
  • Private Mortgage Insurance (PMI): If the down payment is less than 20%, borrowers typically have to pay PMI, which protects the lender in case of default. PMI can be removed once the borrower reaches 20% equity in the home.
  • Interest Rates: Conventional loans can offer competitive interest rates, but rates can vary based on the borrower’s credit score, down payment, and other factors.
  • Loan Limits: Conventional loans have limits set by the Federal Housing Finance Agency (FHFA), which can vary by location. Loans that exceed these limits are considered "jumbo loans" and typically have stricter requirements.
  • Credit Requirements: Conventional loans generally require a higher credit score compared to government-backed loans.
Conventional loans are commonly used for purchasing or refinancing homes and offer flexibility in terms of loan amounts and property types.

FHA Loan

The FHA loan product tends to allow the opportunity for home ownership for the widest range of people. FHA allows for lower credit scores, a very low down payment requirement, and more of a level playing field for clients. FHA may be the right program for you!
The FHA loan is a type of mortgage insured by the Federal Housing Administration (FHA). It’s designed to help lower-income and first-time homebuyers qualify for a mortgage. Here are some key features:
  • Lower Down Payment: FHA loans typically require a smaller down payment than conventional loans, often as low as 3.5% of the purchase price.
  • Flexible Credit Requirements: They often have more lenient credit score requirements compared to conventional loans.
  • Mortgage Insurance: Borrowers must pay mortgage insurance premiums (MIP), both upfront and annually, to protect the lender in case of default.
  • Loan Limits: There are limits on how much you can borrow with an FHA loan, which can vary by location
FHA loans can be a good option if you’re looking to buy a home with less money upfront and have a lower credit score.

VA Loan

Are you a Veteran of our US Military? Well, then we have the program for you. Arguably the best program we have to offer, you can get a home with this program with ZERO money down, no mortgage insurance, and some of the best interest rates on the market!
A VA loan is a type of mortgage backed by the U.S. Department of Veterans Affairs (VA). It’s designed to help veterans, active-duty service members, and certain members of the National Guard and Reserves, as well as eligible surviving spouses, buy a home. Here are some key features:
  • No Down Payment: VA loans often require no down payment, which makes them a great option for those who might not have a lot of cash on hand.
  • No Private Mortgage Insurance (PMI): Unlike many other types of loans, VA loans don’t require PMI, which can lower your monthly payments.
  • Competitive Interest Rates: VA loans typically offer lower interest rates compared to conventional loans.
  • Flexible Credit Requirements: They often have more lenient credit score requirements.
  • Loan Limits: While there are limits on the amount you can borrow without a down payment, recent changes allow for higher amounts in certain situations.
VA loans also come with certain eligibility requirements and fees, such as a funding fee, which helps to offset the cost of the program to taxpayers.

USDA Loan

Trading the city lights for country nights? Then you may be eligible for a USDA loan with ZERO money down! Now, we aren’t just talking about farmland and areas where the closest Walmart is 50 clicks away, so make sure you check if the property you are interested in will qualify!
A USDA loan, or a loan backed by the U.S. Department of Agriculture, is designed to help low- to moderate-income individuals or families buy homes in eligible rural and suburban areas. Here are some key features:
  • No Down Payment: USDA loans typically require no down payment, making them accessible for those who might not have savings for a traditional down payment.
  • Low Mortgage Insurance: They have lower mortgage insurance costs compared to FHA loans.
  • Competitive Interest Rates: USDA loans often offer competitive interest rates.
  • Income Limits: There are income limits based on the median income of the area where the property is located. Generally, applicants must earn less than 115% of the median income.
  • Property Eligibility: The property must be in a designated rural or suburban area, which is determined by the USDA.
  • Credit Requirements: While credit score requirements are generally flexible, a higher score can help in the approval process.
USDA loans are intended to promote homeownership in rural areas and improve living conditions in these communities.

Jumbo Loan

Purchasing a home with a higher loan amount than a conventional loan program will allow? We have a wide range of jumbo loans to get you the money you need with a rate that you will love!
A jumbo loan is a type of mortgage that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA) for conventional loans. Because these loans are not eligible to be purchased or guaranteed by Fannie Mae or Freddie Mac, they are considered riskier for lenders. Here are some key features:
  • Higher Loan Limits: Jumbo loans exceed the conforming loan limits, which vary by location but generally start around $726,200 for a single-family home in most areas and can be higher in high-cost regions.
  • Stricter Requirements: Jumbo loans typically have more stringent requirements compared to conventional loans. This can include a higher credit score, larger down payment (often 20% or more), and lower debt-to-income ratio.
  • Higher Interest Rates: Interest rates on jumbo loans can be higher than those on conforming loans due to the increased risk for lenders.
  • No Mortgage Insurance: Unlike conventional loans with PMI, jumbo loans do not require mortgage insurance, though the absence of PMI is reflected in the interest rate and other terms.
Jumbo loans are often used to finance high-value properties or homes in high-cost areas where standard loan limits are insufficient.

Non-QM Loan

We know that life happens sometimes, and that some people may have a “non-traditional” income structure. So, what do we do when our client’s situations go beyond the guidelines of our Government and Conventional loan programs? Well, we don’t just bow out, and deny them right away! We look to our Non-QM, or “Outside of the Box” loan programs
A Non-QM (Non-Qualified Mortgage) loan is a type of mortgage that does not meet the standard requirements set by the Qualified Mortgage (QM) rule under the Dodd-Frank Act. This rule sets criteria to ensure that borrowers have the ability to repay their loans and includes limits on loan features such as risky interest rates or terms. Here are some key features of Non-QM loans:
  • Flexible Qualification Criteria: Non-QM loans offer more flexible underwriting guidelines, which can accommodate borrowers who might not qualify for traditional QM loans due to factors like self-employment income, credit issues, or other unique financial situations.
  • Variety of Loan Products: These loans can include a range of products such as interest-only loans, loans with balloon payments, and others that do not fit within the QM guidelines.
  • Higher Risk: Because Non-QM loans do not adhere to the standard QM guidelines, they may carry higher risks for lenders and, consequently, potentially higher interest rates for borrowers.
  • Customized Solutions: Non-QM loans are often used for borrowers with complex financial situations or those looking for unique loan features not available with standard QM loans.
Non-QM loans can be useful for borrowers who need more flexible lending options or who have unique financial circumstances that don’t fit traditional mortgage criteria.
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I’ve been working with various types of loans in our area for years, and it’s incredibly rewarding to see our clients achieve their dream of owning a home. I’d love to help you with your mortgage needs! Hablo Español!
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Yoena Stephenson - Your Mortgage Loan Officer

Reviews

Maria and Carlos R.
Posted on: 07/07/2023

Yoena was an absolute pleasure to work with! She guided us through every step of our refinance process with patience and expertise. Her knowledge and attention to detail made us feel confident in our decision. Plus, her ability to communicate fluently in both English and Spanish was a huge bonus for us. Highly recommend!

James T.
Posted on: 12/12/2022

I had a fantastic experience working with Yoena. As a first-time homebuyer, I was overwhelmed by the mortgage process, but Yoena made everything simple and straightforward. She explained all my options and helped me secure a great rate. I couldn’t have asked for a better mortgage broker.

Rosa V.
Posted on: 9/12/2022

Yoena Stephenson was amazing! She provided exceptional service and made the whole reverse mortgage process so much easier than I expected. Her professionalism and ability to explain complex terms were greatly appreciated. I highly recommend her to anyone looking for a reliable mortgage broker

Lisa K.
Posted on: 12/04/2021

Yoena made my refinance process stress-free and quick! Her knowledge of the market and her dedication to her clients really set her apart. She provided excellent advice and found a great solution for my financial needs. I highly recommend Yoena to anyone needing mortgage services

Nadine C.
Posted on: 09/06/2019

I am incredibly grateful to Yoena Stephenson for their outstanding assistance in securing the best mortgage loan for my house. From the very beginning, Yoena demonstrated exceptional professionalism, deep expertise, and a genuine commitment to helping me find the most favorable terms.  
I highly recommend Yoena Stephenson to anyone looking for a mortgage loan.
Thank you, Yoena, for your invaluable support and for making my dream of owning a home a reality!

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Clearwater FL 33756
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