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Loan Types

 

Buyers come in every different type, shape and form. And so does the various loan types we offer at Providence Mortgage. We will carefully analyze your goals and match you with the most cost-saving, effective loan solutions. We will also pass along our low cost wholesale rates to you. That's our promise.

I want a conventional loan with a minimum 3% down
 
Conventional

​Conventional Loan

  • Features 3% down with no PMI options

  • Finance renovations

  • Cash-out and Rate/Term refinance

My credit score is 580 and I have some debt
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FHA

​FHA

  • Features 3.5% down 

  • Finance renovations

  • Cash-out and Rate/Term refinance

  • 2% Down Payment Assistance grant available

I am a veteran or actively enlisted
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VA

VA

  • Features 0% down with no PMI

  • Funding fee waived if eligible

  • Must be Veteran service eligible

  • Renovations can be financed

My loan amount exceeds the county limits
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Jumbo

​Jumbo

  • For higher loan amounts (exceeding HUD loan limits per county)

  • As low as 5% down

  • May require additional assets for reserves

I own a business or file as a 1099 employee
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Self-Employed

​Self-Employed

  • Tax returns not required

  • Income calculated based on bank statement deposits

Purchasing a Fix and Flip or Rental Income property
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Investor

​Investor

  • Fix and Flips (finance acquisition and renovation costs)

  • Rental properties qualified based on cash flow

  • Line of credit eligible

  • LLC eligible

Do not have a visa or social security number

Foreign National/ITIN

​Foreign National/ITIN

  • Eligible with passport only (no VISA required)

  • Finance up to 80% of purchase price

  • Foreign funds accepted

Nothing describes me. Can I still get a mortgage?
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Outside the Box

​Outside the Box

  • Stated Income with CPA letter

  • Asset Depletion

  • Bridge loans

  • Cross Collateral loans

  • Bankruptcy, credit event, foreclosure, etc

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