How to Qualify and Apply?
There are different types of loans in mortgage
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A conventional loan is a type of mortgage loan that is not insured or guaranteed by the government. Instead, the loan is backed by private lenders, and its insurance is usually paid by the borrower. Conventional loans are much more common than government-backed financing. Minimum down payment starts at 3%.
An FHA loan is a government-backed mortgage insured by the Federal Housing Administration, or FHA for short. Popular with first-time homebuyers, FHA home loans require lower minimum credit scores and down payments than many conventional loans. Although the government insures the loans, they are actually offered by FHA-approved mortgage lenders like Second Finance, Lc.
To be eligible for an FHA loan, borrowers must meet the following lending guidelines: FICO score of 500 to 579 with 10% down or a FICO score of 580 or higher with 3.5% down.
USDA Home Loans
USDA loans are mortgages backed the U.S. Department of Agriculture as part of its Rural Development Guaranteed Housing Loan program. USDA loans are available to home buyers with low-to-average income for their area. They offer financing with no down payment, reduced mortgage insurance and below-market mortgage rates.
A VA loan is a $0-down mortgage option issued by private lenders and partially backed, or guaranteed, by the Department of Veterans Affairs (VA). Eligible borrowers can use a VA loan to purchase a property as their primary residence or refinance an existing mortgage.
ITIN HOME LOAN
If you are an undocumented immigrant and do not have a social security number and need a mortgage to purchase a home, there is a program for you. The ITIN home loan is the program you are looking for. It does not require a social security number. All you need is your ITIN Card (Individual Tax Identification Number) and you are on your way to home ownership.
DACA HOME LOAN
In January, the Federal Housing Administration (FHA) updated its policy to permit DACA recipients, also known as Dreamers, to qualify for federally-backed mortgages. The change means that some undocumented immigrants who arrived in the U.S. as children are now eligible for home loans targeted at lower-income borrowers.
The FHA’s policy change means its loans are now available to DACA recipients, who previously were prohibited from receiving its mortgages. The new policy means the American Dream may now be attainable for more Dreamers than ever.
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We are a Non Bank lender that can offer you more home loan products that banks just cannot begin to compete with.
We can get you into your home fast. The Banks cannot help themselves. There has been a fundamental shift in regulations that took place in response to the housing crisis. The regulatory atmosphere for banks changed from a risk-management regime to a zero-tolerance and 100-percent-compliance industry. This has created an opportunity for Second Finance, Lc to focus entirely on mortgages and our clients. Apply Now