Question 1

What Interest Rates Will You Get?

Accepted Answer

The three key criteria impacting your interest rate are: Your Credit, Your credit score has a large impact on your qualifying interest rate.The higher your score, the better your interest rate will be.A credit score about 760 will usually qualify you to get the best rates available. Your loan product and downpayment, The type of loan product(e.g.Conventional, VA, FHA, etc.) and size of your down - payment will impact the interest rate you qualify for. Your occupancy, Interest rates vary depending on whether the property will be your Primary residence, Second Home, or Investment Property.

Question 2

What is a conventional loan?

Accepted Answer

A conventional loan is a type of mortgage that is not guaranteed or insured by the government. It is offered by private lenders and is based on the borrower’s creditworthiness, income, and other factors. Conventional loans typically have stricter requirements for down payment and credit score than government - backed loans, but they offer more flexibility in terms of loan amount and repayment options.Interest rates on conventional loans may be fixed or adjustable, and they can be used for various purposes, such as purchasing a home or refinancing an existing mortgage. Property Type Requirements: Primary Residence Second Homes Investment Properties(1– 4 units) New Construction End - Loans(Builder Financed) Draw - Loans(Borrower Financed) Fixed or Adjustable Rate options 1 % Down Conventional loans This program is specifically designed for borrowers with income at or below 50 % of the Area Median Income(AMI).

Question 3

What is a Veteran or VA Loan?

Accepted Answer

A VA loan is a type of mortgage that is guaranteed by the U.S. Department of Veterans Affairs (VA) and is designed to help active-duty military personnel, veterans, and their eligible spouses buy a home. VA loans may be used to purchase a primary residence, refinance an existing mortgage, or make home improvements. VA loans have many valuable benefits such as: $0 down payment requirement Low - interest rates No private mortgage insurance(PMI). Reduced lender fees. The ability to finance some / all of the closing costs into the loan. Far far away, behind the word mountains, far from the countries Vokalia and Consonantia, there live the blind texts.A small river named Duden flows by their place and supplies it with the necessary regelialia

Question 4

What is a FHA loan?

Accepted Answer

An FHA loan is a type of mortgage that is insured by the Federal Housing Administration (FHA), a government agency within the U.S. Department of Housing and Urban Development (HUD). FHA loans are designed to help homebuyers with low or moderate income and limited credit history qualify for a mortgage.FHA loans have less stringent requirements than conventional loans, including a lower minimum down payment, lower credit score requirements, and more flexible debt - to - income ratios.FHA loans can be used to purchase a primary residence or refinance an existing mortgage.

Question 5

What is a USDA Loan?

Accepted Answer

A USDA loan is a type of mortgage that is guaranteed by the U.S. Department of Agriculture (USDA) and is designed to help people buy homes in rural areas or suburban areas that are eligible for USDA financing. USDA loans offer several benefits, including no down payment requirements, competitive interest rates, and flexible credit score and income requirements. To be eligible for a USDA loan, the property must be located in an eligible rural area, and the borrower must meet certain income requirements based on their location, family size, and other factors.USDA loans can be used to purchase a primary residence, and they may also be used to make home improvements or repairs.

Question 6

What is a Jumbo Loan?

Accepted Answer

A jumbo loan is a type of mortgage that exceeds the limits set by the Federal Housing Finance Agency (FHFA) for conforming loans. In most areas of the United States, the conforming loan limit is $726,200 for a single-family home in 2023. Jumbo loans are typically used to finance higher - priced properties, such as luxury homes, and they often have stricter credit score and debt - to - income requirements than conforming loans. Jumbo loans may also have higher interest rates and require a larger down payment than conforming loans.Jumbo loans can be fixed - rate or adjustable - rate mortgages and can be used to purchase a primary residence, a second home, or an investment property.

Question 7

What is a Non-QM Loan?

Accepted Answer

A non-QM (Qualified Mortgage) loan is a type of mortgage that does not meet the criteria for a QM loan, which is a type of mortgage that meets certain federal guidelines designed to ensure that borrowers have the ability to repay their loan. Non - QM loans are typically offered to borrowers who have unique financial situations or do not meet the strict underwriting requirements of QM loans.They may have more flexible underwriting criteria, such as allowing for higher debt - to - income ratios, lower credit scores, or non - traditional sources of income. Non - QM loans can be used to purchase a primary residence, a second home, or an investment property.These are the non - QM loans we currently offer: Debt - Service - Coverage - Ratio(DSCR) Loans Bank Statement Loans 1099 - Only Loans Ability to close in an LLC 10 % Down No PMI options

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ClearPath Mortgage Solutions, Inc. is a Registered Mortgage Broker, NYS Department of Financial Services, and a licensed mortgage broker of Florida Department of Financial Services NMLS #1394615. Mortgage loans arranged through third party providers. Equal Housing Opportunity.

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