Loan Programs

We have the products you are looking for.

Traditional Loans

Conventional
Conventional loans are actually any type of creditor agreement that are not guaranteed by the Veterans Administration (VA), or insured by the Federal Housing Administration (FHA). In general, all conventional loans are eligible for sale to the government sponsored entities such as Fannie Mae (FNMA) and Freddie Mac (FHLMC) or to private secondary market investors. There are two different types of Conventional loans; Conforming and Non-Conforming loans. Conforming loans have to meet the guidelines set by Fannie Mae and Freddie Mac. Any loan which does not meet guidelines is a non-conforming loan.
Jumbo

A jumbo loan is a loan in which the amount borrowed is greater than the loan limit set by Fannie Mae (FNMA) & Freddie Mac (FHLMC). A loan amount greater than $484,350, is considered a jumbo loan.

Advantages:

      • Able to finance a home that is over the maximum loan amount of $484,350 established by Fannie Mae and Freddie Mac
      • Enables a borrower to purchase “more house”

Property Types

Investment Property
A real estate property that is not occupied by the owner and has been purchased with the intention of earning a return on the investment either through rent, the future resale of the property, or both. An investment property can be a long-term endeavor, such as a rental home, or an intended short-term investment in the case of rehabilitation (where a property is bought, remodeled or renovated, and sold at a profit).

Advantages:

      • Capital growth
      • Rental income and yield
      • May be tax shelter deductible*
      • Build wealth

*Supreme Lending is not a licensed CPA or Tax consultant and therefore, cannot determine if your mortgage interest will be eligible as a tax deduction per IRS code. You are advised to contact a tax professional. This in no way implies you are guaranteed a tax credit.

Condo Financing
When it comes to local knowledge and local decisions on condo financing – go with the people you know! At Supreme Lending, condo financing is not a “side gig.” We have a dedicated team of experienced professionals who focus on project review and bring years of condominium financing expertise to the table for you. We offer competitive rates and terms plus first rate service you can depend on.

Program Highlights:

      • 10, 15, 20, 25 & 30 Year Fixed Rate Terms Available
      • Up to 97% LTV on Primary Homes
      • Up to 90% LTV on Second Home
      • Up to 85% LTV on Investment Homes
      • Limited Condo Review on Primary Homes up to 75% LTV/90% CLTV or 70% LTV/75% CLTV on Second Homes Based Upon Credit Qualifications

Supreme Highlights:

      • We take a look at the legal description on the title to determine property type
      • We have an entire department focused on project review and condo financing
      • We offer multiple condo financing options and work to clear exceptions to achieve warrantable status
      • Files that do not require the review are done in about 48 hours and close within our 22 day average.
      • Loan amounts from 40k – 2M
      • Fixed rates and ARM’s
Primary Residence
A person’s primary residence is the dwelling where they live, typically a house or a condo. A person can only have one primary residence at any given time, though they may share the residence with other people.

A primary residence is considered as a legal residence for the purpose of income tax and/or acquiring a mortgage.

Advantages:

      • All interest on the mortgage may be tax deductible*
      • Establishes credit history
      • Secured investment
      • Builds equity
      • Can be used to borrow against
      • Gift funds are allowed
      • *Supreme Lending is not a licensed CPA or Tax consultant and therefore, cannot determine if your mortgage interest will be eligible as a tax deduction per IRS code. You are advised to contact a tax professional. This in no way implies you are guaranteed a tax credit.
Second Home
A second home refers to private ownership of a residence other than one’s primary residence. Depending on their purpose, second homes are sometimes called vacation homes or secondary residences. The property must be available for your exclusive use and enjoyment and must not be subject to any rental pools or long-term leases.

Advantages:

      • Buy the home now while employed and retire in it later
      • Build wealth with additional equity
      • Similar terms to primary residence loan

Government Loans

FHA

The Federal Housing Administration was created in 1934 in an effort to bolster homes sales during the Depression. By financially guaranteeing loans, the FHA lifts much of the risk of non-payment and foreclosure from private lenders. It is important to remember that the FHA is not a lender; they just guarantee your loan.

Advantages:

      • Bankruptcy not an automatic disqualification
      • Lower interest rates
      • Down payment is less
      • Lower mortgage points and other closing cost requirements
      • Resale can be made more quickly
      • Is backed by the U.S. government

Features:

      • Down payment required
      • Higher upfront Mortgage Insurance Premium (MIP) than on conventional loans but monthly MIP is lower
      • Loan Limits are lower than conventional
      • MIP required regardless of the Loan-to-Value (LTV)

FHA 3.5% Down Payment

  • Lower Credit scores permitted (as low as 580)
  • Down Payment can be a gift from a family member
  • Minimum 2 years from Bankruptcy
  • Minimum 3 years from Foreclosure
  • Max 6% Seller Assist
  • Down Payment assistance available through CHENOA Fund
VA
A VA loan is a mortgage loan guaranteed by the Veterans Administration. It was created in 1944 and signed into law by President Franklin D. Roosevelt. A VA loan provides veterans and/or their surviving spouses who have not remarried, with a federally guaranteed home with zero down payment. The program, also referred to as the GI Bill, has been highly successful and has helped millions of American veterans and their families acquire a home.

Advantages:

      • No down payment
      • VA does not require private MIP
      • Limit on the amount of origination fees and closing costs that the lender can charge
      • Limit also placed on appraisal fees

Features:

      • Borrower with eligibility remaining must have a Certificate of Eligibility from the VA
      • Borrowers are required to make a one-time funding fee based on loan amount and applicant’s service length.
      • Closing costs can be paid by the lender and the seller.

Loan Purposes

Purchase
The process of acquiring a property for the purpose of primary residence, second home or investment property.

Advantages:

      • All interest on the mortgage may be tax deductible*
      • Establishes credit history
      • Secured investment
      • Builds equity
      • Can be used to borrow against

*Supreme Lending is not a licensed CPA or Tax consultant and therefore, cannot determine if your mortgage interest will be eligible as a tax deduction per IRS code. You are advised to contact a tax professional. This in no way implies you are guaranteed a tax credit.

Cash Out Refinance
In simple terms, a cash-out refinance replaces your current mortgage with another loan that:

      • Pays off your current mortgage balance
      • Uses the equity in your home to provide additional funds for other purposes

A cash-out refinance is a way to both refinance your mortgage and borrow money at the same time. You refinance your mortgage and receive a check at closing. The balance owed on your new mortgage will be higher than your old one by the amount of that check, plus any closing costs rolled into the loan.

It’s sort of like “backing up” your mortgage by taking out some of the money you’ve paid into it and increasing the mortgage principle owed as a result. Cash-out refinancing is basically a combination of refinancing and a home equity loan. You can borrow the money you need, as with a home equity loan or line of credit (HELOC).

Rate Term Refinance
The process of paying off one loan with the proceeds from a new loan, using the same property as security. Cash received by the borrower at closing may not exceed $2,000 (not allowed in Texas). Status varies depending upon State Law. The purpose is, as the name implies, to reduce the interest rate, payment, and/or overall term of the mortgage.

Advantages:

      • Reduction of the interest rate, payment, and/or overall term of the mortgage
      • Limit of $2,000 cash (varies depending upon State Law)

Traditional Loans

Conventional
Conventional loans are actually any type of creditor agreement that are not guaranteed by the Veterans Administration (VA), or insured by the Federal Housing Administration (FHA). In general, all conventional loans are eligible for sale to the government sponsored entities such as Fannie Mae (FNMA) and Freddie Mac (FHLMC) or to private secondary market investors. There are two different types of Conventional loans; Conforming and Non-Conforming loans. Conforming loans have to meet the guidelines set by Fannie Mae and Freddie Mac. Any loan which does not meet guidelines is a non-conforming loan.
Jumbo

A jumbo loan is a loan in which the amount borrowed is greater than the loan limit set by Fannie Mae (FNMA) & Freddie Mac (FHLMC). A loan amount greater than $484,350, is considered a jumbo loan.

Advantages:

      • Able to finance a home that is over the maximum loan amount of $484,350 established by Fannie Mae and Freddie Mac
      • Enables a borrower to purchase “more house”

Property Types

Investment Property
A real estate property that is not occupied by the owner and has been purchased with the intention of earning a return on the investment either through rent, the future resale of the property, or both. An investment property can be a long-term endeavor, such as a rental home, or an intended short-term investment in the case of rehabilitation (where a property is bought, remodeled or renovated, and sold at a profit).

Advantages:

        • Capital growth
        • Rental income and yield
        • May be tax shelter deductible*
        • Build wealth

*Supreme Lending is not a licensed CPA or Tax consultant and therefore, cannot determine if your mortgage interest will be eligible as a tax deduction per IRS code. You are advised to contact a tax professional. This in no way implies you are guaranteed a tax credit.

Condo Financing
When it comes to local knowledge and local decisions on condo financing – go with the people you know! At Supreme Lending, condo financing is not a “side gig.” We have a dedicated team of experienced professionals who focus on project review and bring years of condominium financing expertise to the table for you. We offer competitive rates and terms plus first rate service you can depend on.

Program Highlights:

        • 10, 15, 20, 25 & 30 Year Fixed Rate Terms Available
        • Up to 97% LTV on Primary Homes
        • Up to 90% LTV on Second Home
        • Up to 85% LTV on Investment Homes
        • Limited Condo Review on Primary Homes up to 75% LTV/90% CLTV or 70% LTV/75% CLTV on Second Homes Based Upon Credit Qualifications

Supreme Highlights:

        • We take a look at the legal description on the title to determine property type
        • We have an entire department focused on project review and condo financing
        • We offer multiple condo financing options and work to clear exceptions to achieve warrantable status
        • Files that do not require the review are done in about 48 hours and close within our 22 day average.
        • Loan amounts from 40k – 2M
        • Fixed rates and ARM’s
Primary Residence
A person’s primary residence is the dwelling where they live, typically a house or a condo. A person can only have one primary residence at any given time, though they may share the residence with other people.

A primary residence is considered as a legal residence for the purpose of income tax and/or acquiring a mortgage.

Advantages:

        • All interest on the mortgage may be tax deductible*
        • Establishes credit history
        • Secured investment
        • Builds equity
        • Can be used to borrow against
        • Gift funds are allowed
        • *Supreme Lending is not a licensed CPA or Tax consultant and therefore, cannot determine if your mortgage interest will be eligible as a tax deduction per IRS code. You are advised to contact a tax professional. This in no way implies you are guaranteed a tax credit.
Second Home
A second home refers to private ownership of a residence other than one’s primary residence. Depending on their purpose, second homes are sometimes called vacation homes or secondary residences. The property must be available for your exclusive use and enjoyment and must not be subject to any rental pools or long-term leases.

Advantages:

        • Buy the home now while employed and retire in it later
        • Build wealth with additional equity
        • Similar terms to primary residence loan

Government Loans

FHA

The Federal Housing Administration was created in 1934 in an effort to bolster homes sales during the Depression. By financially guaranteeing loans, the FHA lifts much of the risk of non-payment and foreclosure from private lenders. It is important to remember that the FHA is not a lender; they just guarantee your loan.

Advantages:

      • Bankruptcy not an automatic disqualification
      • Lower interest rates
      • Down payment is less
      • Lower mortgage points and other closing cost requirements
      • Resale can be made more quickly
      • Is backed by the U.S. government

Features:

      • Down payment required
      • Higher upfront Mortgage Insurance Premium (MIP) than on conventional loans but monthly MIP is lower
      • Loan Limits are lower than conventional
      • MIP required regardless of the Loan-to-Value (LTV)

FHA 3.5% Down Payment

  • Lower Credit scores permitted (as low as 580)
  • Down Payment can be a gift from a family member
  • Minimum 2 years from Bankruptcy
  • Minimum 3 years from Foreclosure
  • Max 6% Seller Assist
  • Down Payment assistance available through CHENOA Fund
VA
A VA loan is a mortgage loan guaranteed by the Veterans Administration. It was created in 1944 and signed into law by President Franklin D. Roosevelt. A VA loan provides veterans and/or their surviving spouses who have not remarried, with a federally guaranteed home with zero down payment. The program, also referred to as the GI Bill, has been highly successful and has helped millions of American veterans and their families acquire a home.

Advantages:

        • No down payment
        • VA does not require private MIP
        • Limit on the amount of origination fees and closing costs that the lender can charge
        • Limit also placed on appraisal fees

Features:

        • Borrower with eligibility remaining must have a Certificate of Eligibility from the VA
        • Borrowers are required to make a one-time funding fee based on loan amount and applicant’s service length.
        • Closing costs can be paid by the lender and the seller.

Loan Purposes

Purchase
The process of acquiring a property for the purpose of primary residence, second home or investment property.

Advantages:

        • All interest on the mortgage may be tax deductible*
        • Establishes credit history
        • Secured investment
        • Builds equity
        • Can be used to borrow against

*Supreme Lending is not a licensed CPA or Tax consultant and therefore, cannot determine if your mortgage interest will be eligible as a tax deduction per IRS code. You are advised to contact a tax professional. This in no way implies you are guaranteed a tax credit.

Cash Out Refinance
In simple terms, a cash-out refinance replaces your current mortgage with another loan that:

        • Pays off your current mortgage balance
        • Uses the equity in your home to provide additional funds for other purposes

A cash-out refinance is a way to both refinance your mortgage and borrow money at the same time. You refinance your mortgage and receive a check at closing. The balance owed on your new mortgage will be higher than your old one by the amount of that check, plus any closing costs rolled into the loan.

It’s sort of like “backing up” your mortgage by taking out some of the money you’ve paid into it and increasing the mortgage principle owed as a result. Cash-out refinancing is basically a combination of refinancing and a home equity loan. You can borrow the money you need, as with a home equity loan or line of credit (HELOC).

Rate Term Refinance
The process of paying off one loan with the proceeds from a new loan, using the same property as security. Cash received by the borrower at closing may not exceed $2,000 (not allowed in Texas). Status varies depending upon State Law. The purpose is, as the name implies, to reduce the interest rate, payment, and/or overall term of the mortgage.

Advantages:

        • Reduction of the interest rate, payment, and/or overall term of the mortgage
        • Limit of $2,000 cash (varies depending upon State Law)