LOAN TYPES WE OFFER
At Total Mortgage Lending LLC, we understand that every borrower has a different financial story and homeownership goal. That is why we offer a variety of mortgage solutions designed for first-time buyers, repeat buyers, veterans, rural homebuyers, real estate investors, and self-employed borrowers. Below is a general overview of common loan programs and what may be required.
FHA Loans
FHA loans are popular for first-time homebuyers and borrowers looking for more flexible credit and down payment options. These loans are insured by the Federal Housing Administration and can be a strong choice for buyers with limited savings or past credit challenges. FHA financing is commonly used for primary residences only.
Typical benefits may include lower down payment options and more flexible qualification standards than some conventional programs. Credit scores often start in the mid-500s to low-600s depending on the lender, down payment, and full loan profile. Borrowers with stronger scores may receive better terms.
Common documents requested may include pay stubs, W-2s, tax returns if needed, bank statements, identification, and authorization to review credit. Self-employed borrowers may need additional documentation. Mortgage insurance is typically required on FHA loans.
Conventional Loans
Conventional loans are not government-backed and are often ideal for borrowers with stronger credit profiles and stable income. These loans can be used for primary homes, second homes, and investment properties depending on the program. Many buyers choose conventional financing for flexibility and competitive pricing.
Down payment requirements vary and may be lower than many people expect. Credit score expectations commonly begin around the low- to mid-600s, with better pricing often available for higher scores. Debt-to-income ratio, reserves, and overall financial strength are also considered.
Typical documents may include income verification, W-2s, tax returns when needed, bank statements, asset documentation, and credit authorization. Private mortgage insurance may apply when the down payment is below certain thresholds.
VA Loans
VA loans are available to eligible veterans, active-duty service members, and certain surviving spouses. These loans are backed by the U.S. Department of Veterans Affairs and can provide excellent financing benefits for qualified borrowers. VA loans are generally intended for primary residences.
Many VA borrowers may qualify for low or no down payment options, no monthly mortgage insurance, and flexible credit guidelines. Credit score expectations vary by lender, but many approvals begin in the low- to mid-600s depending on the overall profile.
Required documentation may include Certificate of Eligibility (COE), income documents, identification, bank statements, and credit review authorization. Additional service-related documentation may be requested depending on the file.
USDA Loans
USDA loans are designed to help eligible borrowers purchase homes in qualifying rural and suburban areas. These loans are backed by the U.S. Department of Agriculture and are intended for owner-occupied primary residences. Income limits and property eligibility rules apply.
Many USDA programs offer low or no down payment options for qualified borrowers. Credit score expectations often begin around the low-600s, though approvals depend on the complete loan file. Stable income and acceptable debt ratios are important factors.
Typical documents requested include income verification, pay stubs, W-2s, tax returns if needed, bank statements, identification, and credit authorization. We can help review whether a property location may qualify.
DSCR Loans
DSCR stands for Debt Service Coverage Ratio. These loans are commonly used by real estate investors purchasing or refinancing rental properties and are often based primarily on the property’s income potential rather than the borrower’s personal income. DSCR loans are not intended for primary residences.
Qualification is commonly based on rental income compared to the proposed housing payment on the property. Credit score expectations often begin in the low- to mid-600s, with stronger options available for higher scores and lower leverage.
Typical documents may include lease agreements, appraisal with market rent analysis, property insurance information, asset statements, entity documents if applicable, and identification. Personal tax returns may be limited or not required depending on the program.
NON-QM Loans
NON-QM stands for Non-Qualified Mortgage. These loans are designed for borrowers who may not fit standard agency guidelines, such as self-employed borrowers, business owners, investors, foreign nationals, or borrowers with unique income situations. NON-QM loans can provide flexible solutions when traditional financing is not the best fit.
Programs may include bank statement loans, asset utilization loans, interest-only options, recent credit event programs, and alternative income documentation solutions. Credit score expectations vary widely but often begin around the mid-600s depending on the program.
Documents requested depend on the loan type and may include personal or business bank statements, profit and loss statements, CPA letters, asset statements, identification, and credit review authorization. Larger down payments or reserves may be required in some cases.
Which Loan Type Is Best for You?
The right loan depends on your goals, income type, credit profile, property use, and available funds. Some borrowers benefit from low down payment options, while others need flexible documentation programs or investment property solutions. We help compare available options so you can make an informed decision.
Ready to Explore Your Options?
Look for the Apply button on our website and click to get started. We proudly serve borrowers throughout Florida and Georgia and are ready to help you review the best mortgage solution for your needs.