Mortgage Programs
Mortgage Loan Programs & Financing Options
Lisa Stepp-Seritt, Senior Loan Officer with Mpire Financial, NMLS #680403, helps homebuyers, veterans, homeowners and real estate investors understand mortgage financing options based on their goals, property and financial situation. Program availability and qualification requirements vary by borrower, property, lender and state.
Programs for Homebuyers, Veterans & Homeowners
These programs are generally designed around how a home will be owned and occupied. Eligibility, documentation and property requirements vary by borrower, property, lender and transaction.
Conventional Loans
Mortgage financing that is not government-insured, commonly used for primary residences and also available for eligible second homes and investment properties, subject to borrower, property and program requirements.
FHA Loans
Government-insured financing generally designed for owner-occupied primary residences. Guidelines, documentation and property standards vary by program, lender, borrower and transaction.
VA Home Loans
A mortgage benefit for eligible veterans, service members and surviving spouses, generally tied to owner occupancy. Eligibility is based on service history and VA loan entitlement, and requirements vary by transaction.
USDA Loans
Financing supported by the U.S. Department of Agriculture for eligible properties in designated rural areas, generally for owner-occupied primary residences. Location, income and property eligibility requirements apply.
Renovation Loans
Programs that may allow qualified borrowers to combine the purchase or refinance of a home with approved renovation costs in a single mortgage. Project requirements and eligibility vary by program and lender.
Reverse Mortgages
Financing options that may allow eligible homeowners to access a portion of their home equity without a required monthly principal and interest mortgage payment. Eligibility, property requirements, costs and borrower obligations apply.
Second Mortgages / Home Equity
Financing that may allow qualified homeowners to access equity in a home while keeping an existing mortgage in place, such as a home equity loan or line of credit. Availability and terms vary by lender and borrower.
Programs for Real Estate Investors
Investor financing is matched to the property, the rental strategy and the borrower. Detailed investor program information lives on the existing investor financing page rather than being repeated here.
Investment Property Financing
A closer look at financing categories for non-owner-occupied properties, including how investor programs are matched to the property and the transaction.
DSCR Loans
An investor program where many lenders evaluate eligible property rental income instead of relying primarily on traditional personal-income calculations. Learn how the numbers are evaluated.
Non-QM Loans
Alternative documentation and flexible-structure programs for qualified borrowers whose situations may not fit standard agency guidelines, such as certain self-employed borrowers. Availability and requirements vary by lender.
Comparing a DSCR program to a specific property? Use the DSCR loan calculator to estimate the monthly housing payment and see how qualifying rental income compares.
Not Sure Which Mortgage Program Fits?
The appropriate financing depends on how the property will be occupied, the property type, your income and assets, your credit profile, the funds you have available, and your goals as a homeowner or investor. Because each of these factors affects eligibility, the same borrower can have very different options across programs.
Lisa Stepp-Seritt, Senior Loan Officer with Mpire Financial, NMLS #680403, reviews these factors with you and explains which programs may fit your situation and why.
Common questions about mortgage programs
Short, direct answers to the questions borrowers ask most.
- What type of mortgage loan should I consider?
- The right mortgage depends primarily on how the property will be used and occupied, along with your property type, income and assets, credit profile, available funds, and goals. For example, a primary residence, a second home, and an investment property are typically financed with different programs. A conversation about your situation is the most reliable way to identify the options that may fit.
- What is the difference between FHA, VA and conventional financing?
- FHA loans are insured by the Federal Housing Administration and are generally designed for owner-occupied primary residences. VA home loans are a benefit for eligible veterans, service members and surviving spouses, also generally for owner occupancy. Conventional loans are not government-insured and may be used for primary residences, second homes and investment properties, subject to eligibility. Requirements, pricing and program details vary by lender, borrower, property and transaction.
- Can a mortgage include renovation costs?
- Yes. Renovation loan programs may allow qualified borrowers to finance the purchase or refinance of a home together with approved renovation costs in a single mortgage. Project scope, contractor requirements, documentation and eligibility vary by program, lender, borrower, property and transaction.
- What options are available for homeowners who want to access home equity?
- Homeowners may be able to access equity through a second mortgage such as a home equity loan or home equity line of credit, or through a cash-out refinance that replaces the existing mortgage. Eligible homeowners may also have reverse mortgage options, which have their own age, occupancy and property requirements. Availability and terms vary by lender, borrower, property and transaction.
- What mortgage options are available for real estate investors?
- Investors may be able to use conventional financing for investment properties, DSCR loans that may evaluate eligible property rental income, and other programs designed for non-owner-occupied properties. Program availability and requirements vary by lender, borrower, property and transaction. Lisa's investor financing page covers these programs in more detail.
About the Author
Lisa Stepp-Seritt is a Senior Loan Officer with Mpire Financial, NMLS #680403, with more than 25 years of mortgage experience. She educates homebuyers, veterans, homeowners and real estate investors on short-term rental financing, DSCR loans, VA loans, renovation financing and other mortgage strategies. Learn more about Lisa
This website provides general information about consumer and business-purpose mortgage financing. Some programs may be available only for investment or non-owner-occupied properties, while others may have personal occupancy requirements. Program availability, licensing, terms, documentation, and eligibility vary by lender, borrower, property type, occupancy, and state.
All mortgage financing is subject to credit review, income or asset verification when required, appraisal, title, insurance, lender guidelines, and final approval.
Lisa Stepp-Seritt, NMLS #680403
Mpire Financial, NMLS #2108504
Equal Housing Opportunity