Universal Lending offers a wide array of mortgage products to fit your needs, including the following...
Conventional Fixed Rate Loans
Standard mortgage with a consistent interest rate and monthly payment over the life of the loan. Includes the following types of loans:
- FNMA HomeReady: Designed for low-to-moderate-income borrowers, offering reduced mortgage insurance and down payment requirements.
- FHLMC Home Possible: A Freddie Mac-backed loan that helps low-income borrowers with flexible credit terms and a low down payment option.
- FHLMC HomeOne: A Freddie Mac program for first-time homebuyers offering 3% down.
Federal Housing Administration (FHA) Loans
An FHA Loan is a government-backed mortgage that requires just 3.5% down and offers flexible credit guidelines. With down payment assistance, some buyers can qualify for up to 100% financing, making it easier to buy a home with little to no upfront cost.
Veterans Affair (VA) Loans
A VA Loan is a government-backed mortgage option available exclusively to eligible veterans, active-duty service members, and some military spouses. It offers 100% financing, meaning no down payment is required, along with no mortgage insurance and more flexible credit and income guidelines, making it one of the most affordable ways for those who have served to buy a home.
Adjustable-Rate Loans
Adjustable-Rate loans offer a lower initial interest rate than fixed-rate loans, which can mean lower monthly payments at the start. Over time, the rate adjusts periodically based on market conditions, which may increase or decrease your payment depending on the economy. These loans can be a great option for buyers who plan to move or refinance within a few years.
Jumbo Loans
Jumbo Loans are designed for financing higher-priced homes that exceed the conventional loan limits set by Fannie Mae and Freddie Mac. These loans are ideal for buyers in high-cost areas or those purchasing luxury properties, and they often require strong credit, a larger down payment, and additional documentation.
Down Payment Assistance Programs
State and Local Down Payment Assistance Programs offer grants or low-interest loans to help buyers cover down payments and closing costs. These programs vary by location and are often geared toward first-time homebuyers or those with moderate incomes, making homeownership more accessible and affordable.
Non-Qualified Mortgage
Flexible loans for borrowers who may not meet traditional lending guidelines. This includes:
- DSCR Loan: For investors; qualifies using rental income instead of personal income.
- Bank Statement Loan: Self-employed borrowers using 12–24 months of bank statements, not tax returns.
- P&L Loan: Uses CPA-prepared profit & loss statements to verify income.
- 1099 Loan: For contractors; qualifies using 1099 forms instead of W-2s.
- Asset Utilization: Qualifies based on liquid assets like savings and investments.
- ITIN Loan: For borrowers with an ITIN instead of a Social Security Number.
Loan Types
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Transcript
Universal Lending offers a wide array of mortgage products to fit your needs, including the following...
Conventional Fixed Rate Loans
Standard mortgage with a consistent interest rate and monthly payment over the life of the loan. Includes the following types of loans:
Federal Housing Administration (FHA) Loans
An FHA Loan is a government-backed mortgage that requires just 3.5% down and offers flexible credit guidelines. With down payment assistance, some buyers can qualify for up to 100% financing, making it easier to buy a home with little to no upfront cost.
Veterans Affair (VA) Loans
A VA Loan is a government-backed mortgage option available exclusively to eligible veterans, active-duty service members, and some military spouses. It offers 100% financing, meaning no down payment is required, along with no mortgage insurance and more flexible credit and income guidelines, making it one of the most affordable ways for those who have served to buy a home.
Adjustable-Rate Loans
Adjustable-Rate loans offer a lower initial interest rate than fixed-rate loans, which can mean lower monthly payments at the start. Over time, the rate adjusts periodically based on market conditions, which may increase or decrease your payment depending on the economy. These loans can be a great option for buyers who plan to move or refinance within a few years.
Jumbo Loans
Jumbo Loans are designed for financing higher-priced homes that exceed the conventional loan limits set by Fannie Mae and Freddie Mac. These loans are ideal for buyers in high-cost areas or those purchasing luxury properties, and they often require strong credit, a larger down payment, and additional documentation.
Down Payment Assistance Programs
State and Local Down Payment Assistance Programs offer grants or low-interest loans to help buyers cover down payments and closing costs. These programs vary by location and are often geared toward first-time homebuyers or those with moderate incomes, making homeownership more accessible and affordable.
Non-Qualified Mortgage
Flexible loans for borrowers who may not meet traditional lending guidelines. This includes: