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Purchase Option

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For most people, purchasing a home is the biggest financial decision they will ever make. And with homes often costing hundreds of thousands — and in some cases millions — of dollars, most people can’t afford to pay cash for the entire property up front. As a result, they need to take out a home loan (i.e. borrow) from a bank or specialized mortgage lender for borrowers with lower budgets (such as the USDA, FHA, or VA).

Our main goal at Mister.Loans is to help you find the right home financing with the right mortgage lender.

Do you already have a home loan? We can also help you refinance your mortgage and save money.

WHAT IS A MORTGAGE?

A mortgage is a legal agreement between a borrower and mortgage lender. The lender provides money to the borrower to purchase real estate, and in exchange, the borrower agrees to repay the loan, plus interest. The mortgage is secured by the real estate — for example, a home — so if the borrower fails to repay the loan, the lender can repossess the home through foreclosure and sell it to pay off the loan.

Which One Is Right for You?
  • FHA
  • VA LOAN
  • Conventional Loan
  • Conventional Mortgage

Conventional Mortgage or Loan

A conventional mortgage or conventional loan is any type of home buyer’s loan that is not offered or secured by a government entity.

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FHA

While typical home loans require a down payment of 20% of the purchase price of your home, with a Federal Housing Administration, or FHA loan, you can put down as little as 3.5%.

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VA LOAN

If you’ve served in the United States military, a Veterans Affairs or VA loan can be an excellent alternative to a conventional loan.

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Mister Loans is a DBA of Fifth Financial LLC, an equal housing opportunity mortgage broker / lender.

NMLS #1821442 | www.nmlsconsumeraccess.org

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Foreign Nationals

A foreign national loan is a special type of loan that helps non-citizens buy investment property in the United States. This loan has requirements (and interest rates) that slightly differ from standard Fannie Mae or FHA loans.

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Reverse Mortgage

A Home Equity Conversion Mortgage (HECM), the most common type of reverse mortgage, is a special type of home loan only for homeowners who are 62 and older.

Allows homeowners to borrow money using their home as security for the loan.  Also like a traditional mortgage, when you take out a reverse mortgage loan, the title to your home remains in your name.

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VA

A VA loan is a mortgage loan available through a program established by the U.S. Department of Veterans Affairs (VA) (previously the Veterans Administration). With VA loans, veterans, service members, and their surviving spouses can purchase homes with little to no down payment and no private mortgage insurance and generally get a competitive interest rate.

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Private Lending

A private mortgage is a type of mortgage loan whereby funds can be sourced from another person or business rather than borrowing from a bank or other finance provider.

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Asset based

Asset-based mortgage is a kind of NON QM loan qualified by the liquid asset divided by X as the ability to repay.

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DSCR

The debt-service coverage ratio applies to corporate, government, and personal finance. In the context of corporate finance, the debt-service coverage ratio (DSCR) is a measurement of a firm’s available cash flow to pay current debt obligations. The DSCR shows investors whether a company has enough income to pay its debts.

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1099

1099 income NON QM loan option is for self-employed borrowers who are 1099 workers. Many freelancers, contractors, gig economy workers or other self-employed borrowers who file using W-9s and cannot qualify for a mortgage under Agency guidelines.

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P&L Only

Rather than using tax returns, the profit and loss mortgage loan allow the business owner to have their licensed tax preparer provide a 1-2 Year Profit and Loss (P&L) Statement as income, which often provides a more accurate portrait of the applicant’s true income profile.

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Bank Statements

Bank statement loans are a type of non-qualified mortgage loan that allows you to qualify based on bank statements instead of tax returns. The lender will require prospective borrowers to provide a certain number of months’ worth of bank statements in order to prove their ability to repay the loan. This enables self-employed borrowers to access home loans, even if their taxes don’t reflect their full income.

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FHA

A Federal Housing Administration (FHA) loan is a home mortgage that is insured by the government and issued by a bank or other lender that is approved by the agency.

FHA loans require a lower minimum down payment than many conventional loans, and applicants may have lower credit scores than is usually required.

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Conventional

A conventional loan is any mortgage loan that is not insured or guaranteed by the government (such as under Federal Housing Administration, Department of Veterans Affairs, or Department of Agriculture loan programs). 

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Jumbo

 Jumbo loan, or jumbo mortgage, is a home loan for an amount that exceeds the “conforming loan limit” set on mortgages eligible for purchase by Fannie Mae and Freddie Mac, the government-sponsored enterprises (GSEs) that ultimately buy and administer most single-family-home mortgages in the U.S.

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