Loan
Programs

We’ve got you covered.

Conventional Loans

Conventional loans are available with low down payment requirements (with qualifying credit requirements). They are backed by Fannie Mae or Freddie Mac and in some cases a portfolio bank. Conventional loans can be used to finance 2nd homes, investment properties, single family residences and condos. Conventional loans with 80% or lower LTV (Loan-to-Value) ratio will not require mortgage insurance added to the payment. Conventional loans can be financed as a 10 to 30 year fixed, as well as 7/1, 5/1, 3/1, and a 1/1 adjustable rate mortgages (ARMs.)

FHA Loans

FHA home loans are mortgage loans that are insured against default by the Federal Housing Administration (FHA). The benefits of an FHA loan are low down payment requirements, flexible income, debt, and credit requirements, down payment and closing costs may be funded by a gift, grant or secured loan. They also come in handy for homebuyers with limited savings and/or low-to-moderate income.

VA Loans

The VA (Veterans Administration) Loan provides veterans with a federally guaranteed home loan, which requires no down payment. This program was designed to provide housing and assistance for veterans and their families. The benefits of a VA loan are no down payment requirements, flexible income, debt, and credit requirements, down payment and closing costs may be funded by a gift, grant or secured loan. These loans are for homebuyers that are qualified veterans, reservists, active-duty service members, have limited savings and/or low-to-moderate income.

USDA/Rural Housing

Guaranteed by the USDA, Rural Housing Loans are similar to VA and FHA, except they are only available in select rural areas and have income limitations. Rural housing loans are not limited to first time home buyers and do not require a down payment. The seller can contribute up to 6% of the purchase price towards buyers closing and prepaid costs. Financing is available as a 30-year fixed only, for single-family residences and condos only.

Reverse Mortgage

A reverse mortgage is a type of home equity loan that allows homeowners to convert some of their equity into cash while retaining home ownership. Reverse mortgages are designed for senior citizens age 62 and older who own and occupy their home. A reverse mortgage may include tax-free funds, no loan repayment, no income, medical or credit requirements. The borrower must continue to pay insurance and real estate taxes.

Jumbo Loans

Jumbo loans are available up to $2 million. Available for refinances or purchases, mortgage insurance is not required. Jumbo loans can be financed as a 15 or 30-year fixed rate mortgage or as a competitive ARM product.  These loans are for homebuyers who need financing to purchase a more expensive property or investment-minded buyers who can make a large purchase but want to leverage their assets more effectively.

Investor Loans

SN Mortgage Company typically utilizes conventional loans for investment properties. These programs generally require a 20-25% down payment and full documentation of income and assets. We also offer the SNL Direct Program specifically for business purpose investment property loans. This program caters to borrowers who may not qualify due to credit history while allowing stated income and verified assets.

Portfolio Loans

Real estate investments don’t have to be hard. Our SNL Direct portfolio loan makes investing in your next property easier. SNL Direct Portfolio loans are backed by our sister company, Security National Life (SNL), so they feature an array of exclusive benefits, like no income documentation and closing in the name of an LLC.

VHDA Loans

VHDA offers a variety of affordable conventional and government first mortgage loan programs. Some don’t require any down payment, some allow for credit scores as low as 620, and all are 30-yr, fixed-rate loans, serviced by VHDA right here in Virginia. There are even options available for repeat buyers!

VHDA currently has two options to assist first-time homebuyers with saving for a down payment. First there is a down payment assistance grant that covers the majority of the down payment required on some of our first-mortgage loan programs. We also offer the VHDA Plus Second Mortgage which covers the entire down payment, and in some cases, can also cover a portion of the closing costs involved in the transaction. Contact us to find out if you meet the eligibility requirements for these programs.

More Options

Whether it is a new construction loan, down payment assistance, or our fresh start program, we’ve got you covered. The loan landscape is constantly changing and we stay current with the latest loan programs. Our licensed loan professionals are happy to discuss your situation and recommend a solution.