Questions & Answers
Frequently asked questions about your loan
Low Down Payment
Refinance
Large Loan Amounts
ARMs
Flexible Qualifying Criteria
ConstructionLoan Programs
We feature a variety of loan programs to suit most any need.
We've organized our loan programs according to the features they include. Use the icons to help select by loan feature. Select each loan program to learn more.
Standard Conventional Loans are great for any borrower! Whether you're a first-time homebuyer, looking to purchase a second home, interested in purchasing an investment property or looking to refinance your current mortgage; Home Point Financial offers a variety of conventional loan options to fit your needs.
Advantages
- Purchase programs with as little as 3% down (owner-occupied)
- Fixed-Rate Mortgage options available with 10- to 30-year terms
- Adjustable Rate Mortgages (ARMs) available with low interest rate and adjusted payment over time
- Possibility of eliminating mortgage insurance
- Minimum Credit Score of 620
Home Point Financial is setting the standard for Non-Agency solutions with our new Edge program. Each tier is specifically designed to help meet the nuances of your unique needs. Backed by our highly-experienced team, dedicated support and forward-thinking technology, Home Point Edge is one more way we strive to exceed your expectations.
Home Point Edge offers:
- A bank statement program to 90% LTV @ $1MM
- 5% down Jumbo purchase loans with near-prime rates to $1.5MM
- Asset utilization on purchase loans to 90% LTV @ $1.5MM
- AUS Express program leverages DU findings for self-employed consumers
And more
FHA loans are a great option for borrowers in need of a low down payment option or flexible credit score requirements to purchase or refinance a home. Home Point Financial offers a variety of FHA options, including the FHA Streamline program, which requires reduced documentation and underwriting compared to switching programs.
Advantages
- Down payment as low as 3.5%
- Fixed-Rate Mortgage options available with 10- to 30- year terms
- Adjustable Rate Mortgages (ARMs) available
- High Balance available in certain counties
- Minimum credit score of 580
Veterans and active duty service members can make home ownership a reality through the VA Loan Program. This program has low down payment options for purchase, competitive rates and a streamlined refinance option that reduces documentation needed to close – the VA Interest Rate Reduction Refinance Loan (IRRRL). The IRRRL is a longstanding program to honor veterans; this offering allows for qualifying flexibilities and other options not offered in any other loan program.
Advantages
- No down payment
- No private mortgage insurance
- Fixed-Rate Mortgage options available with 15- to 30- year terms
- Adjustable Rate Mortgages (ARMs) available
- Refinance with the VA IRRRL
- Minimum credit score of 580
If you are looking for a home in a rural area, the USDA Loan Program offers low- and moderate-income borrowers more affordable housing finance options with little or no down payment or out-of-pocket costs. USDA’s definition of rural is liberal - 97% of properties can qualify for the program.
Advantages
- No down payment
- Only 1 credit score required per borrower
- Seller can contribute to the borrower’s closing costs
- Fixed-Rate 30 year
- Minimum 620 credit score
HomeReady® is a new loan program offered by Fannie Mae designed for creditworthy low- to moderate-income borrowers with expanded eligibility for financing a home, such as non-occupant co-borrowers, boarder income, rental income, and even non-borrower household income.
Advantages
- Down payment as low as 3% with no minimum borrower contribution
- Lower private mortgage insurance costs
- Use income from non-occupant co-borrowers to qualify
- Down payment sources can include gifts, cash-on-hand, and down payment assistance programs.
- Income from non-borrowing household members can help you qualify.
- “Boarder income” (income from a roommate) can help you qualify.
- Use rental income from a basement apartment or mother-in-law unit.
The Freddie Mac Home Possible® loan program is designed for qualified low- and moderate-income borrowers. Through Home Possible® borrowers can qualify for a conforming conventional mortgage with a down payment as low as 3% of the property purchase price and no minimum borrower financial contribution. This program also can be used for a “no cash out” refinance of an existing mortgage.
Advantages
- Down payment as low as 3% down with no minimum borrower contribution
- Flexible sources of income are allowed, including rental income from boarders and other units in multi-unit properties.
- Potentially reduced interest rate for borrowers with low incomes or for properties in underserved areas
- No upfront FHA mortgage insurance premium (MIP) and potentially lower ongoing private mortgage insurance (PMI) cost as compared to the ongoing FHA MIP cost
- Borrower(s) not required to maintain reserves if buying a single-family property
The Jumbo Loan Programs are geared toward borrowers looking to finance a loan above the Conventional County Loan Limits – currently $453,100. The Jumbo Suite is a combination of three offerings that have more flexibility than High Balance loans, including an option with no mortgage insurance, more fixed-rate options and financing up to $2.5 million. Jumbo loans can be used for a first-time homebuyer, an investment property or to refinance an existing property.
Advantages
- Ability to exceed county loan limits
- Finance up to $2.5 million
- Fixed Rate Mortgage options available with 10- to 30-year terms
- Adjust Rate Mortgages (ARMs) available
- No mortgage insurance required if your loan-to-value ratio is greater than 80%
- Minimum credit score of 661
This program is for borrowers looking to purchase or refinance a loan amount above the Conventional County Loan Limits – $453,100 – through a Conventional fixed-rate loan. The High Balance Loan Program may be perfect for you if you’re looking to refinance your existing home or purchase a second home or investment property that exceeds the county loan limits.
Advantages
- Ability to exceed county loan limits in select counties
- Fixed-Rate mortgage options available with 15- and 30- year terms
- Adjustable Rate Mortgages (ARMs) available
- Minimum Credit Score of 620
Have you found the perfect home that needs a little work? A renovation loan program may be the perfect fit. With the FHA 203(k) Standard, FHA 203(k) Limited and HomeStyle® Renovation programs, you can finance both the home as well as the repairs needed to fix up the home.
Advantages
- Allows funds to purchase home and make repairs
- Low down payment options
- FHA 203(k) allows a maximum of $35k for minor repairs
- HomeStyle allows repair costs to be up to 50% of as-completed value
- Minimum credit score of 620
The Home Affordable Refinance Program (HARP) allows borrowers who are current on their mortgage to refinance their home, even if they are underwater due to falling property values. This is a limited time program offered through the Federal government to help homeowners save on their monthly mortgage by refinancing without an appraisal.
Advantages
- Fixed-Rate mortgage options available with 10- to 30-year terms
- Adjustable Rate Mortgages (ARMs) available
- No minimum credit score
Through TCF Bank, we offer second mortgages on primary and second homes where Home Point Financial holds the first mortgage. This option is often used to take out equity for large purchases or home improvements, such as a kitchen remodel or to pay for upcoming college tuition. This loan option must close in conjunction with a Home Point Financial first lien mortgage loan.
Advantages
- Maximum $1.5 million combined loan amount
- Maximum $350,000 line amount