Eight programs, placed on purpose
A broker does not sell you a product. We work out which program fits the file, then which desk on the panel underwrites that program best. Those are two different questions and most lenders can only answer the first.
- Programs
- Eight
- Panel
- 24 wholesale lenders
- Quotes
- 3 to 5 per file, same morning
Buying
The four programs most Albuquerque and Rio Rancho purchases end up on. Two of them need no down payment at all if you qualify.
Conventional conforming
Agency financing from 3% down with mortgage insurance you can remove.
- Minimum down payment: 3% first-time buyer, 5% otherwise
- Typical minimum mid-FICO: 620, priced meaningfully better at 700+
Read the detail
FHA 203(b)
3.5% down with room for a thinner credit profile and gift funds.
- Minimum down payment: 3.5% at 580+ mid-FICO
- Gift funds: 100% of the down payment may be gifted
Read the detail
VA purchase
Zero down, no monthly mortgage insurance, for eligible service members and spouses.
- Down payment: 0% up to full entitlement
- Monthly mortgage insurance: None
Read the detail
USDA rural development
No down payment in eligible tracts outside the metro core.
- Down payment: 0% in eligible tracts
- Income test: Household income limit, counts all adults
Read the detail
Bigger or unusual files
Where a broker earns the fee. These four exist because agency underwriting does not fit every honest borrower.
Jumbo and high balance
Above the county conforming limit, with a different underwriting culture.
- Typical minimum down: 10% to 20% depending on loan size and investor
- Reserves: 6 to 12 months post-closing, retirement assets discounted
Read the detail
Bank statement (self-employed)
Qualify on 12 or 24 months of business deposits instead of tax returns.
- Documentation: 12 or 24 months of business or personal statements
- Typical down payment: 10% to 20% depending on credit and months documented
Read the detail
DSCR investment
Underwritten on the property's rent, not your personal income.
- Qualifying test: Rent divided by full housing payment
- Typical minimum ratio: 1.00 for best pricing, down to 0.75 with more equity
Read the detail
Renovation 203(k)
Finance the purchase and the repair budget in one loan.
- Two versions: Limited 203(k) and standard 203(k)
- Down payment: 3.5% FHA, or 5% on the conventional equivalents
Read the detail
Broker, bank, or the lender advertising on the radio
All three can write you a mortgage. They differ on who chooses the rulebook, who you speak to in week three, and what happens when your file does not fit neatly.
| The question | Independent broker | Retail bank | Direct-to-consumer lender |
|---|---|---|---|
| How many sets of guidelines can your file be measured against? | Every lender on the panel, currently 24 wholesale relationships | One. Theirs. | One, plus whatever their capital markets desk allows that week |
| Who decides which loan program you are offered? | You do, after seeing the same scenario priced by three to five lenders | The loan officer, from the products that bank sells | An algorithm, from the products that lender sells |
| What happens when the file has an unusual story? | It moves to a lender whose overlays fit the story | It is declined, or it waits for an exception request | It is declined by the engine, usually without a reason you can act on |
| Who pays the originator? | Disclosed on the Loan Estimate as either lender-paid or borrower-paid compensation | Built into the rate, not itemized | Built into the rate, not itemized |
| Who do you call in week three when underwriting asks for something? | The same person who took your application | A processing center, often in another state | A portal message queue |
| Can the file move lenders if pricing or service goes wrong? | Yes, and we have done it mid-process when a lock expired badly | No. Start again elsewhere. | No |
| Who orders and manages the appraisal? | An appraisal management company through the chosen lender, with us chasing it | The bank's panel, on the bank's timeline | The lender's panel, tracked through a portal |
| What does it cost you to compare? | Nothing. One credit pull covers all panel quotes within the shopping window | A separate application at each bank | A separate application at each lender |
Choosing a program
Not covered here? Call (505) 555-0135 or send us a note. Se habla español.
The program floors are 580 for FHA and 620 for conventional, but lender overlays often sit higher than the program floor, and pricing improves at 660, 680, 700, 720 and 740. Our credit readiness page shows what moving one tier is typically worth.
Zero on VA and USDA if you are eligible, 3% on conventional for first-time buyers, 3.5% on FHA. Down payment assistance can cover part of it. Closing costs are separate and usually run 2% to 4% of the price (sample range).
Not necessarily. Agency financing works from two years of returns, but a bank statement program qualifies you on 12 or 24 months of deposits instead. It costs more, and for a lot of business owners it is still the right answer.
Typically 90 days, tied to the age of your credit report and income documents. We refresh it for free rather than making you start again.