Archives: Loan Programs

Refinancing gives homeowners the opportunity to update their mortgage to better match their financial goals. Whether you want to lower your interest rate, change your loan term, or take cash out from your home’s equity, there is a refinancing option that fits. Refinancing can improve monthly cash flow, eliminate debt, or help you pay off your loan faster.

USDA Rural Development Loans are government-backed mortgages designed to help eligible buyers purchase homes in designated rural and suburban areas. These loans offer 100% financing, meaning no down payment is required for qualified borrowers. With low fixed interest rates and affordable mortgage insurance, they are a valuable option for those looking outside major metropolitan markets.

The HomeRun Program is a special mortgage option available only in certain approved areas. If the property qualifies and it falls within a designated low to moderate-income area, there are no income limits for the borrower. Once the home meets the location requirements, eligible buyers can take advantage of flexible financing terms, low out-of-pocket costs, and no mortgage insurance.

If you’re looking to purchase property in the U.S. but don’t have a Social Security number or traditional documentation, you may still be eligible for mortgage financing. Programs for Foreign Nationals and ITIN (Individual Taxpayer Identification Number) borrowers are designed to make homeownership possible for those with alternative identification or international backgrounds. These programs offer flexible guidelines and a path to invest or live in the U.S. without needing a conventional credit profile.

One of the biggest challenges for home buyers is saving for a down payment. Down Payment Assistance (DPA) programs are designed to help with that. Whether you’re a first-time buyer or someone who needs a little boost to get into a home, DPA programs offer grants, second loans, or forgivable loans to reduce your upfront costs and make home ownership more attainable.

If you are ready to buy a new home but haven’t sold your current one, a bridge loan may be the perfect solution. A Bridge Loan is designed to help you leverage your existing home equity to finance a new purchase, without waiting for your home to sell. This short-term financing option allows you to move quickly and confidently in competitive markets, all while maintaining flexibility in your timeline.

A 2-1 buydown is a temporary reduction that lowers your mortgage payments during the first two years of your loan. In year one, your payment is based on an interest rate that is 2 percent lower than your locked in rate. In year two, it drops by 1 percent. By year three, your payment returns to the full fixed amount. This program can ease you into homeownership with lower upfront payments and provide extra breathing room while you settle into your home and budget.

If most of your money is in investments or retirement accounts instead of a paycheck, you may still qualify for a mortgage using an asset utilization program. These loans are designed for retirees, high-net-worth individuals, and self-employed borrowers who have strong assets but may not show steady monthly income. Instead of using pay stubs or tax returns, lenders calculate your income based on the value of your assets.

Non-qualified (Non-QM) loans are designed for borrowers who do not meet the strict criteria of traditional mortgages but still have the financial capacity to repay a home loan.

Sometimes, “off-the-rack” might not fit you. Depending on your specific needs, a specialized mortgage may prove to be the vehicle needed to get you home. Complex income, large scale investments, challenged credit, and limited documentation are all scenarios that we see daily. As your NQM (Non-Qualified Mortgage) Expert, FDM has the solution that your unique situation may require. Put our years of experience to work for you today!