{"id":30,"date":"2015-03-28T07:00:30","date_gmt":"2015-03-28T07:00:30","guid":{"rendered":"http:\/\/www.oakhillmortgagellc.com\/?page_id=30"},"modified":"2023-01-31T16:39:54","modified_gmt":"2023-01-31T20:39:54","slug":"loan-programs","status":"publish","type":"page","link":"https:\/\/www.oakhillmortgagellc.com\/?page_id=30","title":{"rendered":"Loan Programs"},"content":{"rendered":"<p>Oak Hill Mortgage, LLC is a mortgage broker with access to hundreds of residential home loan programs provided by numerous lenders.\u00a0 We also have commercial\/investor funding sources.\u00a0 Working with a broker gives you more program choices, more flexibility, and competitive rates that you often can&#8217;t find at larger mortgage companies or banks.\u00a0 Here are some highlights:<\/p>\n<ul>\n<li><span style=\"color: #339966;\"><strong>Government Programs:<\/strong>\u00a0<\/span> Normally the best rates, FICO&#8217;s as low as 500, and low\/no down payment, but usually involves extra costs for monthly mortgage insurance (often permanent) and\/or upfront fees.\u00a0 <span style=\"text-decoration: underline;\">Primary home loan only<\/span>.\u00a0 Renovation and construction loans are also possible for some.\n<ul>\n<li><strong><span style=\"color: #000000;\">VA<\/span><\/strong> &#8211; for qualified veterans<\/li>\n<li><span style=\"color: #000000;\"><strong>FHA<\/strong><\/span><\/li>\n<li><span style=\"color: #339966;\"><span style=\"color: #000000;\"><strong>USDA<\/strong><\/span> &#8211; <span style=\"color: #000000;\">rural area and has income limits.<\/span><\/span><\/li>\n<\/ul>\n<\/li>\n<li><strong><span style=\"color: #339966;\">Conventional Programs (updated Jan 2023):<\/span>\u00a0<\/strong> Excellent rates.\u00a0 Mortgage insurance required with less than a 20% down payment but is <span style=\"text-decoration: underline;\">not permanent<\/span>.\n<ul>\n<li>1 Unit Property Loans up to $726,200 (nationally) and $1,089,300 (high-cost areas)<\/li>\n<li>Up to 4 Unit Property Loans<\/li>\n<li>Jumbo Loans (normally above the national or high-cost loan limits)<\/li>\n<li>Renovation Loans available<\/li>\n<\/ul>\n<\/li>\n<li><strong><span style=\"color: #339966;\">Non-Conventional Loans:<\/span><\/strong>\u00a0 Flexible and expanded qualification, but higher rates &amp; cost.\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li><span style=\"text-decoration: underline;\">No Income Loans for Primary Home purchase<\/span><\/li>\n<li><span style=\"text-decoration: underline;\">Bank Statement Program<\/span> (in lieu of taxes for self-employed)<\/li>\n<li><span style=\"text-decoration: underline;\">Debt Service Coverage Ratio (DSCR) loans<\/span> &#8211; Investment Property Loan that bases qualification on predicted rent income vs. housing costs, FICO score, down payment, and other factors.\u00a0 <span style=\"text-decoration: underline;\">Employment income is NOT a qualification factor<\/span>.<\/li>\n<li><span style=\"text-decoration: underline;\">Fix &amp; Flip Loans<\/span><\/li>\n<li><span style=\"text-decoration: underline;\">Bridge Loans<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Oak Hill Mortgage, LLC is a mortgage broker with access to hundreds of residential home loan programs provided by numerous lenders.\u00a0 We also have commercial\/investor funding sources.\u00a0 Working with a broker gives you more program choices, more flexibility, and competitive rates that you often can&#8217;t find at larger mortgage companies or banks.\u00a0 Here are some [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"open","template":"","meta":{"footnotes":""},"class_list":["post-30","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - 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