Purchase

At Spectrum Global Financial, we are dedicated to finding the loan that fits your individual needs.

 

We work with numerous lenders to bring you niche programs at competitive rates. Whether you are a First-Time Homebuyer or a Seasoned Investor, we have a program for you.

 

Here is a small list of popular programs available:

 

FHA - A government backed loan that is perfect for a first-time homebuyer. It requires as little

as a 3.5% down payment, allows credit scores down to 530 (with manual underwrite for qualified

individuals) and offers more flexible guidelines for underwriting. FHA is known for having better

rates than other loan programs. This program is only available for primary residences.

 

203K - A form of a FHA loan, more commonly known as a rehab loan. This program allows you to

finance the repair costs of a home into your loan amount. 

 

Conventional - A loan program that allows as low as 3% down payment with approved credit score

for primary residences. Mortgage insurance can be less monthly than FHA depending on down payment, but rates are known to be a bit higher. If you are putting 20% down, this is the program you would want. 

Perfect for investors (20% down) or second homes (10% down). 

 

HomePath  -  FannieMae owned homes. No mortgage insurance required. No appraisal necessary.

Down payments as low as 3%. Home must be HomePath eligible to qualify.

 

HUD Homes - $100 down payment for government owned homes. Must be a qualified buyer.

 

USDA - 100% financing with no mortgage insurance required. These homes are located in rural areas. Home must be located in designated areas to be eligible.

 

VA - Up to 100% financing, no mortgage insurance, Veteran loan. Must have certificate of eligibility.

Credit scores as low as 530 for qualified individuals.

 

Jumbo Loans - No mortgage insurance programs available. Properties over $417,000 can be financed at competitive rates. Down payment as low as 10%.

 

Foreign National - Available for non U.S. citizens. Will require 35% down and 12 months in reserves.

 

Exclusive Investor Program - Use 75% of projected rental income on your home purchase to offset

your DTI. This means you can purchase more homes with minimal out of pocket cost. 20% down required.

 

Property Flipping - There is currently no waiting on property flips for financing.

 

Call for details on any program you see listed or if you have any questions about other available

programs, such as Down Payment Assistance.