Loan Programs Roadmap
CLS Financial, a direct lender, offers a wide range of loan products and specialty programs. We have flexibility to offer solutions for almost any type of loan scenario. These options vary from conventional and jumbo loans, to government FHA and VA loans; along with a number of down payment assistance programs.
*Please visit our Disclosures page for more details for all loan types.
CLS has the loan options you need in today’s market. To find out more, please see below for details.
A Jumbo loan is considered to be non-conforming because it exceeds the conforming loan limit set by Fannie Mae and Freddie Mac. In some counties, conforming loan limits may vary. Our team of Close Loan Specialists can help you determine a Jumbo loan solution that is right for you. Fixed and adjustable rate Jumbo mortgages are available.
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A conventional loan is not insured or secured by a government agency. Instead, it is guaranteed through two government-sponsored entities; the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). Conventional financing allows down payments as low as 3%.
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FHA Loans
An FHA loan is a mortgage insured by the Federal Housing Administration. This loan program helps provide options for those with low down payment, mid to low credit scores, as well as first time home buyers looking for more lenient qualifying guidelines. FHA loans are available for both purchase or refinance, fixed and adjustable rate mortgages.
VA Loans
VA loans are established and insured by the United States Department of Veterans Affairs to help veterans and their families obtain home financing. VA loans offer up to 100%* financing on the value of a home. As a government guaranteed loan, it encourages approved lenders to lend with more flexible and lenient qualifying guidelines. VA loans are available as 15 and 30 year fixed rate mortgages*
Down Payment Assistance
Down Payment Assistance Programs are created to help borrowers who have little, or even no money saved for a down payment or closing costs. Local and state programs are typically available for first-time home buyers and can be subject to income, household members and location.
Construction Remodel Loans
A Renovation loan can be used for either a purchase or refinance a home in need of repairs or renovation. The benefit of this program is that the cost of repairs can be included in the mortgage. A Construction loan is typically a short-term loan used to finance the building of a home. The builder or home buyer takes out a loan to cover the costs of the project before obtaining long-term funding. Construction loans are considered somewhat risky and usually have higher interest rates than more traditional loans and require lower loan to value limits.
Reverse Mortgage
Reverse mortgages provide opportunity to convert your home equity into cash, if you are at least 62 years of age. This loan is based on the equity of your home and will not have repayment in your lifetime unless you move or sell.
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Loan Solutions
CLS has the solutions and specialty programs you need in today's market. Whether you are looking to purchase or refinance, we will the time provide you with lending options you never thought were possible.