Home loans that are on target
Getting a home loan that fits your situation is the mission!
Home loans that are on target
Getting a home loan that fits your situation is the mission!
LET'S GET IT DONE!
Home Loan - We throw all in.
A home loan is not a guarantee and getting one can be tougher than you think. There are so many things to consider and the space is confusing at best.
At Down Range Mortgage we look at your unique situation and help target your dream home. Our large network of WHOLESALE LENDERS allows us to not only shop the best home loan for you but also place those lenders in competition for your business. We are clever in our approach and produce some unique results where others fail. At Down Range Mortgage we understand that this is likely the largest purchase you will ever make and you need to be more than just another client. We appreciate what you and your family have sacrificed to get here and will throw all in to help make it happen.
Richard (callsign: Green Dragon 6)
I haven't always been a Loan Originator. I served my country as an enlisted man in the US Air Force and then commissioned in the US Army where I served during the First Gulf War. From there I worked in technology industries leading teams of exceptional professionals.
Types of Loans
Conventional Loans
A conventional loan is a mortgage loan that's not backed by a government agency. These loans come in all shapes and sizes, and while they don't provide some of the benefits of a FHA, VA or USDA loan, conventional loans remain the most common type of mortgage loan.
VA Loans
A VA loan is a government-backed mortgage option available to Veterans, service members and surviving spouses. VA loans are made by private lenders and not the VA directly. They provide for very competitive interest rates, flexible credit terms, have no monthly Private Mortgage Insurance and offer a $0 down payment option. Considered to be one of the most flexible loans available.
FHA Loans
FHA loans are loans from private lenders that are regulated and insured by the Federal Housing Administration. Its a great option for the first time home buyer with competitive interest rates, flexible credit terms and a low down payment.
USDA Loans
A USDA loan is a government backed loan designed to strictly support rural population growth. There are geographic and household income limits to qualify but they offer low interest rates, more flexibility for contract negotiation and a $0 down payment option.
FHA Verrification of Employment Only Loans
This FHA loan provides all the standard benefits of an FHA loan without all the asset documentation. If your credit score is good and you have 2 years of employment this may work for you.
Conventional 2nd Investment Loans
Conventional loan used to acquire that second home. The rules are a little stricter than the standard loan but help finance that vacation property you have always wanted.
Conventional Bank Statement Loans
Conventional loan that allows you to qualify based upon your bank statements. This is perfect for self employed or 1099 borrowers who may have difficulty showing regular income like a W2 employee.
Conventional Profit and Loss Statement Loans
Conventional loan that allows you to qualify based upon your businesses Net Income on the Profit and Loss Statement. This loan is for individuals that may not have the traditional documentation needed for a loan.
Conventional Asset Depletion Loans
Conventional loan that allows you to qualify your income based upon assets you own. This loan is for individuals that may not have the traditional documentation needed for a loan. Typically a large down payment is reqired.
Conventional Debt Service Coverage Ratio (DSCR) Loans
Conventional loan that allows you to purchase investment property based upon the estimated rental value of that property. You will need a large down payment and good credit to qualify.
Conventional ITIN Loans
Conventional loan that allows you to qualify based upon your Individual Tax Identification Number. This loan is for individuals that may not have the traditional documentation needed for a loan.
Refinance and Home Equity Line of Credit
There are multiple options that allow you to reduce your rate, use home equity to pay off higher interest rate bills or even a line of credit to fund home expansion or other dreams.
The Main Loans
Conventional Loans
A Conventional Home Loan is sort of the standard loan. Nearly 80% of all home loans are conventional meaning they are not secured by a government entity. They are funded by private lenders and often sold to government-sponsored enterprises such as Fannie Mae and Freddie Mac. Conventional Loan interest rates tend to be higher and can have larger down payments which can be influenced by many things; income, debt and credit score to name a few. However they also have more latitude and competition in this space can get agressive. Having the ability to shop lenders can produce some great results.
VA Loans
THANK YOU FOR YOUR SERVICE! Only 0.45% of people put on the uniform. One of the ways a grateful nation appreciates your service is through a VA Loan. A VA Loan is backed by the US Dept. of Veterans Affairs who insures risk associated with lending to veterans. So, lenders like to make these loans. It is considered to be one of the most adaptable loans available. If you are active military, a veteran or veterans spouse you may qualify. The VA maintains high standards for homes it backs in order to protect our veterans, so the home will have to meet standards. There are several steps to a VA Loan but low interest rates and a 0% Down Payment makes it a very attractive option.
FHA Loans
FHA Loans are a great option for first time home buyers. They have competitive interest rates, flexible credit terms and require low minimum down payments. However, they do come with some additional insurance charges. Generally FHA Loans are easier to qualify for. An FHA Loan may be right for you if your credit does not meet the requirements for a conventional loan or if you have limited cash for a down payment. They are backed by the Federal Housing Administration so lenders like to make these loans. FHA loans have specific standards designed to protect the investment and borrower.
USDA Loans
USDA Loans are designed to promote home ownership in rural areas. Addresses must meet a rural qualification test. About half of Americans live in areas considered "rural" and are eligible for the program. Also, borrowers must be below a specific income threshold. Some lower income borrowers may qualify for a direct loan from the government with subsidized interest rates and extended repayment terms. The US Dept. of Agriculture sets the standards for these loans and allocates dollars for the program annually. So, dollars can run out. They offer more flexibility for negotiation and carry a 0% down. If specifications are met, they can be some of the most lucrative loans available.