Mortgage Programs

The mortgage programs we offer provide our clients the flexibility and financial tools they need to accomplish their objectives and goals regardless of their specific circumstances or the type of transaction.

Conventional mortgage programs are guaranteed by Fannie Mae and Freddie Mac, quasi-governmental entities.  Generally, conventional mortgage programs are good options for homebuyers with higher credit scores and stable employment histories. Interest rates for conventional mortgages are typically lower than other mortgage options and allow for a streamlined underwriting and approval process.


  • Maximum loan amount of $424,100 (higher in designated high-cost areas)
  • A variety of loan terms are available, from 10 years to 30 years
  • Down payments as low as 3% depending on the mortgage program
  • Fixed and adjustable rate options
  • Single Family, Townhomes, Condominiums, Manufactured Housing
  • 1-4 Unit Primary Residence, Second Homes, Investment Properties
  • Various Mortgage Insurance Options (when the down payment is less than 20%)
    • Borrower Paid
    • Monthly Plan/Zero Upfront Monthly Plan
    • Single Premium
    • Split Premium
    • Financed Single Premium
    • Lender Paid Single Premium
    • Combo Loans

We offer custom mortgage loan terms that allow you to tailor your financing to your specific needs and financial goals. This program allows for custom mortgage terms of 8 to 30 years on most conventional and government fixed mortgage loan programs.

How “FLEX TERMS” can work for you

  • Stay on track with current amortization —Let’s say you have paid seven years on a 30-year fixed mortgage and do not want to go back to a 30-year fixed term. The FLEX TERM allows you to refinance at 23 years to stay on track. The FLEX TERM offers this kind of flexibility!
  • Pay off the mortgage more quickly —You may be paying extra towards your mortgage every month to pay it off as soon as possible, but you’re unhappy with the high mortgage interest rate. The FLEX TERM is the answer! Now you can choose a lower term, with a potentially lower interest rate, to help you pay off the mortgage loan in less time.
  • Choose a term based on your budget —Find a term to fit your budget needs. The term of the mortgage can be tailored to match your budget, save a significant amount of interest and shave years off the life of your mortgage.
  • Match the term to life events — If you are considering retiring soon, or have a child going off to college, and you want to free up additional money by paying off your home loan early, the FLEX TERMS is a great option.  Use the FLEX TERMS to help eliminate the financial burden of a monthly mortgage payment at the time when you may need that extra money the most.

For those clients who qualify, there are numerous down-payment assistance programs available to help with some or all of the down payment and closing costs.  Often our clients can purchase a home with as little as $1,000.  Generally these programs offer interest rates that are higher than Conventional, FHA or VA programs and have higher monthly payments programs that require a minimal down payment such as 3%.

We help our clients understand their options and whether a down payment assistance program is right for them in their current financial situation.


  • Programs for first-time homebuyers and repeat homebuyers
  • Fixed interest rates
  • Down payment and closing costs assistance in the form of a grant or a second mortgage (second mortgages can be zero percent and have varying payment terms)
  • Total investment of $1,000 on most programs
  • Credit scores down to 620 on most programs (some have higher requirements)
  • Most require that a home buyer education class be completed
  • Programs generally have income limits based on family size that cannot be exceeded
  • Available for purchases and refinances

This is a conventional mortgage loan program that allows an individual to purchase or refinance a home in which their elderly parents or disabled child lives.  The elderly parent or the disabled child is not required to be on the mortgage or the title of the property. The borrower is not required to occupy the property.

Features and Benefits

  • Allows for the transaction to be treated as an owner occupied property
  • Lower interest rates than if the property were purchased as an investment property
  • Lower down-payment requirement than if the property were purchased as an investment property
  • Can assist with estate planning and asset protection

The FHA 203(k) Rehab mortgage program enables the purchase of a home that is in need of repairs or renovations by providing additional funding.  There are two Rehab loan products: Standard for remodeling and repairs, and Limited for minor remodeling and non-structural repairs.


  • Credit scores from 620 are allowed.
  • You are required to finance at least $5,000 of renovation/repair work.
  • The loan amount under the FHA 203(k) program depends on several factors, including the “as completed” appraised value after renovations.
  • Eligible properties include single-family homes, 2-4 unit properties, modular homes and Planned Unit Development (PUD) properties.
  • Fixed-rate, 30-year fixed rate mortgages

The FHA mortgage program is a guaranteed government insured mortgage, allowing up to 96.5% loan-to-value for purchase transactions and up to 97.75% loan-to-value for refinance transactions. The FHA mortgage program is an excellent option for first time homebuyers, but also for anyone else that may have less than perfect credit.  For people with lower credit scores the payment on a FHA mortgage will often be lower than a comparable conventional mortgage.

Program Benefits:

  • Fixed and ARM options available
  • High Balance products available
  • Gifts and sellers’ concession allowed
  • Programs available for credit scores below 620 (other guidelines may apply)
  • Purchase, rate & term, and cash-out options available
  • Up-front and monthly mortgage insurance are required

This mortgage program is offered by Freddie Mac to provide low rates, low down payment options, and reduced mortgage insurance cost to homebuyers who meet the program requirements.  In addition, Home Possible® offers flexibility in underwriting guidelines for low-to moderate income qualified borrowers to help borrowers realize their dream of home ownership!

Home Possible® Benefits

  • Lower down payment; up to 97% LTV (no adjustment price basing; borrowers get the same rate regardless of their down payment)
  • Reduced mortgage insurance coverage and premium
  • Up to $424,100 loan amount
  • Minimum 620 credit score required
  • Fixed-rate mortgage
  • Purchase and rate term refinance transactions available
  • Additional flexibilities for teachers, firefighters, law enforcement officers, healthcare workers, and members of the United States Armed Forces

This mortgage program is offered by Fannie Mae to provide low rates, low down payment options, and reduced mortgage insurance cost to homebuyers who meet the program requirements.  In addition, HomeReady™ offers flexibility in underwriting guidelines for low-to moderate income qualified borrowers to help borrowers realize their dream of homeownership!

HomeReady™ Benefits

  • Gifts, grants, Community Seconds® and cash on hand may be used for the 3% down payment and closing costs
  • Non-occupant borrowers and rental/boarder income permitted
  • Refinances up to 95% LTV, regardless of current mortgage program
  • High Balance available
  • Minimum FICO score of 620
  • In addition to mandatory homeowner education, borrowers may access support services after move in

There are several different types of Jumbo mortgage programs available for loan amounts that exceed the conventional loan limit of $424,100 (higher in designated high costs areas).  Jumbo mortgage programs generally have more stringent underwriting guidelines and often have a slightly higher interest rate than conventional mortgages.

Here are a few highlights of the program:

  • Maximum loan amounts up to $2.5 million
  • Maximum cash out amount permitted up to $500,000
  • Fixed and ARM options that include 7/1, 7/4, and 10/1
  • Interest Only option available
  • 1-4 unit primary residence, 1 unit second homes
  • Some jumbo programs allow for a lower credit score and a loan-to-value up to 90% in exchange for a higher interest rate

When the down payment is less than 20%, and the lowest monthly payment is desired, the Lender Paid Mortgage Insurance (LPMI) program is an excellent option. LPMI is available on conventional mortgage programs and high-balance fixed and ARM transactions. With LPMI, the cost of MI coverage is built into the mortgage rate, resulting in a higher interest rate for you, but often a lower total monthly payment.

What are the potential benefits of LPMI?

  • Tax deductibility – LPMI interest may be tax deductible, whereas traditional mortgage insurance may not be deductible for higher-earning families.
  • No mortgage insurance closing costs – LPMI payments are not escrowed, which could save a borrower fees at closing.
  • Qualify for a higher mortgage amount- As LPMI lowers the monthly mortgage payment, borrowers can qualify for higher mortgage loan amounts for the same monthly payment as traditional mortgage Insurance.
  • Lower monthly mortgage payment – The total mortgage payment with LPMI compared to a mortgage payment with traditional mortgage insurance is typically less.

There are a variety of mortgage loan options that are not available for the purchase or refinance of a manufactured home.

  • Conventional, FHA and VA mortgage options
  • 10 to 30-year terms
  • Minimum FICO 640
  • Primary residences
  • Second homes (Conventional only)
  • One-unit purchase and rate/term refinance transactions

Reverse Mortgages are often compared to regular mortgages when in reality they are a financial planning tool used to manage cash flow, strategically manage retirement income and assets and to provide security that can allow homeowners to remain in their current home.

Click here to get the details. 

This program is for borrowers who do not fit the guidelines for conventional, FHA, VA, or other government mortgage programs.  These mortgage programs have less stringent guidelines when it comes to credit scores, credit histories, and the types of property.

The interest rates on Non-Agency mortgage programs are generally higher than government backed mortgage programs such as FHA, VA, Fannie Mae and Freddie Mac. However, they allow a borrower who otherwise would not be approved to obtain a mortgage.  Often once the borrower has addressed the problem area, they are able to refinance and obtain a conventional mortgage.

Features and Benefits of Non-Agency Mortgage Loan Programs

  • Low down payment option with no mortgage insurance (MI) requirement
  • Asset-based qualifying (also called asset depletion) is available for borrowers with high-balance retirement, stock, 401(k), or savings accounts
  • Interest-only repayment options for lower payments during the first years of your loan
  • Both fixed-rate and adjustable-rate mortgages (ARMs) are available
  • Purchase, rate and term refinances, and cash-out refinancing
  • Credit histories that are not allowable for Conventional, FHA or VA including late mortgage payments, lower credit score requirements and shorter waiting periods following a bankruptcy, foreclosure, deed-in-lieu, or short sale
  • Higher debt-to-income (DTI) ratios are allowed
  • Gifts are allowed
  • Investment properties with no limit on the number of properties owned or financed and no pre-payment penalties

Second mortgages can be a great option to avoid mortgage insurance, make home improvements, to consolidate other debt or to establish a line of credit for emergencies.  We offer second mortgages that are obtained concurrent with a conventional first mortgage.


  • Fixed Rate
  • Home Equity Line of Credit
  • Terms of 10 to 20 years
  • Interest only payments on Lines of Credit

The USDA mortgage program is designed for homebuyers in rural locations who do not qualify for a conventional loan.  The USDA mortgage program features low down payments and relaxed qualifying guidelines.  Properties must be in a rural area designated by the US Department of Agriculture.


  • Available for purchase or refinances*
  • Available for eligible homebuyers
  • Zero down payment
  • Competitive fixed rates
  • No cash reserves required
  • Guarantee Fee can be financed
  • Closing costs can be paid by seller

*USDA Guaranteed Rural Housing loans subject to program stipulations and applicable state income and property limits.

This program is available to eligible veterans and active members of the U.S. military.  The mortgage program is administered and guaranteed by the Veterans Administration (VA) and is a great option for any veteran.

Features Include:

  • Fixed and ARM options available
  • Low closing costs
  • No prepayment penalties
  • Up to 100% financing available with full VA entitlement
  • Financing fees can be rolled into the loan amount
  • Seller contributions allowed
  • Cash-out refinance and VA Interest Rate Reduction Refinance Loans available
  • Products available for credit scores below 620 (other guidelines may apply)

What makes the All In One Loan so powerful is that it isn’t a standard closed-ended mortgage, but instead, a home equity line of credit. Lines of credit are unique because they are flexible, two-way instruments allowing you to apply as much money as you desire toward the balance without losing access to your funds. The All In One Loan provides 30-year access to home equity dollars, has a great low rate, and no hidden fees or required balloon payment.

 The All In One Loan Interactive Simulator – Read more

This Interactive Simulator is designed to calculate your potential savings using the All In One Loan. Complete all applicable fields in the following screens to view your results, or load a previously-saved simulation by entering your 9-character code below. Contact us with any questions.

Types of Transactions

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  • Purchase
  • Rate and Term Refinance
  • Cash-Out Refinance
  • Construction
  • Primary Residences
  • Second Homes
  • Investment

Types of Borrowers

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  • First-time Home Buyers
  • Business Owners
  • Salaried or hourly employees
  • Investors
  • Divorce Situations
  • Repeat Home Buyers
  • Self-employed
  • Employees earning tips or commissions
  • Low credit scores or difficult credit history

Types of Properties Covered

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  • Single Family (attached and detached)
  • Condominiums
  • Townhomes
  • Manufactured Home

“Great support through the process.” – R. & E. Robinson

Wayne was most helpful in explaining the entire loan process.” – S. Grebe

“We had a great experience with Wayne and Kim. They were both very professional and were always able to answer questions, provide approval letters and general guidance.Overall, we were very happy with our experience-it felt easy, which we were not expecting. Thank You!” –  A. & K. Pratt

Wonderful job! You made the entire process simple. Very reassuring throughout a stressful time with the move and job change.” – R. & J. Glazier

“As always, Wayne did a fantastic job. Kim was not only extremely thorough but friendly and a joy to work with. Overall it was a great experience and I will ALWAYS recommend Spectra Mortgage.” – S. Stevens

“Great experience. Didn’t know what to expect, Spectra was awesome.” – L. Cobo