Mortgages are like shoes. One size does not fit all.
If you’re reading this blog, there’s a good chance you’re in the market for a home mortgage. And there’s certainly a chance that you’ve run into obstacles in doing so. It’s not your fault — home mortgages are not one size fits all.
Just like you purchase shoes that are tailored for your lifestyle, each borrower needs a home loan that fits their individual needs, and their ability to complete the home buying process.
Here at Quontic, we offer unique lending solutions that aim to fit everybody’s needs. Of course, we offer traditional mortgage solutions like conventional and FHA loans. Then there are our unique mortgage solutions, for gig-workers and self-employed people to loans for non-US citizens and for veterans — do you know which one is right for you?
We’ve created a short guide to Quontic’s mortgage offerings.
Conventional loans are home loans that are not insured by the federal government. They can either be conforming or non-conforming. A conforming loan meets the limits set by Fannie Mae or Freddie Mac guidelines, while a non-conforming loan meets the guidelines determined by a private lender.
FHA & VA
FHA loans, backed by the Federal Housing Association, are loans that typically provide homeownership to lenders with a credit score ranging from 500-660 and can afford down payments as low as 3.5%.
VA loans are loans that are designed to help active duty service members or veterans purchase a home. VA loans are unique in that they do not require a downpayment and may allow up to 100% LTV.
Community Development Loans
Because of our status as a Community Development Financial Institution, we’re able to offer products and services other banks can’t like our Community Development Loans, or CDLs.
Quontic’s Community Development Loans offer flexible underwriting guidelines that are designed for many different types of borrowers. CDLs solve the question of how to get a home loan if you’re self-employed, have lumpy or seasonal income, are a non-us-citizen, and so much more. In fact, a Community Development Loan could be the right lending solution for:
- Self-employed, who can self-prepare a profit and loss statement
- Small business owners, who can qualify without traditional income verification
- Lower-income families, who can share or pool extended family resources
- Foreign nationals who are seeking mortgage financing in the U.S.
- Real estate investors, who can qualify with only the subject property income
- Immigrants, who can purchase or refinance a home based on an overall financial profile
- Gig economy workers, who can qualify for a mortgage despite fluctuating or cash-based income
- Retirees, who can put down significant savings or home equity
Quontic’s lenders can also help you use our Community Development Loans when you’re ready for a home refinance, to buy investment properties, or serve as a mortgage for an owner-occupied home.
Just like we all have our own shoe sizes and different shoes for different lifestyles, Quontic offers a handful of home loans for our different, diverse borrowers. We know mortgages aren’t one size fits all, and our mission is to make it possible for you to purchase the home of your dreams, especially during the homebuying season, with our lending solutions. If you’re ready to take the next step, reach out to one of our loan officers to get started, or read more about our unique lending options on our website.