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Conventional mortgages, also known as Conforming loans, are available for purchasing or refinancing primary residences, second homes, and investment properties. SNMC offers fixed rate loans up to a 97% loan-to-value (LTV) – that means a 3% down payment. We have financing terms of 30, 25, 20, 15, or 10 years available. Special conventional loan products for first-time homebuyers are available with our down payment assistance programs. SNMC is a direct seller to FNMA and FHLMC.
This popular low 3.5% down payment mortgage has been around since 1934. SNMC has been an approved FHA lender for decades and we are experts in this field. The FHA loan allows borrowers with lower credit scores, higher qualifying ratios, and increased seller contributions to closing costs. Our down payment assistance programs are often utilized with an FHA mortgage resulting in the homebuyer purchasing their new home with $0 out-of-pocket costs.
The VA mortgage is for Veterans and active-duty military borrowers. Surviving spouses may also be allowed to consider a VA loan. This mortgage product offers a $0 down payment and no mortgage insurance is required. SNMC allows loans up to $1.5 Million across the US with NO down payment for VA borrowers with full entitlement. Interest rates are low, thus giving an affordable mortgage payment for the military borrower and their family.
USDA/Rural Development Loans
The USDA RD mortgage is available for properties in designated rural areas across the US. There is a $0 down payment required for this loan type, but income limits may apply depending on the location of the property. Borrowers generally qualify under the same terms as a conventional loan and SNMC is fully delegated to process, underwrite, and close the USDA RD loans in-house.
We have dedicated an entire team of experts for this very popular mortgage product. If you are looking to re-build a home from the ground up or rehabilitate a fixer-upper, SNMC offers Conventional and FHA loans up to the maximum financing based on the “improved” value of the home. This makes an attractive mortgage (either as a purchase or a refinance) when compared to a typical Home Equity Line of Credit for repairs or renovations. We handle the entire process from start to finish to ensure a smooth and professional transaction.
SNMC offers dynamic Jumbo mortgages, also known as Non-Conforming loans, up to $5 Million. These loans are designed for borrowers that require a mortgage amount higher than a Conventional Conforming product. We have fixed rate and ARM options for most of these. Even though the loan amounts are high on Jumbo programs, our interest rates are comparable to a standard mortgage. While most other lenders require an outside investor to process these loans, which can cause delays and miscommunication, we offer in-house processing, underwriting, and closing for most of our Jumbo loans to ensure a hassle-free experience for our borrowers.
Our construction-to-permanent financing program allows you to finance the construction of your new home — or home renovation financing — and your permanent mortgage all in the same loan. You’ll save time and money with only one loan application and only one closing. SNMC offers both Conventional and Jumbo loan amounts for this product at competitive rates.
Our extensive line-up of specialty loan products includes mortgages for borrowers that do not qualify for a standard SNMC program. We have financing options that include interest-only payments, 40 year term, ARM’s, no mortgage insurance, and more… The Portfolio Loan is popular for borrowers who require alternative documentation for qualifying income, such as bank statements; or alternative sources for income, such as asset depletion. This program also offers mortgages for those without social security numbers, but have an ITIN; or non-US Citizens without an eligible visa. An example of our most remarkable Portfolio loan is our SNL Direct product. This investment property mortgage requires NO income verification, up to a 75% LTV (25% down payment), with a credit score as low as 500. We add new and exciting loan features and products to our Portfolio library throughout the year.
Whether it is a new construction loan, down payment assistance, or our fresh start program, we’ve got you covered. The loan landscape is constantly changing and we stay current with the latest loan programs. Our licensed loan professionals are happy to discuss your situation and recommend a solution.