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A conventional loan is the most popular mortgage option and is considered a conforming loan — meaning it meets the guidelines set by Fannie Mae and Freddie Mac.
Key Features:
- Down payments as low as 3–5% for qualified buyers
- Flexible loan terms: Choose from 30, 20, 15, or even 8-year fixed-rate mortgages
- PMI required if putting less than 20% down, with options like borrower-paid, lender-paid, or split-premium PMI
- Ideal for good-to-excellent credit (typically 620+ for approval, 740+ for best rates)
- Great for self-employed borrowers – in many cases, only the most recent year of tax returns is required*
The current conforming loan limit is $806,500 in most areas and up to $1,209,750 in high-cost counties. Loans above these amounts are considered jumbo and are not backed by Fannie Mae or Freddie Mac.
What to Expect with a Jumbo Loan:
- Higher credit score requirements: Typically 700+ for most lenders
- Larger down payment: Often 10–20% or more depending on borrower profile
- Lower debt-to-income (DTI) ratios: Generally capped at 43% or lower
- Stronger asset reserves: May need 6–12 months of reserves in savings or investments
- Tightened underwriting standards: Each lender sets custom guidelines based on risk
Backed by the Department of Veterans Affairs, VA loans offer powerful benefits for eligible service members, veterans, and surviving spouses.
Why VA Loans Stand Out:
- $0 down payment — available up to $3 million with full entitlement
- No monthly PMI, regardless of down payment amount
- Lower interest rates than most conventional loans
- Flexible DTI limits, often up to 55%
- Seller-paid closing costs allowed up to 4% of the loan amount
VA eligibility and lender overlays may apply — contact us to confirm your benefits.
Backed by the Federal Housing Administration, FHA loans are ideal for first-time buyers or those with less-than-perfect credit.
Key Benefits of FHA Loans:
- Low down payment: Just 3.5% required
- Flexible credit requirements — often approved with scores as low as 580
- Lower closing costs with many fees allowed to be financed
- Co-borrowers allowed, even if not living in the home
- Gift funds accepted for down payment and closing costs
- 2025 loan limits: Ranging from $524,225 to $1,209,750, depending on county
FHA loans require mortgage insurance (MIP), regardless of down payment.
First-time buyers may qualify for special conventional or FHA loan programs with enhanced benefits.
Key Benefits for First-Time Buyers:
- 3% down payment with certain conventional loan programs
- Better interest rates for borrowers earning under the area median income (AMI)
- Down payment assistance (DPA) programs may be available, based on income and location
- Eligible with Fannie Mae’s HomeReady® and Freddie Mac’s Home Possible® programs
- May combine with FHA for flexible credit or lower cash-to-close
Eligibility varies by income, credit score, and program availability in your area.
A HELOC lets homeowners tap into their home’s equity through a revolving line of credit — like a credit card, but backed by your house.
Why Homeowners Use a HELOC:
- Access cash as needed: Borrow only what you need, when you need it — like a credit card backed by your home
- Lower interest rates: Typically lower than personal loans or credit cards, making it a cost-effective financing option
- Interest-only payments during draw period: Pay interest only on what you use, not the full line
- Ideal for home improvements, tuition, or emergencies — funds can be used for nearly any purpose
- Flexible repayment terms: After the draw period, choose from repayment options that match your budget and goals
HELOCs are based on your home’s equity, credit profile, and lender guidelines.
A Fixed-Rate Loan offers predictable monthly payments, with an interest rate that stays the same for the life of the loan — making it a popular choice for buyers who value stability.
Why Choose a Fixed-Rate Loan:
- Locked interest rate — no changes over the life of the loan
- Custom terms available — most common are 8 to 30 years
- Buy with as little as 3% down on conventional loans
- Refinance up to 97% of your primary home’s value
- Predictable monthly payment — principal and interest stay fixed
Adjustable-Rate Mortgages (ARMs) offer a lower initial interest rate compared to fixed-rate loans — with the rate adjusting after an introductory period.
Why Choose an ARM:
- Lower starting rate than most fixed-rate loans
- Fixed for 5, 7, or 10 years — then adjusts annually based on the market
- Ideal for short-term homeowners or those expecting income increases
- Rate caps and adjustment limits help control future payment changes
- Potential to save thousands in the early years of the loan
ARMs adjust based on a market index after the fixed period — ask us how caps protect you from large increases.
Debt Service Coverage Ratio (DSCR) loans are designed for real estate investors. Instead of using personal income to qualify, lenders look at the property’s ability to generate rental income.
Why Investors Choose DSCR Loans:
- No personal income verification required — qualify based on rental income alone
- Minimum credit score and down payment still apply
- Flexible DSCR thresholds — some lenders allow ratios below 1.0, others offer better terms if cash flow is strong
- Ideal for long-term or short-term rental properties
- May include higher rates or prepayment penalties, depending on the lender
DSCR = Monthly Rental Income ÷ Monthly Mortgage Payment. A ratio of 1.0 or higher generally means the property breaks even or better.
Wain Capital, LLC, Arizona - 0951257 & 1825506 Zachary Wain, 207079, Wain Capital LLC, 1825506 Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, 1825506 Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, 207079 or Licensed by the Department of Business Oversight under the California Finance Lenders Law, 207079 NMLS# 1825506 Wain Capital, LLC (480) 336-3737 NMLS# CO-100507291 Zachary Wain (480) 336-3737
1825506 - 207079 Wain Capital LLC, 15848 N 51st Place, Scottsdale, AZ, 85260, 1825506, Residential Mortgage Loan Company Zachary Wain, Residential Mortgage Loan Originator, 207079, Wain Capital LLC, 15848 N 51st Place, Scottsdale, AZ, 85254, Oregon Mortgage Lending License 1825506
Wain Capital | Scottsdale, AZ | 480-336-3737