Financing for Every Stage of Homeownership
Every homebuyer’s situation is different, which is why there isn’t a one size fits all mortgage. Whether you're purchasing your first home, building a custom property, or buying a higher value home, there are several loan programs designed to fit different goals and financial situations.
Below you can explore the different loan options available and learn who each loan may be best suited for and what lenders typically review during the approval process.
Loan Options to Fit Your Homeownership Goals
Construction Loans
Construction loans are designed for buyers who want to build a home instead of purchasing an existing one. Funding is provided in stages throughout the construction process so your builder can complete the project from foundation to final finishes.
Who This Loan is For
Construction loans may be a good fit for buyers who:
• Plan to build a custom home rather than purchase resale
• Already own land or are planning to purchase land
• Are working with a licensed builder
• Want financing that converts into a long term mortgage once construction is complete
What Lenders Typically Review
When evaluating a construction loan, lenders typically review:
• Credit history and overall financial profile
• Income verification and employment stability
• Financial reserves
• Builder credentials and experience
• Construction plans, specifications, and project budget
• Appraisal based on the completed home value
VA Loans
VA loans are a mortgage option available to eligible veterans, active duty service members, and certain surviving spouses. This program was created to support those who have served by providing flexible home financing.
Who This Loan is For
VA loans may be available to:
• Active duty service members
• Military veterans
• National Guard and Reserve members who meet eligibility requirements
• Certain surviving spouses of service members
Eligibility is confirmed through a Certificate of Eligibility issued by the Department of Veterans Affairs.
What Lenders Typically Review
When evaluating a VA loan application, lenders typically review:
• Certificate of Eligibility (COE)
• Credit history and financial profile
• Income verification and employment stability
• Debt obligations compared to income
• Property eligibility and appraisal requirements
FHA Loans
FHA loans are designed to make homeownership more accessible by offering flexible qualification guidelines. While commonly used by first time homebuyers, FHA loans are available to many types of borrowers purchasing a primary residence.
Who This Loan is For
FHA loans may be a good fit for buyers who:
• Are purchasing their first home
• Have limited credit history
• Are rebuilding credit after past financial challenges
• Want flexible qualification guidelines
FHA loans are often used for single family homes, townhomes, and certain approved condominiums.
What Lenders Typically Review
To qualify for an FHA loan, lenders typically evaluate:
• Credit history and payment patterns
• Income stability and employment history
• Debt obligations compared to income
• Property eligibility and appraisal requirements
• Occupancy requirements for a primary residence
Conventional Loans
Conventional loans are one of the most common types of home financing. These loans are not backed by a government agency and can be used for primary residences, second homes, and investment properties.
Who This Loan is For
Conventional loans may be ideal for buyers who:
• Have established credit history
• Are purchasing a primary residence, second home, or investment property
• Want flexible loan term options
• Are buying within standard conforming loan limits
Conventional loans can be used for many property types including single family homes, townhomes, and approved condominiums.
What Lenders Typically Review
When evaluating a conventional loan application, lenders typically review:
• Credit profile and credit history
• Income and employment stability
• Debt obligations compared to income
• Asset documentation and financial reserves
• Property appraisal and eligibility
HELOC
A Home Equity Line of Credit (HELOC) allows homeowners to access the equity they’ve built in their property through a flexible, revolving line of credit. Funds can be used as needed, making it a convenient option for ongoing expenses, home improvements, or financial flexibility.
Who This Loan Is For
HELOCs may be a good fit for:
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Homeowners with available equity in their property
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Those planning home improvements or renovations
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Borrowers looking for flexible access to funds over time
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Individuals wanting to consolidate higher-interest debt
Eligibility is based on available home equity, credit profile, and overall financial stability.
What Lenders Typically Review
When evaluating a HELOC application, lenders typically review:
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Available home equity and loan-to-value ratio
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Credit history and financial profile
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Income and employment stability
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Existing mortgage balance and obligations
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Property value and condition
Renovation Loans
Renovation loans combine the cost of a home and its improvements into one financing solution. Whether purchasing a fixer-upper or upgrading your current home, this option allows you to fund renovations while increasing the property’s value and functionality.
Who This Loan Is For
Renovation loans may be available to:
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Buyers purchasing homes that need updates or repairs
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Homeowners planning major renovations or upgrades
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Borrowers looking to finance improvements into one loan
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Individuals wanting to increase their home’s long-term value
Eligibility depends on the scope of renovations, borrower qualifications, and property requirements.
What Lenders Typically Review
When evaluating a renovation loan, lenders typically review:
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Project scope, plans, and contractor details
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Estimated renovation costs and completed value
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Credit history and financial profile
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Income and employment stability
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Property eligibility and appraisal requirements
Jumbo Loans
Jumbo loans are designed for home purchases that exceed standard conforming loan limits. These loans are commonly used for luxury homes or properties in higher priced markets.
Who This Loan is For
Jumbo loans may be a good option for buyers who:
• Are purchasing high value homes
• Are buying in markets with higher home prices
• Have strong financial profiles and stable income
• Need financing above standard loan limits
• Buyers looking for financing options tailored to higher priced or
luxury homes
Jumbo loans may be used for primary residences, second homes, or certain high value real estate purchases.
What Lenders Typically Review
When qualifying for a jumbo loan, lenders typically review:
• Credit history and overall financial strength
• Income documentation and employment stability
• Debt obligations compared to income
• Asset documentation and financial reserves
• Property appraisal and valuation