We have the programs
you’re looking for
Traditional Loans
Conventional
Conventional loans are actually any type of creditor agreement that are not guaranteed by the Veterans Administration (VA), or insured by the Federal Housing Administration (FHA). In general, all conventional loans are eligible for sale to the government sponsored entities such as Fannie Mae (FNMA) and Freddie Mac (FHLMC) or to private secondary market investors. There are two different types of Conventional loans; Conforming and Non-Conforming loans. Conforming loans have to meet the guidelines set by Fannie Mae and Freddie Mac. Any loan which does not meet guidelines is a non-conforming loan.
Jumbo
A jumbo loan is a loan in which the amount borrowed is greater than the loan limit set by Fannie Mae (FNMA) & Freddie Mac (FHLMC). A loan amount greater than $510,400, is considered a jumbo loan.
Advantages:
Able to finance a home that is over the maximum loan amount of $510,400 established by Fannie Mae and Freddie Mac
Enables a borrower to purchase “more house”
Home Possible®
Freddie Mac Home Possible® offers a fixed-rate loan program and provides a responsible, low down-payment mortgage option for first-time homebuyers and low-to-moderate income borrowers.
Program Highlights:
Freddie Mac Home Possible® – Max LTV 97%
15 & 30 Year Terms Available
Lender Paid Mortgage Insurance Available
Owner-Occupied Primary Residence Only
1-4 Unit SFR’s, PUD’s and Condo’s
1-4 Unit SFR’s, PUD’s and Condo’s
Borrow Income Limits = 80% of Average Median Income (AMI)
Homebuyer Counseling Required
Full Gift Eligible
Lower MI Rates
620 Minimum FICO
Homeready™
Fannie Mae has introduced a new Affordable Lending Product, HomeReady®. This program is designed for creditworthy, low-to-moderate income borrowers, with expanded eligibility for ‑financing homes in designated low-income, minority, and disaster-impacted communities.
Program Highlights:
30 Year Fixed Rate, Primary Residence Only
97% Maximum LTV/CLTV with a 620 FICO
1-4 Unit Single Family, PUD, Condo Eligible
Purchase and Rate & Term Refinance Available
No Minimum Borrower Contribution Required – Gifts Allowed
Homebuyer Counseling Required
Mortgage Insurance Required
Borrow Income Limits = 80% of Average Median Income (AMI)
Lock & Look™
With Supreme Lending’s Lock & Look™ program* you can lock in a great interest rate now and take your time finding the home of your dreams. You can shop with confidence knowing you have your interest rate locked in for up to a full 90 days and are already qualified for a loan with Supreme Lending. With Lock & LookTM, you get 60 days to look and another 30 to close. And, there is NO upfront fee!
*Lock & Look is a registered service mark of Everett Financial D/B/A Supreme Lending and is available on Conventional 30 & 15 year fixed rate and FHA 30 year fixed rate loans for qualified borrowers. Lock expires after 90 days. Prequalification request must be made with Supreme Lending. Limited time offer. Available for conventional 15 and 30-year fixed loans and FHA 30-year fixed loans only.
Property Types
Investment Property
A real estate property that is not occupied by the owner and has been purchased with the intention of earning a return on the investment either through rent, the future resale of the property, or both. An investment property can be a long-term endeavor, such as a rental home, or an intended short-term investment in the case of rehabilitation (where a property is bought, remodeled or renovated, and sold at a profit).
Advantages:
Capital growth
Rental income and yield
May be tax shelter deductible*
Build wealth
*Supreme Lending is not a licensed CPA or Tax consultant and therefore, cannot determine if your mortgage interest will be eligible as a tax deduction per IRS code. You are advised to contact a tax professional. This in no way implies you are guaranteed a tax credit.
Condo Financing
When it comes to local knowledge and local decisions on condo financing – go with the people you know! At Supreme Lending, condo financing is not a “side gig.” We have a dedicated team of experienced professionals who focus on project review and bring years of condominium financing expertise to the table for you. We offer competitive rates and terms plus first rate service you can depend on.
Program Highlights:
10, 15, 20, 25 & 30 Year Fixed Rate Terms Available
Up to 97% LTV on Primary Homes
Up to 90% LTV on Second Home
Up to 85% LTV on Investment Homes
Limited Condo Review on Primary Homes up to 75% LTV/90% CLTV or 70% LTV/75% CLTV on Second Homes Based Upon Credit Qualifications
Supreme Highlights:
We take a look at the legal description on the title to determine property type
We have an entire department focused on project review and condo financing
We offer multiple condo financing options and work to clear exceptions to achieve warrantable status
Files that do not require the review are done in about 48 hours and close within our 22 day average.
Loan amounts from 40k – 2M
Fixed rates and ARM’s
Primary Residence
A person’s primary residence is the dwelling where they live, typically a house or a condo. A person can only have one primary residence at any given time, though they may share the residence with other people.
A primary residence is considered as a legal residence for the purpose of income tax and/or acquiring a mortgage.
Advantages:
All interest on the mortgage may be tax deductible*
Establishes credit history
Secured investment
Builds equity
Can be used to borrow against
Gift funds are allowed
*Supreme Lending is not a licensed CPA or Tax consultant and therefore, cannot determine if your mortgage interest will be eligible as a tax deduction per IRS code. You are advised to contact a tax professional. This in no way implies you are guaranteed a tax credit.
Second Home
A second home refers to private ownership of a residence other than one’s primary residence. Depending on their purpose, second homes are sometimes called vacation homes or secondary residences. The property must be available for your exclusive use and enjoyment and must not be subject to any rental pools or long-term leases.
Advantages:
Buy the home now while employed and retire in it later
Build wealth with additional equity
Similar terms to primary residence loan
Government Loans
FHA
The Federal Housing Administration was created in 1934 in an effort to bolster homes sales during the Depression. By financially guaranteeing loans, the FHA lifts much of the risk of non-payment and foreclosure from private lenders. It is important to remember that the FHA is not a lender; they just guarantee your loan.
Advantages:
Bankruptcy not an automatic disqualification
Lower interest rates
Down payment is less
Lower mortgage points and other closing cost requirements
Features:
Low Down payment required = 3.5%
Higher upfront Mortgage Insurance Premium (MIP) than on conventional loans but monthly MIP is lower
Loan Limits are lower than conventional
MIP required regardless of the Loan-to-Value (LTV)
VA
A VA loan is a mortgage loan guaranteed by the Veterans Administration. It was created in 1944 and signed into law by President Franklin D. Roosevelt. A VA loan provides veterans and/or their surviving spouses who have not remarried, with a federally guaranteed home with zero down payment. The program, also referred to as the GI Bill, has been highly successful and has helped millions of American veterans and their families acquire a home.
Advantages:
No down payment
VA does not require private MIP
Limit on the amount of origination fees and closing costs that the lender can charge
Limit also placed on appraisal fees
Features:
Borrower with eligibility remaining must have a Certificate of Eligibility from the VA
Borrowers are required to make a one-time funding fee based on loan amount and applicant’s service length.
Closing costs can be paid by the lender and the seller.
Loan Purposes
Purchase
The process of acquiring a property for the purpose of primary residence, second home or investment property.
Advantages:
Interest on the mortgage may be tax deductible*
Establishes credit history
Secured investment
Builds equity
Can be used to borrow against
*Supreme Lending is not a licensed CPA or Tax consultant and therefore, cannot determine if your mortgage interest will be eligible as a tax deduction per IRS code. You are advised to contact a tax professional. This in no way implies you are guaranteed a tax credit.
HomeStyle Renovation
The process of acquiring a property for the purpose of primary residence, second home or investment property.
Advantages:
Interest on the mortgage may be tax deductible*
Establishes credit history
Secured investment
Builds equity
Can be used to borrow against
*Supreme Lending is not a licensed CPA or Tax consultant and therefore, cannot determine if your mortgage interest will be eligible as a tax deduction per IRS code. You are advised to contact a tax professional. This in no way implies you are guaranteed a tax credit.
Cash Out Refinance
In simple terms, a cash-out refinance replaces your current mortgage with another loan that:
Pays off your current mortgage balance
Uses the equity in your home to provide additional funds for other purposes
A cash-out refinance is a way to both refinance your mortgage and borrow money at the same time. You refinance your mortgage and receive a check at closing. The balance owed on your new mortgage will be higher than your old one by the amount of that check, plus any closing costs rolled into the loan.
It’s sort of like “backing up” your mortgage by taking out some of the money you’ve paid into it and increasing the mortgage principle owed as a result. Cash-out refinancing is basically a combination of refinancing and a home equity loan. You can borrow the money you need, as with a home equity loan or line of credit (HELOC).
New Construction
At Supreme Lending, we have collaborated with builders and developers thousands of developments nationwide, providing builders and developers with mortgage industry insight and guidance to improve their end unit sales. We also work with you to reach the end buyer with professional, co-marketing solutions. Put our professionals to work on your next project to reduce financing turn times and improve customer attraction rates.
Why Choose Supreme Lending for your New Construction Lending Partner?
EXPERIENCE
Provide clarification of mortgage industry guidelines on project development and approval for conventional and government loan programs
Present valuable feedback to increase salability of units within typical mortgage markets
COLLABORATION
Offer a sensible view from a lender perspective to maximize unit sale potential prior to breaking ground
Maintain accessible and responsive communication throughout the development process
Provide professional, co-marketing options that remain compliant and achieve results
INTEGRITY
Adhere to established expectations and timelines we provide to the builder and developer
Project approval from Supreme Lending that is generally accepted through Fannie Mae, Freddie Mac, and other national investors
INDUSTRY RELATIONSHIPS
Provide a network of resources to develop answers, establish direction and deliver home ownership
FOLLOW THROUGH
Attentive to details and ensure delivery of on time results
FHA 203(k) Rehab Loans
Create the home of your dreams with the FHA 30 Year Fixed Rate 203(k) Rehabilitation Loan Program. Rehab loans help homeowners improve their existing home or even buy a home that in need of updates or repairs. With this program, you can finance both the purchase or refinance along with the renovation of your home through a single mortgage, instead of applying for multiple loans.
Supreme Highlights:
Minimum Credit Score is 620 for all Borrowers
Minimum Credit Score is 620 for all Borrowers
Maximum 55% DTI for credit scores > 680
Maximum 50% DTI for credit scores 620-679
Funds are Disbursed to the Contractor as work is completed and inspected
An FHA 203(k) Consultant is Required
Up to 5 Disbursements can be made
No Maximum Rehabilitation Escrow Amount
Rate Term Refinance
The process of paying off one loan with the proceeds from a new loan, using the same property as security. Cash received by the borrower at closing may not exceed $2,000 (not allowed in Texas). Status varies depending upon State Law. The purpose is, as the name implies, to reduce the interest rate, payment, and/or overall term of the mortgage.
Advantages:
Reduction of the interest rate, payment, and/or overall term of the mortgage
Limit of $2,000 cash (varies depending upon State Law)
Unique Non-Conforming Products
Supreme Lending offers 12 Non-conforming programs. In addition to the typical programs from the large lenders, Supreme has the following products that are “Outside the Box” from most typical products. Many of these offer loan amounts starting at $100,000, so they are not just programs for Jumbo borrowers.
"Supreme ARM"
Very competitively priced ARM program
Interest Only option
$100,000 minimum loan amount – Including IO
Non-QM/Non-Agency
$100,000 minimum loan amount– Including IO
One-year tax return for Self-Employed
Non-QM – 49.99% max DTI
Minimum 620 FICO Score
Interest Only option – including 40-year term
95% to $1.5M
95% cash-out – no limit to cash in hand – including conforming loan amounts
No limit on number of properties financed
1-4-unit investment properties at 85%, Cash-out 1-4 at 80%
Vesting in Entities
Bank Statement | Asset Depletion | One-year Income
Bank Statement Loans (SE Borrowers only)
12 or 24 Months
Personal or Business Accounts
Asset Depletion
One-year of Income Documentation – W-2, 1099 or Tax Returns for SE
Vesting in Entities
Non-Conforming Prime Non-QM Programs
Non-QM – 49.99% max DTI
Non-warrantable Condos
Asset Depletion
Interest Only option
Unison HomeBuyer Downpayment Participation program
10% Borrower funds & 10% Unison funds for 20% downpayment
Conforming | Non-Conforming Recent Credit Event
620 minimum FICO
$100,000 – $1,500,000 loan amounts
2 year waiting period for foreclosure or bankruptcy
Non-warrantable Condos
Non-conforming High LTV
90% at 680 FICO
Interest Only option
Unison HomeBuyer Downpayment Participation program
10% Borrower funds & 10% Unison funds for 20% downpayment
Non-Conforming High LTV Portfolio
95% to $2.0M
90% to $3.0M
Can exclude student loans from DTI if deferred for at least 12 months
Debt-consolidation refinance priced as a Rate & Term
Non-warrantable Condos
Interest Only option
100% Gift Funds