Traditional Mortgage Products
Explore a world of financial possibilities with our diverse range of loan types.
Traditional Products
Traditional mortgage products, such as conventional loans, FHA and VA backed programs, are designed for borrowers who meet certain lending criteria, providing reliable financing and competitive terms to suit a variety of homebuying needs.
Conventional Mortgages
Conventional Mortgages are typically best suited for borrowers with a credit score of around 680 and higher.
FHA Loans
An FHA loan is the go-to funding solution for borrowers who are light on funds to close, income, or credit score to buy a Primary Residence.
VA Mortgage Loans
Financing offered by the U.S. Department of Veterans Affairs for eligible active-duty service members, veterans, reservists, and their spouses.
Compare Traditional Products
Non-Traditional loan products have been developed to service borrowers with unique financial and credit situations, offering flexible solutions for self-employed individuals, real estate investors, and those with substantial assets but non-traditional income sources.
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Feature
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Conventional Loan
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FHA Loan
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VA Loan
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|---|---|---|---|
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Minimum Down Payment
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As low as 3% (for first-time homebuyers)
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3.5% (for credit score of 580 and above)
10% (For credit score under 580)
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No down payment required on borrowers with full entitlement
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|
Credit Score Requirement
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620+
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500+
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500+
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Upfront Mortgage Insurance
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None
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1.75% of loan amount for all loans
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One-time Funding Fee may apply (Veterans with a service-connected disability may be exempt)
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|
Mortgage Insurance
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Required if less than 20% down
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Required on all loans, regardless of downpayment
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N/A
|
|
2024 Loan Limits
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$766,550 for single-family in most areas
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$498,257 for single-family in most areas
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No set loan limits
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|
Maximum Debt-to-Income Ratio*
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45% DTI (50% possible)
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50% DTI (56.5% possible)
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Technically no limit (Depends on residual income and geography)
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Who Benefit
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Medium to high credit borrowers
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Lower credit score and/or lower income borrowers
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Veterans, active-duty service members, and qualifying spouses
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Occupancy Type Restrictions
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Primary residence, but can be used for investment properties or second homes
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Must be primary residence
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Must be primary residence
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Property Type Restrictions
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5+ multi-family
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5+ multi-family
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5+ multi-family
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Down Payment Assistance Eligibility
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Varies by lender and product
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Eligible
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100% Financing available
|
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Pre-Payment Penalties
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None
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None
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None
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*Thresholds may vairy by lender.
Exhale Lending is a mortgage brokerage firm that embodies trust, transparency, and a genuine desire to help clients achieve financial serenity. With our client-centric approach, expertise, and unwavering commitment to excellence, Exhale Lending is poised to make a meaningful impact on the journey towards homeownership for individuals and families alike.
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Exhale Lending, L.L.C.
Equal Housing Opportunity
Office Location
Cary, NC 27511