Programs

This specialty program gives money-saving incentives to those who qualify and can be used with any type of loan on their home purchase. Those who qualify will be able to take advantage of great benefits listed below:

• Complimentary appraisal report (up to $900 savings)

• Complimentary credit report ($65 savings)

Heroes who qualify include military (active and non-active), law enforcement, fire fighters, EMS, healthcare professionals, and teachers.

*Terms and conditions may be changed at anytime by Frontline Mortgage.

  A conventional mortgage is a home loan that isn’t insured by a government agency. Virtually every type of mortgage lender offers conventional loans, and they are ideal for borrowers with a strong credit profile, stable income and minimal debt. 

Conventional loans can come with a fixed or adjustable rate, and they can be conforming, meaning they fall within the loan limits set by the Federal Housing Finance Agency (FHFA), or non-conforming in that they exceed these limits. These loan limits change annually so please inquire for more information.

Some conventional loan programs allow you to put down as little as 3 percent to 5 percent, but the tradeoff is you’ll need to pay for private mortgage insurance (PMI), a cost added on to your monthly mortgage payment. PMI protects the lender — not you — if you default on your loan, and you’ll need to pay this until you accumulate 20 percent equity in your home. If you can make at least a 20 percent down payment upfront instead, you won’t have to pay this expense.

• Minimum Down Payment amount: 3-5%

• Minimum Credit Score: 620

An FHA loan is a government-backed mortgage insured by the Federal Housing Administration. FHA home loans require lower minimum credit scores and down payments than many conventional loans, which makes them especially popular with first-time homebuyers. In fact, according to FHA’s 2021 Annual Report, more than 84.6 percent of all FHA loan originations were for borrowers purchasing their first homes. 

FHA loans come in 15-year and 30-year terms with fixed interest rates. The agency’s flexible underwriting standards are designed to help give borrowers who might not qualify for private mortgages a chance to become homeowners.

But there’s a catch: Borrowers must pay FHA mortgage insurance, which is designed to protect the lender from a loss if the borrower defaults. Mortgage insurance is required on most loans when borrowers put down less than 20 percent but ALL FHA loans require the borrower to pay two mortgage insurance premiums no matter the down payment amount:

• Upfront mortgage insurance premium: 1.75 percent of the loan amount, paid when the borrower gets the loan. The premium can be rolled into the financed loan amount.

• Annual mortgage insurance premium: 0.55 percent to 0.75 percent, depending on the loan term (15 years vs. 30 years), the loan amount and the initial loan-to-value ratio, or LTV. This premium amount is divided by 12 and paid monthly.

• Minimum Down Payment amount: 3.5%

• Minimum Credit Score: 580

A VA loan is guaranteed by the U.S. Department of Veterans Affairs. The loan itself isn’t actually made by the government, but the fact that it’s backed by a government agency makes lenders feel more comfortable offering these loans because they take on less risk than with a conventional mortgage. 

As a result, it’s possible to get a VA loan without a down payment, and sometimes with looser credit standards. While you still need to meet certain requirements, and the lender still needs to approve you, if you qualify for a VA loan, it can help you attain homeownership with less money than you’d need in the bank otherwise.

Basically, you fill out paperwork from the VA that verifies your eligibility for the program. You also receive what’s known as your entitlement, which is the dollar amount guaranteed on each VA loan. Lenders might be willing to loan up to four times the amount of your entitlement.

With all of that in place, it’s possible to get a VA loan with no money down. VA loans also don’t require private mortgage insurance (PMI), but you will pay a VA funding fee when you close, which will be a percentage of the loan’s total value. That fee helps keep the program running for future borrowers.

• Minimum Down Payment amount: 0%

• Minimum Credit Score: 580

• Only eligible to active duty military, honorably discharged veterans, retired veterans, and deceased veteran's spouses.

A Non-QM loan, or non-qualified mortgage loan, often allows for alternative methods of verifying a borrower's income. Some non-QM loans allow borrowers to pay only the interest for a certain period, without paying down the principal. These types of loans normally come with higher interest rates because they are considered more of a high risk. Take a look at some of the non-QM loans listed below;

• Bank Statements (12 to 24 months)

• 1099

• Rental Income

• Profit and loss 

• Asset Depletion

Down payment assistance (DPA) programs offer loans and grants that can cover part or all of a home buyer's down payment and closing costs. Below are different options of DPA Programs that we offer:

• Chenoa

• Dream For All (shared appreciation)

• Cal HFA

• Boost

• Aurora