Loan products

Find the perfect home loan for you

Conventional Loans

Conventional loans are the mortgage standard. These loans fit within the guidelines of Fannie Mae and Freddie Mac. First-time homebuyers will find this product great as their mortgage insurance will eventually drop off. For most borrowers, this will be the best and easiest option.
Minimum Down Payment: 5% (unless you're a first-time homebuyer, then it is 3%).
Minimum Credit Score: 620
Easy & Fast!
Example scenario
Purchase Price $400,000
Loan Amount $380,000
Down Payment $20,000 (5%)
Credit Score of 720

VA Loans

VA or Veterans Affairs Loans are loans that are guaranteed by the U.S. Department of Veterans Affairs. These loan programs are offered to active, discharged, and surviving spouses of U.S. Service Members. It allows for 100% financing, no mortgage insurance, and typically offers lower rates than conventional loans.
Funding Fee: A percentage of the loan (financing available)
No mortgage insurance.
Flexible income qualification (compared to conventional)
Example scenario
Bill served four years of active duty in the U.S. Marine Corps and was honorably discharged. He decides to buy a home and exercise his VA benefit. He can buy the house and only pay closing costs (no down payment needed).

FHA Loans

FHA Loans are insured loans through the Federal Housing Administration. FHA Loans offer a lower qualifying credit score, higher debt-to-income ratios, and a competitive minimum down payment of only 3.5%. FHA loans are an option for first-time homebuyers or those working on rebuilding their credit.
Minimum Credit Score: 580
Minimum Down Payment: 3.5%
Must fall under county FHA loan limit.
Example scenario
Josh has a credit score of 610 and wants to purchase a home. He doesn’t have a lot saved up for a down payment or closing costs. He can get approved for a 3.5% down payment and can always refinance after a year to avoid paying mortgage insurance for the life of the loan! Go, Josh!

Jumbo Loans

A jumbo loan is a mortgage that exceeds the conforming loan limit put in place by the FHFA. The specific limit varies from county to county. Each year, the conforming loan limit is reviewed by the FHFA and adjusted if necessary.
The Conforming Loan Limit: $647,200
Some require two appriasals.
Up to $3mm (typically).
Example scenario
Sally and Joe are buying a single-family home in Orlando, FL where the county limit is $647,200. The sales price is $900,000. If they put anything less than $252,800 down, they will need a jumbo loan.

Rate & Term Refinance

A rate and term refinance replaces your existing mortgage with a new mortgage.
Lower your rate & monthly payment or change the term of the loan.
Refinance out of mortgage insurance.
Option to finance closing costs.
Example scenario
An economic downturn has lowered interest rates sharply. The Smiths have owned their home for seven years. To decrease their monthly payment and build equity faster, they refinance from a 30-year mortgage to a lower interest rate.

Cash-Out Refinance

A cash-out refinance pulls equity from your home for other purposes, such as home renovations or debt consolidation.
Appraisal often required
Minimum Credit Score: 620
Maximum Loan Amount: 80% of the homes value
Example scenario
Jim bought his home five years ago, and the value has since increased. He plans to use some of his equity to install a pool. It’s going to cost around 30k. He can now use money from his homes equity to finance the pool while also adjusting his loan amount to reflect his homes increased value!

ARMs

Adjustable-rate mortgage (ARM) is a home loan with a variable interest rate. With an ARM, the initial interest rate is fixed for a period of time. After that, the interest rate applied to the outstanding balance resets periodically, at yearly or monthly intervals.
Common ARMs: Rate is fixed for 5, 7, or 10 years and then adjusts annually.
Best for those who plan to live in the home less than five years (can afford potential rate increases).
Not ideal for investment properties.
Example scenario
George scored a 5-year contract with a reputable firm and will be relocating to Charlotte, NC. George will be relocating back to Florida after his contract is up. George is looking to take advantage of the rates while having a short-term loan. After finalizing his PAL, Rosegate provided George a 5/1 arm to meet his contract length, and provided an option of a 7/1 for cushion if his contract is extended/possibly better pricing.

Where you and your new home meet

What do you want to do today?
  • No impact on your Credit Score.
  • No documents required.
  • Takes two minutes.