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Home Select

What is a Home Select Loan?
A Home Select Loan is a unique mortgage that functions like a checking account, offering an innovative alternative to traditional loans. Funds deposited into the linked checking account are used to offset the home loan balance, significantly reducing daily accruing interest. This is a first lien, 30-year open-ended mortgage (HELOC) paired with a transactional sweep-checking account.
 

  • No balloon payments or pre-payment penalties

  • Access equity money for 30 years

  • Loans up to $3 million without geographic limits

  • Applicable for purchases and refinances

  • Suitable for primary, second, and investment properties

  • Supports single-family and multi-family homes
     

What are the Benefits of Home Select?
This loan integrates banking features, including online bill pay, direct deposit, ACH transfers, ATM-VISA cards, checks, and mobile check deposits. Borrowers can use income to reduce mortgage interest costs without altering their budget or lifestyle.

What are the Guidelines for Home Select?

Requirements:

  • 700 min FICO for primary and second homes

  • 720 min FICO for investment properties

  • 90% max LTV for primary homes (purchase/refinance)

  • 70% max LTV for investment properties (purchase/refinance)

  • 43% max DTI; reserves up to 15% of LOC required

  • Applicants must have strong positive cash flow
     

Rate Options:

  • 5-year fixed, 3-year fixed, 1-month adjustable

  • Based on the 1-year CMT index with rate caps

  • Competitive rates compared to conventional loans
     

Contact your loan professional today to determine if the Home Select Loan suits your financial goals.

Specialty Loans

A specialty loan is designed to address unique financial needs or cater to specific borrower circumstances. Geneva Financial offers various options, including the Arrive Home Program, which provides down payment assistance to underserved communities, helping promote generational wealth and homeownership. Physician Loans are tailored for medical professionals, offering terms that accommodate high student loan debt and minimal down payments. Hero Loans support first responders, police, firefighters, nurses, and teachers with favorable terms, while Reverse Mortgages allow homeowners aged 62 and older to convert home equity into cash while retaining their homes. These specialized loans highlight Geneva Financial’s commitment to serving diverse borrower needs.

PORTFOLIO LENDING

What is Portfolio Lending?
Portfolio lending is a flexible lending option for challenging and unique borrower situations. Geneva Portfolio Division enables direct decision-making on loans to fund and hold in-house. These loans often operate in situations where traditional Agency or FHA guidelines fall short. With portfolio lending, borrowers can navigate transitional phases, offering short-term solutions that create opportunities for refinancing or new purchases later.

What Geneva Portfolio Lending Provides:

  • Fix N Flip Loans

  • Bridge Loans

  • New Construction Loans

  • Transition Loans
     

What We DON’T Care About:

  • Asset or property seasoning

  • Non-arm’s length transactions

  • Properties needing repair

  • Income qualifications for business-purpose loans

  • Perfect credit

  • Experienced owner-builders and renovators

What are the Guidelines for Home Select?

Requirements:

  • 700 min FICO for primary and second homes

  • 720 min FICO for investment properties

  • 90% max LTV for primary homes (purchase/refinance)

  • 70% max LTV for investment properties (purchase/refinance)

  • 43% max DTI; reserves up to 15% of LOC required

  • Applicants must have strong positive cash flow
     

Rate Options:

  • 5-year fixed, 3-year fixed, 1-month adjustable

  • Based on the 1-year CMT index with rate caps

  • Competitive rates compared to conventional loans
     

Contact your loan professional today to determine if the Home Select Loan suits your financial goals.

FHA APPROVED CONDOS

What is an FHA Condo Loan?
FHA-approved condo loans cater to individuals purchasing units in a condominium building. Condominium ownership involves separate unit ownership alongside shared ownership of common areas and facilities, making it a popular and affordable alternative to traditional homeownership. In a market with rising home prices, condos often attract buyers as a less expensive option compared to single-family homes.
 

FHA Condo Loan Requirements

  • Project Completion: The condo property must be fully built and completed.

  • Rental Limits: No more than 50% of units can be rentals or investor-owned.

  • Commercial Use: Only up to 35% of the property can be used for commercial purposes.

  • Insurance: The property must be insured.

  • HOA Budget: The condo association must maintain at least 10% of the HOA budget in cash reserves.

  • Ownership Limits: In larger developments (20+ units), no single investor or entity may own more than 10% of units. In smaller developments (≤20 units), ownership is limited to one unit per investor.

Approval Process

For condos to qualify for FHA loans, they must go through an approval process:

  1. HUD Review and Approval Process (HRAP) or Direct Endorsement Lender Review and Approval Process (DELRAP): These processes ensure compliance with FHA guidelines.

  2. Condo ID Assignment: Once approved, the condo development receives a unique condo ID and submission number.

  3. Spot Approval: Individual condo units can qualify for FHA loans even if the development as a whole isn't FHA-approved.
     

Condos must renew FHA approval every three years to remain eligible. Additionally, FHA loans are restricted for properties in undesirable areas (e.g., near landfills or airports) or for condotels with hotel-like amenities.

Contact your loan professional to explore FHA condo loan options and their fit for your housing needs.

FHA No Credit Score Program

If your dream of owning a home feels out of reach due to your credit score, Geneva Financial's FHA No Credit Score Required Program offers a path to homeownership with flexible qualification criteria. This program is tailored to individuals and families who lack traditional credit histories but demonstrate responsible financial habits through alternative credit sources.

Program Highlights

  • Debt-to-Income Ratio (DTI): Qualify with a maximum DTI of up to 43%, allowing flexibility for borrowers with existing financial obligations.

  • Maximum Financing: Secure a loan-to-value ratio of up to 96.5% for properties like single-family homes, condominiums, or 2-4 unit residences, minimizing upfront costs.

  • Non-Traditional Credit Accounts: Use payment histories like rent, utilities, phone bills, or other accounts as credit references, showcasing your responsible financial behavior.

Accepted Non-Traditional Credit References

The program accommodates diverse financial situations by recognizing these as valid credit references:

  • Rent-to-own agreements

  • Medical bill payments not covered by insurance

  • 12-month savings history with consistent deposits

  • Car lease agreements

  • Personal loans with documented repayment

  • Authorized user account payment history

  • Insurance premiums

  • Payments to childcare providers

  • School tuition payments

  • Retail store credit card use
     

This initiative makes homeownership more accessible by emphasizing personalized solutions over traditional credit evaluations. Contact your loan professional today to explore if this program aligns with your path to owning a home.

Reverse Mortgage

A Reverse Mortgage, also known as a Home Equity Conversion Mortgage (HECM), is a financial solution designed for Americans aged 62 and older. It allows homeowners to access a portion of their home equity while continuing to live in the property. The proceeds can be received as a lump sum, line of credit, monthly payments, or a combination of these.

Key Features

  • Repayment Deferred: No monthly mortgage payments are required; repayment occurs when the last borrower moves out, sells the home, or passes away.

  • FHA-Insured: A non-recourse loan, ensuring borrowers are not liable beyond the home's value at the time of repayment.

  • Eligibility Factors: Loan amounts depend on age, interest rates, home value (up to $687,650), and FHA-determined factors.

  • Available for Purchase: Reverse mortgages can also be used to purchase a new home.

Benefits

  • Increased cash flow for homeowners.

  • Flexibility in accessing proceeds.

  • No penalties for early repayment.
     

  • Eligibility Requirements

  • All borrowers must be at least 62 years old.

  • Must have sufficient equity, typically 50% or greater.

  • Property must be the primary residence.

  • Borrowers must pass a financial assessment and attend reverse mortgage counseling.

    This program empowers seniors to age in place by leveraging their home equity without the burden of monthly mortgage payments, offering financial flexibility and peace of mind. Contact a loan professional to explore if a Reverse Mortgage aligns with your financial goals.

HERO Loans

The Hero Loan Program by Geneva Financial is designed to support America’s everyday heroes with accessible homeownership opportunities. It includes a 2% down payment assistance (DPA) grant program, making it easier for eligible borrowers to purchase homes with minimal upfront costs.

Key Features

  • Down Payment Assistance (DPA): Grant covering 2% or 3.5% of the home’s purchase price.

  • Streamlined Application: Utilizes the borrower’s completed 1003 form for a simple, one-step process.

  • Closing Cost Support: May combine with up to 6% seller concessions.

  • Flexible Terms: No resale or borrower repayment restrictions.

  • Program Integration: Compatible with FHA 203(b) programs.


Eligibility Requirements

  • Borrower income must be at or below 140% of the median area income.

  • Available to first-time homebuyers.

  • Eligible borrowers include current or retired first responders, educators, medical personnel, civil servants, and military personnel.

Who Qualifies?
Eligible borrowers must be one of the following:

  • First Responders: Police officers, firefighters, public safety officers, paramedics, or EMTs (including volunteers).

  • Educators

  • Medical Personnel: Nurses, doctors, phlebotomists, health ambassadors, or workers in hospitals, the American Red Cross, or similar roles.

  • Civil Servants: Employees in federal, state, or local municipalities.

  • Military Personnel
     

Note: This program is not available in Hawaii or Washington.
The Hero Loan Program empowers those who serve their communities by making homeownership achievable through generous assistance and flexible terms. Contact a Geneva Financial professional to learn more.

USDA Loans

Geneva Financial now offers in-house USDA loans, providing clients with enhanced customer service and faster processing times. These loans are designed for buyers seeking homes in designated rural areas, offering a pathway to homeownership with flexible terms and significant benefits.
 

Key Features

  • No Down Payment: 100% financing available, making it ideal for those without significant savings.

  • Purchase or Refinance Options: Eligible for both new purchases and refinancing existing USDA loans (subject to appraisal value).

  • Closing Costs Flexibility:

    • Gift funds are allowed.

    • Eligible closing costs may be financed**.

    • Up to 6% seller-paid closing costs.

  • Flexible Qualification Criteria: Easier approval process for qualifying buyers.

Who Qualifies for a USDA Loan?
USDA loans are tailored for low-to-moderate income homebuyers looking to purchase in rural areas. Key criteria include:

  • Income Limits: Adjusted household income must be at or below 115% of the area median income.

  • Property Eligibility: Must serve as the buyer’s primary residence and be located in a USDA-designated rural area.
     

Eligibility Requirements

  • Residency: U.S. citizenship or permanent residency required.

  • Creditworthiness: Typically, a credit score of 600 or higher is needed.

  • Income Stability: Demonstrable stable and dependable income.

  • Repayment History: Generally, 12 months of no late payments or collections.

    With its flexible terms and affordability, USDA loans make homeownership achievable for those in rural communities. Contact Geneva Financial today to explore your eligibility.

USDA Renovation Program

Are you dreaming of owning a charming home that needs some renovations to make it perfect for your lifestyle? Geneva Financial introduces USDA Renovation Loans, a unique program tailored for eligible borrowers looking to purchase properties that require updates or repairs. This loan merges the cost of buying the home with the renovation expenses, making it a seamless option for turning fixer-uppers into dream homes while enhancing communities' housing conditions.
 

Comprehensive Features

  • Up to 100% Financing:
    This program allows borrowers to finance up to 100% of the property’s “as-improved” value, including the USDA guarantee fee. With minimal upfront costs, it ensures affordability for homebuyers while accounting for the home's future potential.

  • A Single Loan for Purchase and Renovation:
    By combining the purchase price and renovation costs into one loan, this program simplifies the financing process. Homebuyers benefit from reduced paperwork and a more streamlined journey toward homeownership and improvement.

  • Guaranteed Loan Assurance:
    The USDA guarantees the loan at closing, providing peace of mind to borrowers even before renovations are completed. This assurance fosters confidence in the process and ensures that financial terms remain stable throughout.

  • Advanced Funds for Repairs:
    For non-structural repairs, contractors can receive up to 50% of the estimated materials and labor costs upfront, enabling projects to start efficiently and ensuring smoother execution.

Why Consider a USDA Renovation Loan?

  1. Expand Your Homebuying Options:
    USDA Renovation Loans make it possible to consider homes that may otherwise be overlooked due to their condition. These properties often have untapped potential and can be customized to meet your unique needs.

  2. Affordability Meets Opportunity:
    With up to 100% financing and the inclusion of renovation costs, this program ensures affordability while opening doors to communities that might have previously felt out of reach.

  3. Enhance Community Housing Stock:
    By improving homes in rural areas, USDA Renovation Loans contribute to the revitalization of neighborhoods, ensuring long-term value for homebuyers and the community.

  4. Personalized Living Spaces:
    This program offers borrowers the opportunity to create spaces tailored to their lifestyle without taking on the additional burden of separate financing for renovations.
     

Eligibility and Requirements

  1. To qualify for a USDA Renovation Loan, you must meet specific USDA loan requirements, including:

  2. The home must be in a USDA-eligible rural area.

  3. Borrowers must meet income eligibility standards based on the property’s location.

  4. The loan must be used for the borrower’s primary residence.

  5. All renovations must meet USDA guidelines and align with the program’s approved scope of work.

Physician Loan

The path to becoming a healthcare professional is both commendable and challenging, often leaving graduates with significant student loan debt. For residents, recent medical school graduates, or those in the early stages of their careers, the Doctor Loan Program offers tailored solutions to support homeownership, recognizing their future earning potential and dedication to improving lives.
 
Program Overview
The Doctor Loan is designed specifically for medical professionals, offering terms that accommodate the unique financial situations of healthcare providers. With flexible requirements and attractive benefits, this program ensures that early-career doctors can achieve homeownership without being hindered by student loans.
 
Features and Benefits

  • Low Down Payment:
    The program allows for minimal upfront costs, making it accessible to professionals still building their financial foundation.

  • High Loan Limits:
    Borrow up to $850,000, providing the flexibility to purchase homes in desirable locations suited to your career.

  • Adjustable-Rate Mortgage Options:
    Choose between 5/1 or 7/1 ARM options, allowing you to select the structure that best aligns with your financial goals and career trajectory.

  • Exclusion of Deferred Student Debt:
    Deferred student loan payments may be excluded from your debt-to-income ratio if deferment extends at least 12 months beyond the closing date, helping you qualify for a larger loan.¹

  • Interested Party Contributions Allowed:
    Contributions from sellers or other parties are permitted, reducing your out-of-pocket expenses.

Eligibility Requirements

  • To qualify for a Doctor Loan, you must meet the following criteria:

  • Be a licensed medical professional, such as:

  • Medical Doctor (MD)

  • Doctor of Dental Science (DDS)

  • Doctor of Dental Medicine or Surgeon (DMD)

  • Doctor of Optometry (OD)

  • Doctor of Ophthalmology (MD)

  • Doctor of Osteopathy (DO)

  • Doctor of Pediatric Medicine (DPM)

  • Medical residents with an educational license are also eligible.

  • The property must serve as your primary residence.

  • The loan can be used for both purchases and rate/term refinances.

  • All borrowers are subject to standard credit approval and underwriting requirements.


Why Choose a Doctor Loan?

  1. Support for Early Career Professionals:
    Recognizing the unique financial burdens of medical education, this program accommodates deferred student loans and high earning potential.

  2. Flexibility for Busy Professionals:
    Streamlined processes ensure that healthcare providers can focus on their careers while securing their dream home.

  3. Tailored Mortgage Options:
    Adjustable-rate mortgages and flexible down payment terms allow borrowers to customize their home financing to fit their specific needs.

  4. Recognition of Your Commitment:
    By providing exclusive benefits to medical professionals, the Doctor Loan celebrates your dedication to serving others.
     

Take the Next Step Toward Homeownership
As you embark on the rewarding journey of caring for others, let the Doctor Loan help you achieve your homeownership goals. With flexible terms and tailored solutions, this program ensures that your financial future is as promising as your career.
Contact us today to learn more about the Doctor Loan and how it can make your homebuying dreams a reality!

¹Eligibility for student loan exclusion applies only to medically licensed borrowers with deferment extending 12 months beyond the loan’s closing date. Additional restrictions and terms may apply. All programs are subject to change without notice.

Renovation Loans

Whether you're purchasing a home in need of upgrades or planning to renovate your current property, renovation loans offer a solution to finance these improvements. Geneva Financial provides various renovation loan options to help you turn a house into your dream home.
 
HomeStyle Renovation Loan

What Is It?
The HomeStyle Renovation Loan combines the purchase or refinance of a property with the cost of necessary repairs into a single loan. This allows borrowers to finance home improvements alongside their mortgage, simplifying the process.

Who Is It For?
This loan is ideal for individuals who:

  • Want to buy a home requiring repairs before moving in.

  • Wish to update or enhance their existing property.
     

Key Features:

  • Minimum Credit Score: 620

  • Maximum Loan-to-Value (LTV): 87%

  • Repair Funding: Finance improvements up to 75% of the property’s “as-completed” appraised value.

  • Eligible Properties: Includes purchases, refinances, and even manufactured homes.
     

FHA 203(k) Loan

  • What Is It?

  • The FHA 203(k) Loan lets borrowers purchase or refinance a home and include renovation costs in their mortgage. This option allows you to spread the cost of improvements over the life of the loan, making renovations more affordable.
     

Who Is It For?

  • This program suits:

  • Homebuyers who find properties with potential but need renovations.

  • Current homeowners looking to upgrade their property without taking out a separate loan.

Benefits:

In addition to funding the purchase or refinance of your home, the FHA Streamline 203(k) loan provides extra funds* for improvements such as:

  • Modernizing kitchens or bathrooms.

  • Installing new flooring or repainting interiors.

  • Purchasing new appliances.

  • Completing roof repairs.

  • Upgrading HVAC systems or adding energy-efficient solutions.


Guidelines:

  • Down Payment: Low down payment options are available.

  • Loan Terms: Choose from fixed- or adjustable-rate mortgages.

  • Eligible Properties: Includes 1–4 unit properties and condos.

  • Gift Funds: Down payment funds can come from a relative or employer.
     

Why Choose a Renovation Loan?

Both HomeStyle Renovation and FHA 203(k) loans provide flexible financing options for transforming your home. They simplify the renovation process by rolling the costs into a single loan, eliminating the need for separate financing.
 

Get Started Today

Whether you’re purchasing a fixer-upper or enhancing your current home, Geneva Financial’s renovation loans offer tailored solutions to fit your needs. Contact a loan professional today to explore your options and bring your dream home to life!

*Additional restrictions may apply. Terms and conditions subject to change. Always consult a loan professional for detailed eligibility requirements.

HELOC

A Home Equity Line of Credit (HELOC) allows homeowners to borrow against the equity in their homes, providing access to funds for various needs. Whether it's funding a renovation, consolidating debt, or investing in new opportunities, a HELOC offers flexibility and financial empowerment.
 
What is a HELOC?
A HELOC, also known as a second mortgage, enables you to tap into your home's equity and use it like a credit line. This means you can borrow funds as needed, up to your approved limit, rather than receiving a lump sum.

With a HELOC through Geneva Financial, you can:

  • Borrow up to 95% of your home’s equity.

  • Access a credit line of up to $500,000 (for well-qualified borrowers).

  • Enjoy low interest rates and interest-only payments for the first 10 years.
     

How Can You Use a HELOC?

  • The versatility of a HELOC makes it an ideal financial tool for many purposes, including:

  • Home Renovations: Upgrade your kitchen, add a deck, or finish your basement.

  • Debt Consolidation: Pay off high-interest credit cards or personal loans.

  • Education Costs: Cover college tuition or other educational expenses.

  • Medical Expenses: Manage unexpected healthcare costs.

  • Second Homes and Investments: Use it for a down payment on a vacation home or an investment property.*

Key Features of a HELOC

  • Maximum Credit Line: Up to $500,000.

  • Draw Period: 10 years of interest-only payments for flexibility.

  • Repayment Period: 20 years of principal and interest payments.

  • Floor Rate: 3.95%.

  • Rate Cap: Maximum 18.00%, with no more than a 2.00% adjustment per year.

  • Eligible Properties: 1–4 unit properties, PUDs, condos, and townhomes.
     

Applying for a HELOC

  • The HELOC application process is straightforward and similar to applying for a home mortgage. Here’s what you’ll need:

  • Application Form: Complete your application online.

  • Verification Documents:

  • Most recent tax returns.

  • Recent pay stubs.

  • Current mortgage statements.

  • Checking and savings account statements.

  • Credit card bills.

  • Details of any money market accounts.

     

Why Choose Geneva Financial for Your HELOC?
Geneva Financial offers a variety of HELOC programs tailored to meet your financial goals. With flexible terms and competitive rates, we make it easy to turn your home equity into a powerful resource.
 
*Terms and conditions apply. Rates and program availability are subject to change. Consult with your loan advisor to confirm eligibility.

SELF EMPLOYED

With the rise of self-employment, traditional income qualification methods often fail to accommodate the unique financial situations of entrepreneurs and independent contractors. Geneva Financial addresses this challenge with a Bank Statement Loan Program that lets you qualify for a mortgage using your bank statements instead of conventional income verification.

What is the Bank Statement Program?
The Bank Statement Program is designed for self-employed borrowers, allowing them to use their personal or business bank statements as proof of income. This tailored approach offers greater flexibility and accessibility for those who don't rely on traditional W-2 forms or pay stubs.
 
Key Features and Benefits

  1. Flexible Statement Options:

    • Choose between 12- or 24-month personal and business bank statements with the Champion Classic program.

    • Utilize 24-month personal and business bank statements with Achiever Expanded Credit.

  2. Self-Employment Verification:

    • A 4-year history of self-employment is required.

    • CPA letters and profit-and-loss (P&L) statements are accepted for income documentation.

  3. Loan-to-Value (LTV) Options:

    • LTVs up to 85% without requiring mortgage insurance (MI).

  4. Property Types:

    • Eligible for primary, second, and investment homes.

  5. Loan Amounts and Debt-to-Income (DTI) Ratios:

    • Borrow up to $3 million.

    • DTI ratios up to 50% for Champion Classic and 43% for Achiever Expanded Credit.

  6. Credit Score Flexibility:

    • Minimum credit scores as low as 620 for both programs.

  7. Loan Terms:

    • 30-year fixed-rate mortgages are available.

    • Optional 10-year interest-only payment period for increased flexibility.

  8. Loan Types:

    • Available for purchase, rate and term refinancing, and cash-out refinancing.

Who Benefits from This Program?

The Bank Statement Loan is ideal for:

  • Entrepreneurs.

  • Small business owners.

  • Freelancers and independent contractors.

  • Borrowers with significant cash flow but non-traditional income documentation.

     

How to Get Started
 
Applying for a Bank Statement Loan is straightforward:

  • Gather 12 or 24 months of personal or business bank statements.

  • Obtain a CPA letter or P&L statement as proof of self-employment.

  • Connect with a Geneva Financial loan expert to explore your options and find the best fit for your needs.


     

At Geneva Financial, we’re committed to empowering self-employed borrowers to achieve homeownership. This innovative program bridges the gap between entrepreneurial success and home financing, making your dreams more attainable than ever.
 

Terms and conditions apply. All borrowers are subject to credit approval.

Down Payment Assistance Loans

For many prospective homebuyers, saving for a down payment is one of the biggest challenges to achieving their dream of homeownership. A Down Payment Assistance (DPA) Loan is specifically designed to bridge that gap, making it easier for qualified borrowers to secure financing and move into their new home.
 
What is a DPA Loan?
A DPA Loan provides financial assistance for the down payment—often one of the largest upfront costs of buying a home. This program is especially beneficial for borrowers who meet all other loan qualifications but lack sufficient savings for a down payment. Through grants or low-interest loans, DPA reduces the amount of money needed upfront, making homeownership more accessible.
 
How Does It Work?

Down payment assistance typically comes in two main forms:

  1. Grants: Non-repayable funds provided to eligible borrowers.

  2. Low-Interest Loans: Funds that can be repaid over time at affordable rates or deferred until the home is sold, refinanced, or paid off.
     

State-Specific Programs

  1. Each state offers its own Down Payment Assistance Guidelines with unique eligibility requirements and benefits. These programs often cater to:

  2. First-time homebuyers.

  3. Moderate-to-low-income households.

  4. Borrowers purchasing in specific geographic areas.

  5. By leveraging these state-sponsored initiatives, homebuyers can enjoy benefits such as reduced out-of-pocket costs, competitive interest rates, and expanded access to home financing.

Why Consider a DPA Loan?

  • Increased Affordability: Lowers the upfront financial barrier to buying a home.

  • Flexibility: Many programs allow combining DPA with other types of loans (e.g., FHA, USDA, or VA loans).

  • Support for New Buyers: Ideal for first-time homebuyers or those who’ve faced challenges saving for a down payment.
     

How to Get Started
Contact a licensed loan officer to explore which DPA programs are available in your state. They can guide you through the qualification process and help you determine the best fit for your financial situation.
 
Achieve Your Homeownership Goals
With a DPA Loan, you can take the first step toward homeownership without the hurdle of a large upfront payment. This innovative solution opens the door to more opportunities and makes buying your first home a reality.
 
Terms and conditions apply. Program availability and eligibility vary by state.

First-Time Homebuyers

Purchasing your first home is a thrilling milestone, and at Geneva Financial, we’re here to make the process as seamless and stress-free as possible. From answering your questions to providing expert guidance every step of the way, we’re dedicated to helping you achieve your homeownership dreams.
 
Loan Options for First-Time Homebuyers
We understand that every buyer’s needs are unique. That’s why we offer a variety of loan options tailored to first-time homebuyers:
 
FHA Loans
Designed for buyers who need lower down payments, FHA loans are especially beneficial for first-time homebuyers. These government-backed loans make homeownership accessible with:

  • Flexible credit score requirements.

  • Down payments as low as 3.5%.
     

Conventional Loans

Conventional loans provide a range of down payment options and often eliminate the need for mortgage insurance. They’re a great option for buyers with good credit and stable income.

VA Loans
For veterans and active-duty military members, VA loans offer unbeatable benefits such as:

  • No down payment required.

  • Limited closing costs.

  • Competitive interest rates.
     

What is a DPA Loan?
Down Payment Assistance (DPA) Loans are designed to help buyers who qualify for a mortgage but need help with the upfront cost of a down payment. These programs provide grants or low-interest loans to reduce the financial burden, making it easier to achieve homeownership.

Ready to Get Started?
Whether you’re a first-time buyer or exploring your options, our team of mortgage professionals is here to guide you every step of the way. Contact us today and take the first step toward making your homeownership dreams a reality.

Terms and conditions apply. Loan eligibility and program availability vary by state.

Credit Challenged

At Geneva Financial, we believe that homeownership should be within reach for everyone, including those with lower credit scores. With our robust product lineup and specialized loan programs, purchasing your dream home may be more achievable than you think.

Loan Programs for Lower Credit Borrowers
We offer several government-backed loan options that provide flexible credit requirements and favorable terms for borrowers who may face credit challenges.

FHA Loans

FHA loans are ideal for borrowers with limited savings for a down payment and lower credit scores.

  • Minimum FICO score: 580 with a 3.5% down payment.

  • Backed by the Federal Housing Administration (FHA).

  • Allows seller-paid closing costs up to 6% of the loan amount.

  • Streamline refinancing options available.

  • Requires two mortgage insurance premiums:

    • Upfront Mortgage Insurance Premium (UMIP).

    • Annual Mortgage Insurance Premium (AMIP).

  • Includes a One-Time Close Construction Loan option for building new homes.
     

VA Loans

Eligible military personnel and veterans with less-than-perfect credit and no down payment may qualify for a VA loan with benefits such as:

  • No minimum credit score set by the VA (lenders typically require 580 or higher).

  • 100% financing available, meaning no down payment is required.

  • No Private Mortgage Insurance (PMI) required.

  • Includes Interest Rate Reduction Refinance Loans (IRRRLs) for streamlining.

  • One-Time Close Construction Loan option for new homes.

  • Available to:

  • Eligible veterans.

  • Active-duty military.

  • Surviving spouses of veterans.

USDA Loans
For borrowers with low to moderate income and less-than-perfect credit who are purchasing in USDA-approved rural areas:

  • Minimum credit score: 600.

  • Offers 100% financing with no down payment required.

  • Includes Streamlined-Assist Refinance options for current USDA borrowers.
     

Additional Options for Lower Credit Borrowers
Both Fannie Mae and Freddie Mac provide alternative solutions for borrowers with less-than-perfect credit. Ask your Geneva Financial loan officer for details on these options.

Tips for Improving Your Credit Score

  1. Maintain Low Balances:
    Keep balances on credit cards and other revolving credit low. Aim to pay more than the minimum monthly payment.

  2. Consolidate Debt:
    Combine smaller debts into one with a lower interest rate. Consider balance transfers or using a cash-out refinanceto pay off high-interest debts.

  3. Check Your Credit Report:
    Request your credit report annually from each major bureau (TransUnion, Experian, Equifax) at AnnualCreditReport.com. Verify all information for accuracy.
     

Start Your Journey Today

  1. If you’re ready to explore your home loan options, our experienced team is here to guide you. Contact us today to see how Geneva Financial can help make homeownership a reality for you.

  2. Terms and conditions apply. Eligibility and program availability depend on state guidelines and lender criteria.

Fixed vs. Adjustable Rate Mortgages

When purchasing a home, selecting the right mortgage is a crucial decision. Here’s a breakdown of Fixed-Rate Mortgages and Adjustable-Rate Mortgages (ARMs) to help you understand their differences and benefits.

Fixed-Rate Mortgages
A Fixed-Rate Mortgage locks in your interest rate for the entire loan term, ensuring consistent monthly payments.
Options:

  • 30-Year Fixed:

    • Lower monthly payments by spreading the loan across 30 years.

    • Popular among first-time buyers for affordability.

  • 15-Year Fixed:

    • Typically offers a lower interest rate.

    • Higher monthly payments but saves money on interest over time.

Benefits:

  • Predictable payments throughout the loan term.

  • Protection from market rate fluctuations.
     

Adjustable-Rate Mortgages (ARMs)

An Adjustable-Rate Mortgage offers an initial fixed interest rate for a set period, after which the rate adjusts based on market conditions.
Common Option:

  • 5/1 ARM:

  • Fixed rate for the first 5 years.

  • Adjusts annually after the initial period.

Benefits:

  • Lower interest rates and payments during the initial fixed period.

  • Potentially lower costs if you plan to move or refinance before the adjustable phase begins

Benefits of Homeownership

  • Owning a home offers a range of financial, emotional, and social benefits:

  • Financial: Builds equity and can offer tax advantages.

  • Emotional: Stability and personal pride in ownership.

  • Social: Creates community ties and roots.


Debunking Homeownership Myths
Many buyers overestimate the down payment needed to purchase a home. Here are the facts:

  • Most first-time homebuyers put down 6% or less.

  • Programs exist that require as little as 3% down.

  • Many buyers mistakenly believe they need 20% down, which isn’t the case.
     

Loan Program Options

Depending on your situation, you may qualify for one of these options:

  • FHA Loans: Requires 3.5% down with a minimum credit score of 580.

  • VA Loans: No down payment for eligible military and veteran borrowers.

  • USDA Loans: No down payment for homes in USDA-approved rural areas.

  • Conventional 97: 3% down for qualified buyers.

  • 100% Financing: Available in certain cases.
     

Take the First Step Toward Homeownership

  • Explore programs tailored to your needs, and take advantage of low down payment options. Contact your loan officer to start your journey today!

  • Terms and conditions apply. Program eligibility depends on lender and state guidelines.

Arrive Home Program

The Arrive Home Program is designed to make the dream of homeownership a reality for underserved communities by providing down payment assistance (DPA). This program aims to create generational wealth and celebrate diverse cultures by empowering individuals to achieve homeownership.
 
Who Can Benefit?
While the program is open to everyone, it is especially designed to support populations that have historically faced barriers to homeownership, such as:

  • Latino

  • African American

  • Native American

  • Asian communities
     

Program Details and Benefits
The Arrive Home Program offers two types of down payment assistance:

  • Repayable DPA

  • No income limits: Available to all income levels.

  • Assistance options: 3.5% or 5% of the home’s purchase price (5% applies only to repayable assistance).

  • Repayment terms:

  • 10-year amortized term.

  • Fixed interest rate 2% higher than the first mortgage.

  • Subordination restriction: No subordination for 3 years.

  • Advantage: Reduces out-of-pocket costs for buyers.

Forgivable DPA

  • Income requirements: Qualifying income must be at or below 160% of the median income.

  • Assistance amount: 3.5% of the home’s purchase price.

  • Repayment terms:

    • 30-year term with a fixed 0% interest rate.

    • No monthly payments required.

  • Forgiveness terms: Loan is forgiven after 36 on-time payments on the first mortgage.

  • Advantage: Lower total payments, with more funds available for closing costs.
     

Why Choose the Arrive Home Program?
This initiative goes beyond financial assistance, fostering a sense of community and cultural celebration while breaking down barriers to homeownership. Whether you’re a first-time buyer or looking to reduce the upfront costs of purchasing a home, the Arrive Home Program offers accessible solutions to fit your needs.
 

Ready to Take the Next Step?

Contact a loan officer today to learn how the Arrive Home Program can help you achieve your dream of owning a home.

Terms and conditions apply. Program eligibility depends on lender and state guidelines.

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