Creative Options for every lending need
When financing your loan, it is important to understand and select the type of mortgage that works best for you. This decision will have an impact on both short-term and long-term factors such as:
how much down payment you will need for the loan
what your monthly payment will be for the life of the loan
the total cost of the loan over time
as well as the amount of risk you incur.
Want to know which loan options are best for your current situation?
We can help you find out. Trust our experienced professionals to help get you on the path to home ownership.
This communication is for informational purposes only; this is not a commitment to lend. All loans are subject to buyer and property qualification. All programs, rates and fees are subject to change or cancelation at any time and without notice. Contact Summit Funding, Inc. to learn more about mortgage products and your eligibility.
Loan Options
Loan options are affected by 3 primary factors:
The TERM of the loan (15 years, 30 years or other)
The TYPE of interest rate (Fixed Rate or Adjustable Rate)
The LOAN TYPE (Conventional, FHA, VA. etc.)
Yankov Mortgage Team
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(775) 954-0883
FHA Loans
Interested in owning a home, but don’t have cash for a large down payment?
If you are looking to own, but don’t want to spend all your cash on a large down payment, then this loan might be for you. FHA loans have flexible qualifications and only requires a small down payment. What does this mean to you? It means that you have more options when it comes to finding your dream home.
Here are the highlights:
Minimum FICO score of 580 could qualify.
3.5% minimum down payment.
100% of your down payment or closing costs can come from a family member.
Sellers can contribute up to 6% towards your down payment or closing costs.
FHA loans are perfect for first-time or seasoned homebuyers. To find out if you qualify, send us your name and contact information below. Someone from our team will be in touch shortly.
VA Loans
Buy or refinance with a VA Home Loan. You’ve served us, now let us serve you!
A VA loan is one of the best options for eligible borrowers. It helps Service Members, Veterans, and eligible surviving spouses become homeowners. VA loans have flexible qualifications and require no money for your down payment. Let us give back to you by offering this exclusive program.
Here are the highlights:
0% required for your down payment.
Competitive interest rates and no private mortgage insurance.
100% of your closing cost can come from a family member.
Sellers can contribute up to 4% towards your down payment or closing costs.
VA loans offer low upfront costs, low monthly mortgage payments, and are flexible for qualified borrowers. To find out if you qualify, send us your name and contact information below. Someone from our team will be in touch shortly.
USDA Loans
Looking to become a homeowner in a rural area?
If you are trying to get away from the city life, you may want to look into a USDA loan. Eligible for qualifying rural areas, USDA requires 0% down payment and the possibility of financing your closing costs.
Here are the highlights:
0% required for your down payment.
Lower mortgage insurance than FHA loans.
100% of your closing cost can come from a family member.
Sellers can contribute up to 6% towards your down payment or closing costs.
USDA loans are great for borrowers looking to become a homeowner in the rural areas. With little or no upfront costs, this might be the right loan for you. To find out if you qualify, send us your name and contact information below. Someone from our team will be in touch shortly.
Conventional Loans
Have a strong down payment?
Summit’s conventional loan gives you more options. Unlike FHA and USDA loans, there are little property restrictions when it comes to looking for a home. In addition, if you have a strong down payment, you may be able to forego mortgage insurance, which means a lower monthly mortgage payment.
Here are the highlights:
Minimum FICO score of 620.
No mortgage insurance with 20% down.
3% minimum down payment.
Allowed on primary, 2nd, and investment properties.
If you are looking to purchase your first home with a large down payment, a vacation home, or an investment property, this might be the right loan for you. To find out if you qualify, send us your name and contact information below. Someone from our team will be in touch shortly.
Jumbo Loans
Looking at a home that is above $453,100
Summit has a variety of jumbo products that will help you purchase homes with larger than average loan amounts. With our low down payment guidelines, now more people can purchase homes with higher loan amounts.
Here are the highlights:
Loans from $453,100 to $2,500,000.
No Mortgage Insurance.
First-time homebuyers are eligible.
5% minimum down payment available.
No matter if you are purchasing your first home or a season buyer, a Jumbo Loan might be the right fit for you. To find out if you qualify, send us your name and contact information below. Someone from our team will be in touch shortly.
Reverse Mortgage
Looking for some extra cash in your pocket and you are over 62?
Most homeowners at least 62 of age is eligible for a reverse mortgage. This program allows you to convert a portion of your home equity into tax-free money to use.
Here are the highlights:
Debt consolidation.
Home improvement.
Wealth Management.
Foreclosure Avoidance.
If you are looking to do any of the above or need extra cash in other areas of your life, you might be able to take advantage of this program. To find out if you qualify, send us your name and contact information below. Someone from our team will be in touch shortly.