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LOAN PROGRAMS

Choosing The Right Loan

Summit Funding is a Direct Seller Servicer, which means we offer MORE loan programs, MORE lending flexibility, and MORE Loan Officer experience.

CONVENTIONAL

HAVE A STRONG DOWN PAYMENT
  • Looking to purchase with a large down payment, a vacation home, or an investment property - this may be the right loan for you!
MINIMUM FICO SCORE
  • 620 min FICO or 640 with MI
  • *Contact your MI company for details
DOWN PAYMENT
  • 3% min
OCCUPANCY
  • Primary residence
  • Second home
  • Investment properties
  • No mortgage insurance with 20% down
  • 100% gift funds allowed
  • Up to 9% seller contribution

FHA

Don't have cash for a large down payment?
  • FHA loans have flexible qualifications and only requires a small down payment
MINIMUM FICO SCORE
  • 580-620 with DTI limits
  • 580 high balance with limits
DOWN PAYMENT
  • 3.5% min borrower
OCCUPANCY
  • Primary residence
  • UPMIP financed
  • Monthly mortgage insurance  required
  • 100% gift funds allowed
  • Up to 6% seller contribution

VA

You've served us, now let us serve you!
  • VA loans offer low upfront costs and monthly mortgage payments for Service Members, Veterans, and eligible surviving spouses.
MINIMUM FICO SCORE
  • 620 with DTI Limits
  • 640 high balance with limits
DOWN PAYMENT
  • No down payment required
OCCUPANCY
  • Primary residence
  • Upfront funding fee financed
  • No monthly mortgage insurance required
  • 100% gift funds allowed
  • Up to 4% seller contribution

USDA

Looking to get away from the city life?
  • USDA requires 0% down payment and the possibility of financing your closing costs. Great for borrowers looking to become a homeowner in qualifying rural areas.
MINIMUM FICO SCORE
  • 620 with manual UW
  • 640 standard guides
DOWN PAYMENT
  • No down payment required
OCCUPANCY
  • Primary residence
  • Upfront funding fee financed
  • Annual fee required
  • Up to 6% seller contribution

JUMBO

Looking for a home above $424,100?
  • We offer a variety of jumbo products that will help you purchase homes with a larger loan amount.
MINIMUM FICO SCORE
  • 680
DOWN PAYMENT
  • 5% minimum borrower
OCCUPANCY
  • Primary residence
  • Second home
  • Investment properties
  • Loans from $424,100 to $2,500,000
  • No mortgage insurance
  • First time homebuyers eligible

REVERSE MORTGAGE

Over 62 and looking for extra cash in your pocket?
  • Convert a portion of your home equity into tax-free money.
Debt Consolidation
Home Improvement
Wealth Management
Forclosure Avoidance

*This communication is for informational purposes only, this is not a commitment to lend. Individual buyer's financial circumstances may be different and may result in different interest rates, costs, and payments. All programs are subject to change or cancelation at any time and without notice. Please consult your licensed Loan Originator to learn more about mortgage products, your eligibility, and ask for an official Loan Estimate before choosing your loan.