Loan Programs

Conventional Home Loans

Conventional or conforming loans refer to any mortgage that is not insured by the federal government. These types of mortgages follow the terms and conditions set by Fannie Mae and Freddie Mac. They are government sponsored institutions who are the largest purchasers of mortgages in the United States. These loans have stricter qualifying guidelines compared to government insured loans.

High credit scores are recommended for this program since it will directly impact your monthly mortgage payment. Your debt to income ratio is also carefully reviewed and needs to be below 45%. A common misconception about conventional mortgages is that a 20% down payment is required in order to qualify. The reality is conventional financing allows for 3% down payment when used in combination with monthly mortgage insurance.

VA Home Loans

If you are a veteran, active military member or a spouse of a deceased veteran, you may be eligible to purchase a home or refinance with a VA Loan.  This loan program comes with many benefits over a conventional mortgage and it’s designed to help those who have served our country achieve homeownership.

The most attractive benefit of The VA program is it allows veterans to purchase a home with no down payment and 100% financing. In addition to this monthly mortgage insurance is not required which makes the VA program one of the most affordable options available. If a veteran is already on a VA loan they can take advantage of a reduced documentation refinance by using the streamline program to lower their payments.

FHA Home Loans

An FHA loan allows borrowers to buy a home or refinance with less strict financial requirements. If you have a lower credit score, debt, or even a past bankruptcy you may be able to qualify for an FHA mortgage. FHA loans are government back by the Federal Housing Administration.

Renovation Home Loans

A renovation loan is a mortgage that allows you to buy or refinance a home that needs work and roll the renovation costs into the loan amount.  A renovation loan gives homebuyers and homeowners the funds to make necessary or desirable renovations to a home or access the credit to make those changes.


There are many reasons for a homeowner to consider refinancing their current mortgage. Waymaker Mortgage can help you determine if your refinance goals can be met and what benefits you can take advantage of by switching to a new mortgage.