Which Loan Program Is Right for You? Your Guide to Today’s Top Mortgage Options
- marketing928870
- Nov 14
- 3 min read
You’re not alone and the good news is you don’t have to guess.
In our latest video, the LJ Mortgage Team Inc. breaks down the most popular loan programs we work with, so you can match the right program to your goals, budget, and long-term plans. Whether you're a first-time buyer, investor, self-employed borrower, or looking to tap into your home’s equity, there’s a product designed for your situation.
Below is a clear, simple guide to help you understand your options.
🔑 FHA Loans
Great for: First-time buyers or buyers with lower credit
Minimum credit score starting around 580
3.5% down payment
Available for 1–4 unit primary residences
More flexible DTI and underwriting
🔑 Conventional Loans
Great for: Buyers with stronger credit, move-up buyers, and investors
As little as 5% down
Mortgage insurance can be removed once you build enough equity
Available for primary, second homes, and investment properties
🔑 HomeReady & Home Possible
Great for: Buyers with moderate income looking for low-down-payment options
Just 3% down for eligible buyers
Income-based guidelines
Reduced mortgage insurance
Requires homeownership education
🔑 DSCR “No Income Check” Loans
Great for: Real estate investors
Qualifies based on property cash flow, not personal income
If the rent covers the mortgage, you may qualify
Ideal for scaling your portfolio quickly
🔑 Bank Statement Loans
Great for: Self-employed borrowers
Use 12–24 months of bank statements instead of tax returns
Flexible income calculations
Perfect for business owners with strong deposits but complex taxes
🔑 Non-QM 1099 Loans
Great for: Independent contractors & gig-economy earners
Uses a high percentage of 1099 income
Flexible DTI and reserve requirements
Ideal for rideshare drivers, contractors, freelancers, and more
🔑 HELOC (Home Equity Line of Credit)
Great for: Homeowners looking to access equity
Borrow from your home’s equity without touching your current mortgage
Flexible, revolving line of credit
Useful for renovations, debt consolidation, or investments
🔑 FHA Limited 203(k)
Great for: Buyers wanting a home with light repairs
Purchase + renovation funds in one loan
Covers updates like flooring, paint, appliances, and non-structural fixes
🔑 ITIN Loans
Great for: Borrowers who file taxes with an ITIN instead of a SSN
Options available for purchase and refinance
Expanded access to homeownership for non-citizen borrowers
🎥 In the video: What we break down
We walk through:
✔ Credit score requirements
✔ Down payment amounts
✔ DTI (debt-to-income ratio)
✔ Reserve requirements
✔ Who each program is best suited for
By the end, you’ll know exactly which programs may align with your financial goals.
Ready to explore your loan options?
📲 Call/Text: (516) 218-1297
🌐 Visit: LJMortgageTeam.com Schedule your free consultation today and get personalized guidance on your next move.
LJ — Your Local Guide to Homeownership!
127-03 Rockaway Blvd South Ozone Park, NY 11420(516) 218-1297
LJ Realty Team — Buy • Sell • Rent Equal Housing Opportunity
LJ Mortgage Team Inc. NMLS# 2120286 Purchase & Refinance NYS Registered Mortgage Broker, NYS Dept. of Financial Services. Broker arranges mortgage loans with third-party providers. Mortgage broker only, not a mortgage lender or correspondent lender. Licensed by the N.J. Department of Banking and Insurance. We do not make mortgage loan commitments or fund loans. NMLS Consumer Access: www.nmlsconsumeraccess.org
Terms and conditions apply. Programs, rates, and guidelines subject to change. Information is educational only and not a commitment to lend.
Comments