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Residential

Conventional Loans

A Conventional loan means that the loan meets FNMA (AKA Fannie Mae and FMCC (AKA Freddie Mac underwriting guidelines and can be purchased by those Government Sponsored Entities (GSEs) and then packaged and sold as securities to investors, like retirement funds and bond funds. These loans are very popular and include features like:
 

  • 3-5% down payment requirements, depending upon parameters like income level and first-time-buyer status

  • Require PMI (private mortgage insurance) when there is less than a 20% down payment.

  • Allow a maximum of 3% seller concession.

  • Interest Rates very dependent upon credit scores

  • Allows for purchase of 1-4 Family homes.

  • Allow for NON-OWNER occupied home purchase of 1-4 Family with 15-25% down payment requirement. **NOTE** Check with Victory Funding for the best Non-Owner Occupied product
    for YOU.

  • Special programs come and go with these products, so check with Victory Funding for the latest
    and greatest programs that meet YOUR needs.

VA Mortgage Loans

VA Loans are for Veterans of the US Military. A Certificate of Eligibility will be requested by your Mortgage Loan Originator. If you qualify, this is the best loan loan program, bar none. Here are some facts you should know.​
 

  • No downpayment is required.

  • Unlimited seller contribution is allowed to cover closing costs PLUS up to 4% concession for pre-paid expenses, like your required escrow account, insurance, prepaid interest and more.

  • 1-4 family properties are allowed, however, to count any rental income, the borrower must
    have experience managing rental property.

  • NO Monthly mortgage insurance is charged

  • A Funding Fee is charged and added to the loan amount. The fee varies depending on whether
    you are a first time VA borrower or subsequent borrower. Click here to see current fees.

  • The same property standards apply as FHA.

FHA Mortgage Loans

FHA loans are guaranteed by the federal government, so they can have more generous lending guidelines. Here are some important facts regarding this loan program.​
 

  • Down payment requirement is 3.5% - This can come from a number of sources, but is considered the borrower’s “minimum required investment”.

  • Up to 6% seller contribution or concession is allowed. The exact amount should be determined by your Mortgage Loan Originator as too much concession can back to the seller.

  • Debt ratios for qualified borrowers can be higher than Conventional loans

  • Up Front Mortgage Insurance Premium is added to the loan of 1.75%.

  • Monthly Mortgage Insurance is also added to the loan payment and goes directly to the FHA.

  • Property must meet FHA standards, which include no chipped or peeling paint outside or inside, handrails on all stairs, hot water heater down spouts on relief valve and other health and safety standards.

  • Property can be a single family, duplex, three or four unit. We can use 75% of the rental income
    toward your income qualification.

  • For a three or four family, the property must pass a minimum cash flow test to qualify for FHA

  • Verify the Mortgage Limit for your county.

USDA Mortgage Loans

Yes, these are the folks that inspect your meat! This is a great program for purchasing a single family home in a Rural area, as defined by the USDA. Here is where to check to see if the property is eligible. More facts about USDA loans;
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  • No down payment required

  • Monthly mortgage insurance is relatively low

  • Funding fee of 1% of the loan amount will be added to your loan amount.

  • Income eligibility must be met.

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