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There are several types of loan programs available for homebuyers, each with its own features, benefits, and eligibility requirements. Here are some of the most common loan programs. Each loan program has its own unique features and requirements, so it's important for homebuyers to research and compare their options carefully to find the loan that best suits their financial needs and goals.

DSCR (Debt Service Coverage Ratio) Loans

  • For investment properties using rental income for qualification.
  • Minimum DSCR ratio typically around 1.25.
  • Higher interest rates due to increased risk.
  • Does not require personal income for qualification.

First Time Homebuyers - Conventional, FHA, Down Payment Assistance, VA, USDA

  • Conventional: Higher credit score needed, lower mortgage insurance.
  • FHA: Flexible criteria, low down payments, lower credit scores acceptable.
  • Down Payment Assistance: Grants or loans to cover initial costs.
  • VA: No down payment, available to veterans and military personnel.
  • USDA: No down payment, for rural and suburban areas, income limits apply.

Refinance Loans

  • Replaces existing mortgage, potentially at a lower rate.
  • Options include rate-and-term, cash-out, or streamline refinance.
  • Requires home appraisal.
  • Can extend or shorten loan term, adjust payments.

No Employment No Income (NINA) Loans

  • For borrowers not disclosing employment or income.
  • Requires excellent credit and significant assets.
  • Higher interest rates and down payments.

Bank Statement/P&L/1099 Loan Program

  • Designed for self-employed or freelancers.
  • Uses 12-24 months of bank statements or P&L for income verification.
  • No traditional W-2s or tax returns needed.
  • Higher rates due to non-traditional income verification.

Foreign National Loans

  • Eligible for real estate investment in the U.S.
  • May face specific legal and financial considerations.
  • Requires appropriate visas or legal status for transactions.
  • May need to navigate tax implications and foreign ownership regulations.
  • Access to financing may vary based on citizenship and residency status.

Fix and Flip Loans

  • Strategy involves purchasing distressed properties at a low price.
  • Aim is to renovate or improve the property quickly.
  • Goal is to sell for a profit within a short period, typically less than a year.
  • Requires understanding of market trends and renovation costs.
  • Involves risks such as unexpected repairs, market fluctuations, and financing challenges.

Our team at Leet Lending By Obsidian Financial Services is fast, friendly, experienced and here to help you every step of the process!

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The Leet Lending By Obsidian Financial Services Advantage

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Local Knowledge

We know the area and the market and we're part of your community, not a bot on the net :)

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Fast Processing

We work to close your loan as quickly as possible. We can even hit curveballs!

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Best Service

We offer a hybrid approach of new technology to speed closing and old fashioned customer service and communication.

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Utilizing Technology

We have the latest online tech like secure mobile uploading and we're available to use the device the old-fashioned way too!

The Leet Lending By Obsidian Financial Services Address

Contact Us:

Phone: (714) 758-5688

Address: 2351 W Eau Gallie Street Suite Unit 2
Melbourne, FL
32935

Office Hours:

Monday-Friday: 9am to 6pm
Saturday: 10am to 2pm
Sunday: Closed

Refinance

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