February 25, 2019
Orion offers our broker clients a wide variety of options, and our AEs educate brokers on the options as well as make recommendations. We have great rates, and remind clients that company may offer jaw-dropping rates but if they can’t close the loan in a timely manner for their client, rates don’t matter.
In addition to great service and pricing, Orion has some pretty cool products available for our brokers so they can help a wide variety of clients. FHA, USDA, VA, conventional conforming if offered by Orion, as well as our Edge and FUEL products. But what about the basics?
Conventional mortgages can have relatively high loan to values, depending on loan amount, and ability to qualify as high as 97% of the property value with several options for mortgage insurance. FHA mortgages have a minimum down payment of 3.5% and have mandatory mortgage insurance regardless of the loan-to-value. Orion’s brokers know that the underwriting guidelines for FHA mortgages are a bit more lenient for qualifying than conventional mortgages.
Orion offers VA mortgages are for eligible veteran clients, either active duty or discharged from the service (unless discharge was dishonorable). Veterans who qualify can purchase their home with no money down and the loan limit for purchases can far exceed the limits for conventional or FHA mortgages. The mortgages have a "funding fee" added to the loan amount, which is VA's version of mortgage insurance.
Non-conforming, or jumbo, mortgages mirror conventional mortgages in many respects, however most will not fund mortgages above 90% of the value of the property and have tighter underwriting guidelines for qualifying. Our office has a lot of experience when it comes to high balance loans.
Non-QM, or Alternative, mortgages have many variations to provide mortgages for borrowers with poor credit scores, borrowers with high debt-to-income ratios, self-employed borrowers with low income on their tax returns are some of the most common applicants for alternative mortgages.
When you are searching for a mortgage loan, keep in mind that not all lenders offer the products that Orion offers. And we have superb rates – check us out!