Mortgage Programs | Carlos Scarpero, VA Mortgage Specialist in Dayton, Ohio, NMLS #1674385

Mortgage Programs

Check Your Mortgage Options for FREE!

Use one of our quick & easy tools to find out what you qualify for. 

FHA Mortgages

FHA mortgages are great for borrowers who want a low down payment, have a lower credit score or issues with the credit like a foreclosure or a bankruptcy. Can be used for both a purchase and a refinance mortgage loan. 

Minimum Down Payment: 3.5%
Minimum Credit Score: 580, or can do 550 with 10% down
Maximum Loan Amount: $294,515 in Ohio (higher in high cost markets)
Maximum Debt Ratio: 56.9%
Cash Out Refi Limit: 85% of property value

Click here to view frequently asked questions about FHA mortgage loans


USDA Mortgages

USDA mortgage loans allow borrowers to buy in rural areas with no money down.

Down Payment Required: None
Minimum Credit Score: 640
Income Limit: Varies by area, currently $82,700 in Dayton MSA and $90,050 in the Cincinnati MSA
Other Restrictions: Must purchase in the USDA approved lending area. Click here to view map

Click here to view frequently asked questions about USDA mortgage loans


VA Mortgages

VA mortgages allow Veterans to purchase real estate at great rates with no money down. We offer both purchase and refinance VA mortgage loans.

Down Payment Required: None
Minimum Credit Score: 580
Other Requirements: Must be a Veteran
Cash Out Refi Limit: 100% of property value

Click here to view frequently asked questions about VA mortgage loans


Conventional Mortgages

Conventional mortgages from Fannie Mae and Freddie Mac allow great rates and terms to borrowers with excellent credit. Great for both purchases and refinances. 

Down Payment Required: 3-5%, depending on program
Minimum Credit Score: 620
Maximum Debt Ratio: Depending on program, can be as high as 50%
Cash Out Refi Limit: 80% of property value

Click here to view frequently asked questions about Conventional mortgage loans


203K Mortgages

Looking for a program to remodel a home? Check out 203k mortgage loans.

Minimum Down Payment: 3.5% typically or you can get a foreclosed home from HUD for $100 down
Minimum Credit Score: 620
Maximum Loan Amount: $294,515 in Ohio (higher in high cost markets)
Maximum Debt Ratio: 56.9%

Click here to view frequently asked questions about 203k mortgage loans


Jumbo Mortgages

Need to borrow over the maximum of $453,100? Jumbo loans are for you!

Minimum Down Payment: 5%, (higher for larger loan amounts)
Minimum Credit Score: 700
Minimum Loan Amount: $453,101 in Ohio (higher in high cost markets)
Maximum Loan Amount: $3 million
Maximum Debt Ratio: 43% (lower for larger loan amounts)

Click here to view frequently asked questions about Jumbo mortgage loans


Reverse Mortgages

Reverse Mortgages, also known as Home Equity Conversion Mortgages (HECM) allow seniors 62 and older to purchase or refinance their home and cash out equity with no monthly payments. The borrower retains title to the property.

Minimum Credit Score: None
Other Requirements: All borrowers must be 62 or older
Cash Out Refi Limit: Varies by age

Click here to view frequently asked questions about Reverse mortgage loans


Non QM (Subprime) Mortgages

Non QM Mortgage Loans are for people with a recent derogatory credit event like a bankruptcy or foreclosure but have significant funds to put down. The interest rates are higher, so these should be your last resort. Specialty programs like bank statement loans, ITIN loans and cashflow based investor loans also fall under this category. 

Minimum Down Payment: 10% and higher, depending on program
Minimum Credit Score: 500
Maximum Debt Ratio: Varies per program
Cash Out Refi Limit: Varies per credit score

Click here to view frequently asked questions about Non QM mortgage loans