Loan Options

We provide you with many loan financing options to suit your needs. Whether you are purchasing or refinancing your home, we can guide you with the best loan option for your primary residence, investment or even your vacation home.

Conventional, Conventional High Balance, and Jumbo financing available in all states.

CONVENTIONAL LOAN PRODUCTS

Conventional High Balance

Wanting to purchase or refinance a home that is more expensive than the average home? We have High Balance options for you. These loans are available in selected counties throughout the US and allow qualified borrowers to finance more.

  • 95% Max Financing Purchase or Refinance Rate & Term

  • 80% Max Financing for Cash out

  • FICO score: 620 Minimum

  • Occupancy type: Primary residence, Vacation Home, Investment Property

  • Loan Limit: The Federal Housing Finance Agency (FHFA) publishes annual high-cost area loan limits that apply to all conventional mortgages delivered to Fannie Mae.

Conforming - Conventional

These are loans that are not insured by any government agency, such as FHA, VA, USDA. They offer attractive loan terms and conditions suitable for all occupancy types, whereas government loans are for primary residence only. Fixed and Adjustable rate loans are available with a Conventional loan.

  • 97% Max Financing Purchase or Refinance Rate & Term

  • 80% Max Financing for Cash out

  • FICO score: 620 Minimum

  • Occupancy Type: Primary Residence, Vacation Home, Investment Property

  • Loan Limit: The Federal Housing Finance Agency (FHFA) publishes annual high-cost area loan limits that apply to all conventional mortgages delivered to Fannie Mae.

Jumbo (Up to $3 Million)

Jumbo serves two loan purposes.

1) For properties located in a county that does not offer high balance loans.

2) For borrowers wanting to finance up to 3 million dollars [1]. These loans are available to anyone looking for financing in higher priced areas.

  • Purchase or Refinance Rate & Term

  • Cash Out Refinance

  • FICO Score: 680 Minimum [2]

  • Occupancy type: Primary residence, Vacation Home, Investment Property

[1] Maximum loan amounts vary based on loan-to-value, occupany type, credit score, transaction type and location.

[2] Minimum credit score requirements vary based on loan-to-value, transaction type and occupancy type.

LOAN PROGRAMS PAIRED WITH CONVENTIONAL

HomeReady

HomeReady is a program within the FNMA conventional loan product. It is designed to help those with low to moderate income, in designated areas to utilize income flexibilities, such as room rent income to qualify.

The guidelines are a little more flexible when it comes to income, credit and non-occupying borrowers. The program offers two major benefits. One is the flexible guidelines and two is the lower payments. Ask your loan officer if you qualify.

Preferred Agent Mortgage (PAM)

We think you'll like our Preferred Agent Mortgage!

As a part of Farmers — we know your agency business inside and out and can help you qualify for a larger loan, smaller down payment, and competitive rates. 

If you deduct big tax write-offs—or don’t have 2 years of tax returns—your bank will probably penalize you. Not here. We can use your FIG 1099 Income Summary (Farmers Exchange) and/or Commission Statement (Farmers Solutions) to help get you qualified with competitive terms/rates. 

  • Maximum Combined Loan-To-Value up to 100%

  • FICO 620+

  • Fixed and Adjustable Rate options

  • Purchase and Refinance

Combo Loans

Finding money for a sufficiently large down-payment can be a challenge, especially with rising home prices. And if you are unable to come up with 20% for the down payment, you may have to pay for costly private mortgage insurance (PMI) which increases your monthly mortgage payments. But not to worry, we can help.

Introducing our Combo Loan. By combining two loans together (a primary loan and a secondary loan), it gives you the flexibility to have a small down payment, while still keeping your monthly mortgage payments lower by eliminating PMI. 

  • No monthly private mortgage insurance (PMI)

  • Combo loan options:

    • 80/20 (100% Financing, no down payment)

    • 80/15 (95% Financing, 5% down payment)

    • 80/10 (90% Financing, 10% down payment)

  • Eligible on primary properties only

SPECIALTY MORTGAGE OPTIONS

Debt Service Coverage Ratio (DSCR) Loans

Debt Service Coverage Ratio (DSCR) loans are designed for real estate investors buying or refinancing 1–4 unit rental properties. Instead of qualifying based on personal income, these loans focus on the cash flow of the property itself—using rental income compared to the property’s mortgage payment (PITIA). Fixed Rate or Interest Only, and 5/6 SOFR ARM, 7/6 SOFR ARM financing available.

  • Max Financing: Up to 80% max LTV

  • FICO Score: 700 minimum

  • Occupancy Type: Investment properties only (1–4 units)

  • Loan Amounts: From $125,000 up to $3,000,000 (subject to eligibility and guidelines)

  • Cash Out: Up to $500,000

  • Interest Only option available – up to $2.5M loan amount. 30-Year Fixed-Rate – 10 years interest only payments, followed by 20 years fully amortizing payments. TX 50 (a)(6) not available.

  • Notes: No personal income or DTI required; qualification is based on DSCR, with ratios allowed down to 0.80 for eligible scenarios. Up to 20 financed properties permitted, subject to guidelines. Max 10 acres.

Bank Statement Loans

Bank Statement Loans are built for self-employed borrowers whose tax returns may not fully reflect their true earning power. Instead of traditional income documentation, these loans use 12 months of personal or business bank statements (plus a Profit & Loss statement when needed) to establish qualifying income. Fixed Rate or Interest Only, and 5/6 SOFR ARM, 7/6 SOFR ARM financing available.

  • Max Financing: Up to 85% max LTV for eligible purchase and rate/term transactions (no Mortgage Insurance required). Up to 80% LTV cash out refinance

  • FICO Score: 680 minimum

  • Occupancy Types: Primary residence, second home, and investment property options available (subject to program guidelines)

  • Loan Amounts: From $100,000 up to $3,000,000 (based on LTV, occupancy, and other factors)

  • Debt to Income (DTI):  Up to 50%

  • Cash Out: Up to $1M

  • Interest Only option available – up to $2.5M loan amount. 30-Year Fixed-Rate – 10 years interest only payments, followed by 20 years fully amortizing payments. TX 50 (a)(6) not available.

  • Notes: Borrowers must be self-employed with ≥50% ownership in the business for at least 2 years and document income using 12 months of acceptable bank statement deposits (personal or business) plus a P&L for business statements.

Asset Qualifier Loans

Asset Qualifier Loans are designed for members who have strong liquid assets but may not show traditional or steady income—such as retirees, business owners, or individuals between jobs. Instead of standard income documentation, qualifying income is calculated by amortizing eligible assets over a seven-year (84-month) period plus an assumed rate of return. Fixed Rate or Interest Only, and 5/6 SOFR ARM, 7/6 SOFR ARM financing available.

  • Max Financing: Up to 80% max LTV

  • FICO Score: 680 minimum

  • Occupancy Types: Primary residence, second home, and investment property options available, subject to guidelines (see program matrix).

  • Loan Amounts: From $100,000 up to $3,000,000 (subject to program limits)

  • Debt to Income (DTI):  Up to 50%

  • Cash Out: Up to $1M

  • Interest Only option available – up to $2.5M loan amount. 30-Year Fixed-Rate – 10 years interest only payments, followed by 20 years fully amortizing payments. TX 50 (a)(6) not available.

  • Notes: Requires a minimum post-closing qualifying asset value of $500,000, 12-month asset history, and use of eligible asset types (bank deposits, marketable securities, and fully vested retirement accounts, with program-specific utilization percentages). Assets do not have to be liquidated for qualifying.

Non-QM Expanded

Full Doc loan with Fixed Rate or Interest Only, and 5/6 SOFR ARM, 7/6 SOFR ARM financing available.

  • Max Financing: Up to 80% max LTV

  • FICO Score: 680 minimum

  • Occupancy Types: Primary residence, second home, and investment property options available, subject to guidelines (see program matrix).

  • Loan Amounts: From $100,000 up to $3,000,000 (subject to program limits)

  • Debt to Income (DTI):  Up to 50%

  • Cash Out: Up to $1M

  • Interest Only option available – up to $2.5M loan amount. 30-Year Fixed-Rate – 10 years interest only payments, followed by 20 years fully amortizing payments. TX 50 (a)(6) not available.

  • Notes: Requires a minimum post-closing qualifying asset value of $500,000, 12-month asset history, and use of eligible asset types (bank deposits, marketable securities, and fully vested retirement accounts, with program-specific utilization percentages). Assets do not have to be liquidated for qualifying.

Departing Residence Feature

The Departing Residence feature is for move-up buyers who want to purchase their next primary residence but need time to prepare, list, or potentially rent out their current home. In eligible cases, the payment on the current (departing) residence may be excluded from debt-to-income (DTI) calculations, making it easier to qualify for the new home.

  • Max Financing (New Home): Up to 80% max LTV on the new primary residence for typical scenarios, subject to program guidelines

  • FICO Score: Minimum of 680 (Bank Statement) or 700 (Asset Qualifier) 

  • Occupancy Types:

    • New property: Financed as a primary residence

    • Existing property: Treated as a departing residence to be sold or converted to a rental per program rules

  • Loan Amounts: Up to $650,000 depending on LTV, occupancy, and credit profile

  • Debt to Income (DTI):  Up to 50%

  • Notes: To exclude the current home’s payment from DTI, guidelines require ~30% equity in the departing residence, confirmation of intent to list (or similar), and additional reserves on the new subject property. All doc types under this program may be eligible.

 

GOVERNMENT INSURED LOAN PROGRAMS

FHA

NOW AVAILABLE

The Federal Housing Administration (FHA) was created by the federal government to help provide an additional affordable financing option to qualified borrowers. These loans are government-insured and allow for less stringent guidelines. This allows more Americans opportunity to make the dream of homeownership possible. 

  • 96.5% Max Financing Purchase or Refinance Rate & Term

  • 80% Max Financing for Cash out (Standard FHA)

  • FICO score: 620 Minimum

  • Occupancy type: Primary residence only

  • Loan Limit:  FHA Has a maximum loan amount that it will insure, which is known as the “FHA Lending Limit”. These loan limits are calculated and updated annually and vary by geographic location.

VA

Coming Soon

Home loans may be the best solution for many qualified military personnel. There are millions of veterans and service personnel eligible for Guaranteed loans by the US Government.  VA loans offers  a number of notable benefits.

  • 100% Max Financing Purchase or Refinance Rate & Term

  • 90% Max Financing for Cash out

  • FICO Score: 620 Minimum

  • Occupancy type: *Primary residence only

  • Loan Limit:  The loan limits are the amount a qualified Veteran with full entitlement may be able to   borrow without making a down payment. There are limits on the amount of liability VA can   assume, which usually affects the amount of money an institution will lend you. The loan limits   are calculated and updated annually and vary by geographic location.

USDA

Coming Soon

If you're looking to own a home in rural areas, FIGFCU is partnered  with the US Department of Agriculture (USDA) to offer 100% financing. USDA eligible areas are mapped with the link below. Income and location limits apply.

  • 100% Max Financing Purchase or Refinance Rate & Term

  • No Cash Out Available

  • Eligibility

  • FICO Score: 640 Minimum

  • Occupancy type: Primary residence only

  • Loan Limit: USDA does not set specific loan limits for their program. Instead, they limit who   can qualify for the program by setting income and location limits.

Reverse Mortgage HECM

Coming Soon

A HECM Reverse Mortgage (Home Equity Conversion Mortgage) is a way to convert a portion of your home’s equity into tax free money returned to you. No regular monthly mortgage payments are required. If you are at least 62 years old, live in the home, and have equity, you may qualify.

  • Pay off your existing mortgage

  • May receive monthly payments

  • Mortgage payment eliminated

  • Occupancy type: Primary residence only

Home Affordable Calculator

Calculate the home price you can afford using your income and the amount of debt you have.