Loan Programs
We have the programs you’re looking for.
Traditional Loans
Conventional
Jumbo
Advantages:
- Able to finance a home that is over the maximum loan amount of $424,100 established by Fannie Mae and Freddie Mac
- Enables a borrower to purchase “more house”
Home Possible
Freddie Mac Home Possible® and Home Possible Advantage® offers a fixed-rate loan program and provides a responsible, low down-payment mortgage option for first-time homebuyers and low-to-moderate income borrowers.
Program Highlights:
- FHLMC Home Possible® – Max LTV 95%
- FHLMC Home Possible® – Max LTV 95%
- FHLMC Home Possible Advantage® – Max LTV 97%
- 15 & 30 Year Terms Available
- Lender Paid Mortgage Insurance Available
- Owner-Occupied Primary Residence Only
- 1-4 Unit SFR’s, PUD’s and Condo’s
- 1-4 Unit SFR’s, PUD’s and Condo’s
- Max 55% Debt-To-Income
- Full Gift Eligible
- Lower MI Rates
- 620 Minimum FICO
HARP Refinance
Homeready
FNMA has introduced a new Affordable Lending Product, HomeReady. This program is designed for creditworthy, low-to-moderate income borrowers, with expanded eligibility for financing homes in designated low-income, minority, and disaster-impacted communities.
Program Highlights
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- 30 Year Fixed Rate, Primary Residence Only
- 97% Maximum LTV/CLTV with a 620 FICO
- 1-4 Unit Single Family, PUD, Condo Eligible
- Purchase and Rate & Term Renance Available
- Maximum Qualifying Ratio of 50%
- No Minimum Borrower Contribution Required – Gifts Allowed
- Homebuyer Counseling Required
- Mortgage Insurance Required
Borrow Income Limits
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- No income limits for properties located in low-income census tracts
- 100% of area median income (AMI) for properties located in high-minority census tracts or designated disaster areas
- 80% of AMI for properties located in all other census tracts
Lock & Look
*Lock & Look is a registered service mark of Everett Financial D/B/A Supreme Lending and is available on Conventional 30 & 15 year fixed rate and FHA 30 year fixed rate loans for qualified borrowers. Lock expires after 60 days. Pre-qualification request must be made with Supreme Lending. Limited time offer. Available for conventional 15 and 30-year fixed loans and FHA 30-year fixed loans only.
Property Types
Investment Property
Advantages:
- Capital growth
- Rental income and yield
- May be tax shelter deductible*
- Build wealth
*Supreme Lending is not a licensed CPA or Tax consultant and therefore, cannot determine if your mortgage interest will be eligible as a tax deduction per IRS code. You are advised to contact a tax professional. This in no way implies you are guaranteed a tax credit.
Condo Financing
Program Highlights:
- 10, 15, 20, 25 & 30 Year Fixed Rate Terms Available
- Up to 97% LTV on Primary Homes
- Up to 90% LTV on Second Home
- Up to 85% LTV on Investment Homes
- Limited Condo Review on Primary Homes up to 75% LTV/90% CLTV or 70% LTV/75% CLTV on Second Homes Based Upon Credit Qualifications
Supreme Highlights:
- We take a look at the legal description on the title to determine property type
- We have an entire department focused on project review and condo financing
- We offer multiple condo financing options and work to clear exceptions to achieve warrantable status
- Files that do not require the review are done in about 48 hours and close within our 22 day average.
- Loan amounts from 40k – 2M
- Fixed rates and ARM’s
Primary Residence
A primary residence is considered as a legal residence for the purpose of income tax and/or acquiring a mortgage.
Advantages:
- All interest on the mortgage may be tax deductible*
- Establishes credit history
- Secured investment
- Builds equity
- Can be used to borrow against
- Gift funds are allowed
- *Supreme Lending is not a licensed CPA or Tax consultant and therefore, cannot determine if your mortgage interest will be eligible as a tax deduction per IRS code. You are advised to contact a tax professional. This in no way implies you are guaranteed a tax credit.
Second Home
Advantages:
- Buy the home now while employed and retire in it later
- Build wealth with additional equity
- Similar terms to primary residence loan
Loan Purposes
Purchase
Advantages:
- All interest on the mortgage may be tax deductible*
- Establishes credit history
- Secured investment
- Builds equity
- Can be used to borrow against
*Supreme Lending is not a licensed CPA or Tax consultant and therefore, cannot determine if your mortgage interest will be eligible as a tax deduction per IRS code. You are advised to contact a tax professional. This in no way implies you are guaranteed a tax credit.
HomeStyle Renovation
Advantages:
- All interest on the mortgage may be tax deductible*
- Establishes credit history
- Secured investment
- Builds equity
- Can be used to borrow against
*Supreme Lending is not a licensed CPA or Tax consultant and therefore, cannot determine if your mortgage interest will be eligible as a tax deduction per IRS code. You are advised to contact a tax professional. This in no way implies you are guaranteed a tax credit.
Cash Out Refinance
- Pays off your current mortgage balance
- Uses the equity in your home to provide additional funds for other purposes
A cash-out refinance is a way to both refinance your mortgage and borrow money at the same time. You refinance your mortgage and receive a check at closing. The balance owed on your new mortgage will be higher than your old one by the amount of that check, plus any closing costs rolled into the loan.
It’s sort of like “backing up” your mortgage by taking out some of the money you’ve paid into it and increasing the mortgage principle owed as a result. Cash-out refinancing is basically a combination of refinancing and a home equity loan. You can borrow the money you need, as with a home equity loan or line of credit (HELOC).
New Construction
Why Choose Supreme Lending for your New Construction Lending Partner?
EXPERIENCE
- Provide clarification of mortgage industry guidelines on project development and approval for conventional and government loan programs
- Present valuable feedback to increase salability of units within typical mortgage markets
COLLABORATION
- Offer a sensible view from a lender perspective to maximize unit sale potential prior to breaking ground
- Maintain accessible and responsive communication throughout the development process
- Provide professional, comarketing options that remain compliant and achieve results
INTEGRITY
- Adhere to established expectations and timelines we provide to the builder and developer
- Project approval from Supreme Lending that is generally accepted through FannieMae, FreddieMac, and other national investors
INDUSTRY RELATIONSHIPS
- Provide a network of resources to develop answers, establish direction and deliver home ownership
FOLLOW THROUGH
- Attentive to details and ensure delivery of on time results
203(k) Rehab and Renovation Loans
Supreme Highlights:
- Minimum Credit Score is 620 for all Borrowers
- Minimum Credit Score is 620 for all Borrowers
- Maximum 55% DTI for credit scores > 680
- Maximum 50% DTI for credit scores 640-679
- Maximum 43% DTI for credit scores 620-639
- Funds are Disbursed to the Contractor as work is completed and inspected
- An FHA 203(k) Consultant is Required
- No Funds are Disbursed in Advance
- Up to 5 Disbursements can be made
- No Maximum Rehabilitation Escrow Amount
Rate Term Refinance
Advantages:
- Reduction of the interest rate, payment, and/or overall term of the mortgage
- Limit of $2,000 cash (varies depending upon State Law)
Government Loans
FHA
Advantages:
- Bankruptcy not an automatic disqualification
- Lower interest rates
- Down payment is less
- Lower mortgage points and other closing cost requirements
- Resale can be made more quickly
- Is backed by the U.S. government
Features:
- Down payment required
- Higher upfront Mortgage Insurance Premium (MIP) than on conventional loans but monthly MIP is lower
- Loan Limits are lower than conventional
- MIP required regardless of the Loan-to-Value (LTV)
VA
Advantages:
- No down payment
- VA does not require private MIP
- Limit on the amount of origination fees and closing costs that the lender can charge
- Limit also placed on appraisal fees
Features:
- Borrower with eligibility remaining must have a Certificate of Eligibility from the VA
- Borrowers are required to make a one-time funding fee based on loan amount and applicant’s service length.
- Closing costs can be paid by the lender and the seller.
USDA RURAL Development
Advantages:
- No down payment requirement
- Property must be located in an eligible rural area
- Closing costs can be added to the loan amount (if the property appraises high enough to include it at up to 100% of the appraised value)
- Loan government guarantee fee up front and annual
- Low interest rates
- Applicants with a wide range of credit profiles may qualify
- Income eligible applicants who do not qualify for conventional financing may qualify
- Families & individuals that have minimal funds for a down payment and closing costs includes first time homebuyers and repeat homebuyers
- Seller concessions – 6% max
- No cash reserve requirement
- No Non-Allowable costs
- No First Time Homebuyer Requirement
- 30 Year Loan @ competitive fixed rate
- No limit on gift funds
Features:
- Property must be in very good condition and have a high insulation R-factor
- You cannot make over 115% of the median county income to qualify
- Must be able to verify income limits
Section 184 Loan Guarantee
The Supreme Lending Okmulgee branch is pleased to participate in the Section 184 Indian Housing Loan Guarantee Program. American Indians and Alaska Natives can benet from this loan guarantee as members of federally recognized tribes, bands, communities, villages, Pueblos and Rancherias.
Program Details:
- FHA Fixed, FHA15 or FHA30
- The tribal member occupies the property as a principal residence
- Proof of membership in the federally recognized tribe
- Minimum credit score of 600
- Loans up to $453,100 and up to $679,650 in high balance counties
- 100% loan guarantee.