Mortgage Products: Building Solutions for Your Borrowers
Whether it’s a refinance market or a purchase market, the one thing you can always count on is competition. So, how can you help your business stand out from other mortgage brokers? It all comes down to your mortgage products. You don’t just need home loans—you need tailored solutions for your borrowers. Keep reading for our top mortgage product recommendations.
4 Must-Have Mortgage Products to Scale Your Business
- Renovation and Construction Loans
- Down Payment Assistance Programs
- Loans for Manufactured Homes
- Jumbo Loans
Renovation and Construction Loans
Especially in competitive markets, it’s likely that borrowers on a budget won’t find a home that comes with everything they want. Renovation loans can help bridge that gap by rolling project costs and their mortgage into one, convenient loan. That means just one set of closing costs, one hit to their credit, and one monthly payment. Similarly, Construction loans (sometimes referred to as One-Time Close loans) can provide a financing solution for your borrowers who want to build their home from the ground up.
About CF Wholesale’s Renovation and Construction Mortgage Products
- FHA 203(k)
FHA 203(k) loans can help finance major and minor updates to an existing home. Our Standard and Limited programs make it easy to fund project and mortgage costs in one convenient loan.
- CHOICERenovation®
Freddie Mac CHOICERenovation enables borrowers to purchase a home that may need repairs (or refinance the mortgage on their existing home) and include the renovation costs in the loan balance.
- CHOICEReno eXPress®
Freddie Mac CHOICEReno eXPress is for homes in need of small-scale repairs. Like CHOICERenovation, this loan enables borrowers to include the necessary funds for renovations into the mortgage balance.
Pro Tip: Give your borrowers more benefits by combining EasyPath Reno with select loans. EasyPath Reno is a program that allows borrowers to roll mortgage and renovation costs together, without having to hire a contractor or make big purchases on a credit card. Designed for home updates completed through major retailers like The Home Depot, Lowe’s, and Menards, EasyPath can be used with our conventional renovation mortgages.
Down Payment Assistance Programs
No matter the market, down payments can be a big hurdle to homeownership. Down payment assistance programs (DPAs) can help borrowers who otherwise wouldn’t qualify for financing reach their down payment goals. Keep in mind that most DPAs are for first-time home buyers only.
About CF Wholesale’s Down Payment Assistance Programs
- Freddie Mac BorrowSmart® program
- Lakeview National Community Lending program
- More programs may be available in different states
Pro Tip: While not considered a down payment assistance program, a temporary buydown is another way CF Wholesale can make obtaining financing easier for your borrowers. By strategically applying closing credits, buyers can effectively slash their interest rate during the early years of their mortgage. Afterward, they’ll make payments at their original noted rate for the remainder of the loan term.
Loans for Manufactured Homes
Manufactured home financing can be hard to come by, but Cardinal Financial Wholesale offers a variety of manufactured home loans to help make homeownership more affordable for your borrowers. In fact, we’re one of the few lenders to offer Conventional financing for manufactured homes.
About CF Wholesale’s Manufactured Home Mortgage Products
- Single and multi-width options
- Available for FHA, VA, USDA, and Conventional loans
- Available for homes built after June 15, 1976 (dates may vary by program)
Jumbo Loans
To serve borrowers looking to live in high-cost areas or luxury homes, you need mortgage products that go beyond conforming loan limits. CF Wholesale offers a variety of Jumbo products with competitive interest rates.
About CF Wholesale’s Jumbo Mortgage Products
- Min. FICO 660
- 89.99% LTV
- $3 million max loan amount
- DTI up to 45% depending on scenario
- Delegated underwriting
- Cash-out up to $500K
Other Mortgage Refinance Products to Consider
When rates trend down, many of your borrowers may want to refinance their home loans. In addition to our wide range of purchase products, CF Wholesale offers many flexible mortgage refinance options to help you stay competitive.
About CF Wholesale’s Mortgage Refinance Products
Cash-Out Refinance
- Borrowers can leverage home equity for cash
- Cash can be used as they see fit
- New rate will reflect the amount taken out of equity
VA Refinance
- VA IRRRLS NO FICO
- Cash out to 100% LTV
- VA IRRRL LTV capped at 105%, up to 125% with restrictions
- VA IRRRL loans being refinanced may not have any 30-day late payments (1 x 30) during the 6 months preceding the new loan’s closing date
FHA Refinance
- FHA Streamlines NO FICO
- Min. FICO 550 on full files and cash-outs
- No appraisals or AVMs on FHA streamlines
- FHA 203(k) and (h) allowed
- FHA escrow holdbacks allowed
USDA Refinance
- USDA Streamlines NO FICO
- Streamlined assist
- USDA escrow holdbacks allowed
- 100% LTV available
Whatever your borrowers need, we’re committed to finding the right financing solution for them. Get in touch to learn more or become a brokered partner today for access to our full product suite.
To stand out in a competitive market, you don’t just need home loans—you need tailored solutions for your borrowers.
