What's stopping you from becoming a homeowner?

At Highcrest Home Lending we understand that buying a home can be an intimidating process. Our representatives are your guides into the home buying world. We do not judge, we help you discover what mortgage will work best for you and your lifestyle.

conventional loans

Conventional loans follow the guidelines of Fannie Mae – the federal national mortgage association (FNMA) – or Freddie Mac – the federal home loan mortgage corporation (FHLMC). Conventional loans, unlike government-insured loans, are insured through private companies. Conventional mortgages are attractive to most borrowers because they often feature more attractive terms than jumbo or government insured loans. Conventional loans offer fixed rate and adjustable rate mortgages.

Key points for Conventional Financing:

  • Minimum of 3% down payment if borrower or co-borrower are first time homebuyers

  • Minimum of 5% down payment if borrower or co-borrower aren’t first time homebuyers

  • Minimum of 620 credit score; however, terms for borrowers with 740 or higher credit scores will be more attractive

  • Maximum loan amount limit - $453,100 – may vary depending on area

  • Loans do not require private mortgage insurance (PMI) if you have 20% or more to put down

  • Salaried employment or income for the last two years

  • Assets that cover 5% of the sales price

  • Gift funds are allowed in some cases


USDA loans are mortgages backed by the U.S. Department of Agriculture as part of its USDA Rural Development Guaranteed Housing Loan program. This is a government backed program offering lower interest rates and no down payment. USDA loans are only allowed in eligible areas.

Key Points for USDA (Rural Development):

  • Available to home buyers with low-to-average income for their area

  • 100% financing (no down payment) 

  • Reduced mortgage insurance premiums

  • Lower interest rates

  • Flexible credit guidelines

Must meet income limits and property eligibility


FHA loans are government backed loans by the Federal Housing Administration. These loans are popular with first time homebuyers because it allows for a lower down payment and below market interest rates. 

Key points for FHA:

  • Minimum of 3.5% down payment

  • Flexible credit guidelines

  • Gift funds are allowed

  • Available for primary residence only

  • Loan Amount Limit Restrictions (depending on subject property location)


VA loans are insured by the Veterans Administration. They are one of the best loans on the market; however, they are only available to Veterans of the United States Military, or their surviving spouses. There is no down payment or PMI requirement for a VA loan, so your overall house payment is usually less than a similar mortgage under other programs. 

Key points for VA:

  • 100% financing available

  • Minimum of 620 credit score (to avoid higher interest rates)

  • No monthly private mortgage insurance

  • Lower monthly note and interest rate


A Jumbo Loan is a mortgage loan exceeding the loan limits established by government regulation. Conforming loan amount limit is $453,100. This may vary depending on the area. Jumbo loans are a popular way for qualified buyers to purchase a luxury home. Jumbo loans require higher credit scores, lower debt to income ratios and larger down payments.

Key points for Jumbo:

  • Loan amounts above $453,100

  • High income buyers

  • Credit scores of 700 or higher