Residential Mortgage

Single Family, Condo, Townhouse, Co-op & Multi Family House

We are offering home loan programs in collaboration with Loan Factory. Loan Factory is a highly reputable mortgage brokerage company that has been operating in the United States for over 18 years, boasting a perfect 5-star Google rating with over 15,000 reviews. The company ranks among the top 1 or 2 home loan brokerages nationwide, comparing and providing competitive low interest rates and tailored terms for each client from a selection of 240 diverse mortgage loan products.

 

With our 20 years of experience in real estate and financial lending, combined with our dedication and integrity, we utilize Loan Factory’s cutting-edge technology, systems, and excellent programs to provide the best possible service to each and every customer. We are committed to helping you take the first step toward achieving your American Dream.

Mortgage Rate:

The mortgage rate graph shows rates based on the specific condition below. You can also view mortgage rate trends from the past 5 days (5D) up to 5 years (5Y).  Actual rates vary depending on individual qualifications, circumstances, location, and program selection. Your rate may be lower or higher than the rates shown below.  You can receive a free consultation and a no-obligation pre-approval.


Purchase Mortgage

See more
  • Things You Must Do First Before Looking at Homes
  • Home Loan Process
  • Why You Should Get Pre-Approved First
  • Why You Should Shop for Mortgages
  • Why You Should Have a Mortgage Consultation First
  • About the Mortgage Underwriting Process
  • How to Get the Best Mortgage Rate


Refinance Mortgage

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  • Purpose of Refinance: To lower your interest rate or monthly payment, cash out equity, or change loan terms.
  • Pros and Cons of Refinancing
  • When Is Refinancing Beneficial?
  • Why You Should Shop for Mortgage Options
  • Why You Should Have a Refinance Consultation
  • How to Get the Best Mortgage Rate


Home Equity

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  • Home Equity Loan: A way to withdraw cash from the equity accumulated in your home.
  • Uses: To prepare funds for a real estate down payment, home remodeling, education expenses, business capital, or to pay off high-interest credit cards or personal debts.
  • Types and Pros & Cons of Home Equity Loans
  • Popular Programs:

      • Super Fast 5-Day Home Equity Line of Credit (HELOC)

      • No-Income Verification Home Equity Line of Credit (HELOC)

Important Things to Know When Getting a Home Mortgage

Mortgage Occupancy Fraud

If you apply as an owner-occupied residence, you must genuinely intend to live in the property.
If the purpose is to rent it out, then the loan must be processed as an investment property loan.
Providing false information may result in loan cancellation, penalties, and legal consequences.

 

 

Read More

Condo Mortgage Types

The loan program will vary depending on the type of condo:

  • Warrantable Condos can be financed with a standard mortgage and may qualify for lower interest rates.

  • Non-Warrantable Condos require specialty (Non-QM) loans, which may result in higher interest rates and higher down payment requirements.

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Types of Home Mortgages

Conventional Loan

  • QM = Qualified Mortgage (Standard loan guidelines set by the government)

  • Operated by private financial institutions without government backing

  • Based on Fannie Mae and Freddie Mac guidelines

  • Available as Fixed Rate or Adjustable Rate (ARM)

  • Minimum down payment starts at 3%

  • No PMI required with a down payment of 20% or more

  • Higher credit scores qualify for lower interest rates

  • Minimum credit score: 620

  • Requires 2 years of income documentation

  • Eligible for primary residence, second home, or investment property

  • Repayment terms: 15 to 30 years

 
 
 
 

Non-QM Loan

  • Non-QM = Loans that do not meet standard (Qualified Mortgage) guidelines

  • Uses alternative documents instead of traditional tax returns (1040, W-2), such as bank statements, P&L, or rental income – ideal for self-employed or freelancers

  • Bank Statement Loan – Income verified through bank deposits

  • Asset Depletion Loan – Income calculated based on liquid assets

  • DSCR Loan – Qualification based on rental income only (for investment properties)

  • Foreign National Loan – Loans for non-U.S. residents

  • Interest-Only Loan – Pay only interest for the first few years

  • Easier approval criteria, but interest rates are slightly higher than conventional loans

  • Lower credit scores may be accepted

  • Down payment typically ranges from 10% to 30%, depending on the program

FHA Loan

  • Federal Housing Administration (FHA) – Government-Backed Mortgage Program

  • Allows home purchase with a low down payment

  • Designed for borrowers with lower credit scores

  • 3.5% down payment with credit score of 580 or higher

  • 10% down payment with credit score of 500 or higher

  • MIP (Mortgage Insurance Premium) is required

  • Ideal for first-time homebuyers

  • Renovation costs can be included

  • Offers some of the lowest interest rates

  • Loan limits vary by county

USDA Loan

  • USDA Rural Housing Loan Program

  • Offered by the U.S. Department of Agriculture (USDA)

  • Designed for rural and low-population areas

  • Allows home purchase with no down payment

  • Must meet income limits and regional eligibility requirements

  • Only available for primary residence (not for investment properties)

  • Borrower must be a U.S. citizen or legal resident

 
 
 
 
 
 

VA Loan

  • Veterans Affairs (VA) – Government-Backed Mortgage Program

  • Requires a VA Certificate of Eligibility (COE)
    → Applicants must obtain a certificate from the VA confirming eligibility

  • Available to active-duty service members, veterans, and surviving spouses

  • No down payment required

  • No mortgage insurance (MIP)

  • Flexible credit requirements – 580 or higher

  • Offers some of the lowest interest rates

 
 
 
 
Selecting the Right Mortgage Program or Product

There are so many different mortgage programs and products that it can easily become confusing.  Therefore, the most important first step is to consult with a loan professional to determine which program is most suitable for you.

 

Mortgage program selection varies depending on each individual’s situation and is determined by considering the following factors:

 

  • Income documentation method: W-2 wage earner / self-employed

  • Credit score

  • Down payment amount

  • Purpose of purchase: primary residence / investment / second home

  • Personal financial situation

  • Property type: Non-warrantable condos or certain multi-unit properties may not qualify for standard mortgages and may require a Non-QM loan instead.

Based on all these factors, we recommend the most suitable mortgage program and product for your situation.

We also help you compare interest rates and fees from multiple lenders so you can choose the most competitive option.

Conventional mortgages are best suited for borrowers who have strong credit, stable income reported on tax returns, and who want the most favorable interest rates.

 

This is a standard residential mortgage program without government backing, and it is the most widely used loan type in the United States.
The most common form is the Conforming Loan that meets Fannie Mae and Freddie Mac guidelines.

 

✅ Key Features of a Conventional Mortgage

 

1️⃣ No Government Guarantee (Non-Government Loan)

Unlike FHA, VA, or USDA loans, a conventional mortgage is not insured or guaranteed by any government agency; it is provided by private lenders.

 

 

2️⃣ Low interest rates and flexible terms (when qualifications are met)

      • The better your credit, the more favorable the interest rate.

      • Down payments can start as low as 3% (for first-time buyers).

      • PMI (mortgage insurance) can be removed once the LTV reaches 80% and you request it.

 

3️⃣ Can be used for various purposes

      • Primary Residence

      • Second Home

      • Investment

 

✅ Conventional loan qualification requirements:
 
✔ Credit 

        • Minimum 620

        • 700–740+ may qualify for the most favorable interest rates

✔ DTI (Debt -to-Income)

        • Typically 45% or below

        • Up to 50% may be allowed with strong credit or reserves

 

✔ Down Payment

        • 3%–5%: Primary residence, first-time buyers

        • 10%–20%+: Second home or investment property

        • 20%+: No PMI required

 

 

✅ Who benefits from a conventional loan:

      • Borrowers with credit scores between 620–700+

      • Those with sufficient income reported on tax returns

      • Borrowers who want to eliminate PMI

      • Buyers considering a primary residence, second home, or investment property

      • Anyone seeking the most common and competitive interest rates

 

 

 

Self-employed borrowers often report lower taxable income because they take many business expense write-offs. Even if their gross income is high, their tax-return income may appear low.

 

In these cases, qualifying for standard mortgages (Conventional/FHA) can be difficult.  However, there are special programs (Non-QM loans) designed for this situation.

 

1️⃣ Bank Statement Loan

A program that calculates income based on bank deposits, not tax returns.

 

Qualification Requirements:

      • Use the most recent 12 or 24 months of business or personal bank statements

      • Income is calculated by applying an expense factor depending on the industry

        • Example: 40–60% expense ratio

      • Down payment: 10–20%

 
Advantages:

      • Works even when reported tax-return income is low

      • One of the most popular programs for self-employed borrowers

      • Available for both purchase and refinance

 

2️⃣ P&L Loan (Profit & Loss Statement Loan)

A program that qualifies income using a P&L statement prepared by a CPA or tax professional.

 

Advantages

      • Useful when bank deposits are insufficient to reflect actual income

      • Beneficial for businesses with large operations or seasonal fluctuations

 

3️⃣ DSCR Loan (Investment Property Program)

For investment properties only.
This program does not look at personal income; approval is based solely on the property’s rental income.

 

Requirements

      • DSCR ≥ 1.0 (Rent ≥ Monthly mortgage payment)

      • Completely independent of tax-return income

(Click for more details about DSCR loans.)

 

🌟  Tips for Self-Employed Borrowers to Qualify for Loans

      • Lenders use the average of the past two years of taxable income, so recent income increases can help

      • Reducing business expenses and showing a higher net income improves approval chances

      • For 1099 earners, a combination of a P&L statement + bank statements can be used

If you are purchasing or refinancing an investment property with the intention of renting it out, there is a mortgage program available that does not require tax returns or personal income documentation — the DSCR (Debt Service Coverage Ratio) loan.

 

DSCR loans evaluate income solely based on the rental income generated by the investment property, without considering the borrower’s personal income.  Because of this, investors can use DSCR loans to purchase or refinance multiple rental properties.

 

We are not limited to a single program.  Together with Loan Factory, we compare over 120 different DSCR loan products to offer you the most favorable terms available. Loan Factory is the largest mortgage brokerage in the United States, with over 18 years of experience and the highest loan volume nationwide each year.

 

For more detailed information about DSCR loans, please click the link and visit the Investment Property / DSCR page.

DSCR Investment Property Mortgage

When your credit is low and your down payment is small, you may want to consider mortgage programs backed by the U.S. government.
These federal programs are available to U.S. citizens and permanent residents and must be used for a primary residence.

 

 

1) FHA Mortgage (Most commonly used program)

      • Minimum credit score: 580+ → 3.5% down payment

      • 500–579 → approximately 10% down required

      • More flexible DTI limits than Conventional loans

      • Approval possible even with recent credit issues

      • Gift funds and Down Payment Assistance allowed

      • Available to both self-employed and W-2 borrowers

      • Primary residence only

👉 This is the first program to consider when credit is low and down payment is limited.

 

 

2) Down Payment Assistance (DPA) Programs  (State and local programs)

      • Provides 0% to 3% toward the down payment

      • Usually requires a credit score of 600+

      • Often paired with FHA loans

      • Programs available for low- to moderate-income borrowers

👉 Very helpful for buyers who do not have enough for the down payment.

 

 

3) VA Loan (For military service members and veterans)

      • 0% down payment, no PMI

      • Very flexible credit requirements (often approved with 580+)

      • One of the lowest-cost mortgage programs available

👉 If you have U.S. military service history, this is typically the best option.

 

 

4) USDA Loan (Rural Areas)

      • 0% down payment available

      • Credit score generally around 620

      • Has geographic and income restrictions

👉 Very advantageous when purchasing in suburban or qualifying rural areas.

 

Please note: The mortgage information below may change depending on U.S. national policies and financial market conditions.

 

Even without a U.S. green card or citizenship, there are multiple ways to legally obtain a mortgage in the United States.
Below is a clear summary of mortgage programs available to non–permanent residents and foreign nationals.

 
 
✅ 1) Non-Permanent Resident Mortgage (for visa holders)

If you have legal immigration status in the U.S. and a Social Security Number (SSN), you may qualify for a conventional mortgage.

 

 

✔ Eligible visas:

      • E-1 / E-2

      • L-1

      • H-1B

      • O-1

      • TN

      • Other valid work visas

 
✔ Key Features:

      • Conventional loans available

      • Requirements are almost the same as for permanent residents

      • Low down payment possible (3–5%)

      • Same credit requirements (620+)

👉 Even on a visa, if you have an SSN and legal employment in the U.S., you can qualify for a standard mortgage.

 
 
✅ 2) ITIN Mortgage (ITIN Loan)

Designed for individuals without a Social Security Number.

 

✔ Summary of Requirements:

      • Must file taxes using an ITIN

      • Proof of income for the most recent 2 years

      • 10–20% down payment

      • Alternative credit accepted (rental history, utilities, etc.)

      • Rates are higher than standard mortgages

      • Primary, second home, and investment properties allowed

👉 You can purchase a home even without an SSN!

 
 
✅ 3) Foreign National Mortgage

For individuals who do not live in the U.S.

 

✔ Key Features:

      • No SSN required

      • Non-resident foreigners are eligible

      • 25–30% down payment

      • Approval based on overseas income, bank balances, and assets

      • Refinancing available (some lenders allow cash-out)

👉 Even if you live in Korea, you can purchase U.S. real estate.

 
 
✅ 4) Non-QM Loans (Bank Statement / Asset Qualifier, etc.)

Loans that allow income verification without tax returns, using bank statements or assets instead.

 

✔ Advantages:

      • No tax returns required

      • Excellent option for self-employed borrowers

      • Available to non–permanent residents with SSNs

 
✔Requirements:

      • 10–20% down payment

      • Higher rates than conventional loans

👉 A strong alternative for those who report low taxable income.

 
 
✅ 5) DSCR Investment Loan (for investment properties)

Approval is based only on the property’s rental income, not the borrower’s personal income.

 

 

✔ Requirements:

      • SSN not required (some ITIN options available)

      • DSCR ≥ 1.0 (rent covers the mortgage payment)

      • 20–25% down payment

      • No income, job, or tax-return documentation needed

👉 Even without a green card or citizenship, you can purchase investment property through DSCR loans.

 
 
 
✨ Summary

Even without U.S. permanent residency or citizenship:

 

 

      • ✔ Visa holders → Eligible for standard conventional mortgages

      • ✔ No SSN → ITIN or Foreign National loans available

      • ✔ Self-employed with low reported income → Non-QM programs

      • ✔ Investment property → DSCR loans require no income documents

Retirees, or borrowers whose taxable income is low or irregular, can still qualify as long as they have sufficient liquid assets.


This is a Non-QM loan program that qualifies borrowers by converting their assets into income instead of using traditional income documentation.

 
 
⭐ How does Asset Utilization work?

Instead of providing traditional income documents (W-2s, tax returns, pay stubs), the lender reviews your liquid assets and converts them into a calculated monthly income. Eligible assets include:

 

      • Cash (checking / savings)

      • Stocks, bonds, investment accounts

      • Retirement accounts such as IRA or 401(k)

      • Other liquid assets

 
 
📊 Example of converting assets into income.  (General guidelines — varies by lender)

 

Standard asset accounts (checking, savings, brokerage)

      • 100% of assets counted

      • Divided over 120 months (10 years) to calculate monthly income

 
Retirement accounts (401k, IRA, etc.)

      • 70–80% of assets counted

      • Divided over 84–120 months

 
✔ Example

If you have $1,000,000 in assets:

      • Usable amount = $1,000,000 × 80% = $800,000

      • Monthly income = $800,000 ÷ 120 months = $6,666 per month

→ This calculated income is used to qualify for the mortgage.

 
 
 
✔ Who is this program ideal for?

      • Retirees

      • Borrowers with irregular income

      • Self-employed borrowers reporting low taxable income

      • Individuals who live off investment income

      • Borrowers who have difficulty qualifying using traditional income documentation

 
 
🏠 Eligible property types

      • Primary residence

      • Second home

      • Investment property (depending on lender guidelines)

 
 
💵 Down payment & requirements

      • Typically 20–30% down payment

      • Credit score usually 620–680+

      • Interest rates may be slightly higher than conventional loans

 
 
📌 Advantages

      • ✔ No tax returns required

      • ✔ No W-2s or pay stubs needed

      • ✔ Approval based solely on assets

      • ✔ Very suitable for retirees and high-net-worth borrowers

 
 
⚠️ Considerations

      • Requires substantial liquid assets

      • Rates are slightly higher since it is a Non-QM loan

      • Not a government-backed program

 
 
 
✨ Summary

The Asset Utilization Mortgage allows borrowers to qualify for a mortgage without income documentation, using assets alone.
It is especially beneficial for:

      • Retirees

      • High-net-worth borrowers

      • Self-employed individuals with low taxable income

      • Borrowers who rely primarily on investment income

Free Consultation

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Home Mortgage Blog by Terry

Milestone Point Inc. In partnership with Loan Factory Inc. (NMLS #320841)
Licensed Mortgage Loan Officer: Terry Kwon (NMLS #2620208)

Residential Mortgage Licensed: AL, CA, CO, GA, IL, ME, NJ, NV, TX, VA, WA

Contact: (631) 624-4480
Email: terry@milestonepointinc.com
Milestone Point, Inc: 200 Garden City Plaza, Suite 215, Garden City, NY 11530

Loan Factory: 2195 Tully Road. San Jose, CA 95122

 

Disclaimer:
Loan approval is not guaranteed. Approval is subject to credit, income, assets, and other underwriting criteria.
Rates and terms are subject to change without notice.
Milestone Point Inc. partners with Loan Factory Inc. to provide access to multiple mortgage products.
All mortgage programs are offered through licensed mortgage brokers/loan officers registered with the NMLS.