Loan

Programs

See which loan program works best for you!

Loan Programs

What we offer

Did you know there were multiple types of loan programs available? We have summarized the types of loan programs we offer below! Take a look and see which one works best for you!

Construction Loans/ Land Loans

What do construction to permanent loan mean? (aka one-time or two-time close loans)

• A single-close loan that starts as a construction loan where money is drawn as needed to pay building costs, then converts to a perm. mortgage (structured traditionally for the permanent period), upon the completion of the home.

• With a two-time close (construction-only loan), you might qualify for a lower rate since the loan will be for a shorter duration. (the loan is structured in two phases: interest only during construction and then the final loan for the permanently build residence.

• However, with a construction-only loan, you also risk getting a higher interest rate for your permanent loan if the market changes or if your financial situation worsens.

• The second portion / second close (can be the same or a different lender as the construction loan lender), is simply a mortgage financed almost like any other, potentially with a little extra documentation.

• *may be limited to lending-channel specific states offered*

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A land loan – sometimes referred to as a lot loan – is:

• Can be used to finance the purchase of a plot of land. You can take out a land loan if you're interested in buying a piece of land to build a home or to utilize for business purposes.

Home Equity Loans

A home equity loan is more commonly known as a second mortgage. It is a loan secured by your home. With this type of loan, you can typically borrow up to 80% of the home's value and make equal monthly payments over a fixed term to pay it off.

Conventional Fixed Rate Mortgages (FRM)

The most common type of loan option, the traditional fixed-rate mortgage, includes monthly principal and interest payments, which never change during the loan’s lifetime.

Conventional Loans are mortgage loans that are not insured by the government (like FHA, VA, USDA Loans), but they typically meet the lending guidelines that Fannie Mae or Freddie Mac has set. Typically, conventional loans have better rates, terms, and lower fees than other types of loans. However, conventional loans usually require a borrower to have good-to-excellent credit, reasonable monthly debt obligations, 3-20% down payment, and reliable monthly income. Conventional loans are ideal for borrowers with excellent credit and at least a 3% down payment.*

Adjustable Rate Mortgages (ARM)

Adjustable-rate mortgages include interest payments that shift during the loan’s term, depending on current market conditions. Typically, these loans carry a fixed-interest rate for a set period before adjusting.

Jumbo Loans

A Jumbo Loan is a loan that exceeds the limits set by the Federal Housing Financing Agency. A Jumbo Loan is not eligible to be purchased, guaranteed, or securitized by Fannie Mae or Freddie Mac. This type of loan is most commonly used to fund luxury properties and homes in highly competitive local real estate markets.

Refinance Mortgage Loans

Refinancing is an easy way to solve many of your mortgage worries. Getting a lower monthly rate and paying less over the life of your loan just makes sense. At Groves Capital, Inc, we’re ready to find the right refinancing solution for you. Our staff of refinance experts will help you evaluate your mortgage needs and draft a refinancing plan that will save you money.

FHA Mortgage Loans

FHA home loans are mortgages insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with a minimal down payment.

At Lending with Cartier, LLC, we want to help you understand how an FHA mortgage loan works. In all actuality, the Federal Housing Administration (FHA) doesn’t loan any money; they insure it. This means that you’re considered a less risky borrower than someone who might not have the federal government's backing. Our role is to make sure you qualify for an FHA mortgage and structure our loan to reflect it.

Reverse Mortgage Loans

A reverse mortgage loan is different than a traditional mortgage. With a conventional mortgage loan, you make monthly mortgage payments. Still, with a reverse mortgage loan, the lender pays you money through monthly installments, a one-time lump sum payment, a line of credit, or a combination of credit and monthly installments. The money you receive depends on your age, the value of your home, and the current interest rate.

One of the significant advantages of a reverse mortgage loan is that you are not required to pay the loan back until the home is no longer your primary residence or you fail to maintain the house or fail to pay property taxes or homeowner's insurance or do not otherwise comply with the terms of the loan. For more information on when a reverse mortgage loan comes due, click the following link: What about Repaying a Reverse Mortgage Loan.

If you’re aged 62 or older and own your home, you might qualify for a reverse mortgage loan. Contact us to find out more about reverse mortgage loans and ways to make them work for you, or apply now and start the process of tapping the equity in your home.

VA Mortgage Loans

VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans exceptional benefits, including low-interest rates and no down payment requirement. This program was designed to help military veterans realize the American dream of homeownership.

Bank Statement Loans

How do bank statement loans work?

• With bank statement loans, the lender uses bank statements (personal or business), to analyze a borrower's income instead of using standard documentation. Lenders that offer bank statement loan programs will look at a borrower's bank over a 3,6-,12- or 24-month time period to determine the borrower's net income, which is the amount of money earned after the borrower has paid taxes and business-related expenses.

Self-Employed Borrowers

If you own a business or are self-employed, you can still qualify for a mortgage! Typically you need to have 1 to 2-years of steady income as a non-W-2 employee or own at least 25% of a business. Other than those stipulations you will evaluated the same way a regularly employed applicant would be.

Borrowers With Considerable Assets

If you want to use something of value (aka "Asset") as collateral for a loan, that is certainly possible. When you borrow money with collateral, you agree that if you don't pay back the loan, your lender can take the asset you've given over to them, and they can sell it to pay off the remainder of the loan.

Using assets as collateral can sometimes secure you a higher loan because you have something of value that can be used to pay off the loan if you fail to pay it off. You would ultimately lose that asset, but the loan would be paid.. Traditionally considered "liquid assets."

Real Estate Investors

Like any loan application, you have the option to choose from a variety of loans that works best for you.

If you are a real estate investor, applying for loans and purchasing land or homes are nothing new.

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What Is a Debt Service Coverage Loan?

• A DSCR loan is a type of non-QM loan for real estate investors. Lenders use a DSCR to help qualify real estate investors for a loan because it can easily determine the borrower's ability to repay without verifying income.

Foreign Buyers

If you are not a born citizen of the United States, that doesn't automatically disqualify you from getting a home loan. It is easier to secure a loan if you have permanent green card status or have a valid work visa. The Federal Housing Administration (FHA) offers home loans to non-U.S. citizens with the same loan terms as it does other buyers.

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ITIN And Foreign National Mortgage Loans:

• A MORTGAGE TO A NONRESIDENT IS CALLED A FOREIGN NATIONAL MORT. LOAN. A FOREIGN NATIONAL WHO IS NOT A RESIDENT OF THE UNITED STATES WILL IN MANY CASES SEEK TO OWN REAL ESTATE. INDIVIDUAL TAX IDENTIFICATION NUMBER (ITIN) LOANS ARE FOR PEOPLE WHO ARE NOT ELIGIBLE FOR SOCIAL SECURITY NUMBERS. (ITINS ARE ISSUED TO BOTH RESIDENT AND NONRESIDENT ALIENS FOR TAX-REPORTING PURPOSES.)

Buyers With Blemished Credit Histories

Getting a loan with bad credit history isn't impossible, you just have to work with a lender that can help you navigate the application process and understand what/why you have this type of history. You most likely won't qualify for the best rates and terms, but your lender can help find you the best loan for your situation!

Our Loan Programs

NON-QM Loans

#LendingwithCartier Info

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Contact Info/ HQ Address

Joshua Cartier - NMLS #990936 / Chelsie Cannon - NMLS #1203401

Lending with Cartier LLC dba Barrett Financial Group, L.L.C. | NMLS #181106 | 275 E. Rivulon Blvd, Suite 200, Gilbert, AZ 85297 - HQ / CO & TX Branches.

CA 60DBO-46052 & 41DBO-148702 Licensed by Dept. of Financial Protection & Innovation under the California Residential Mortgage Lending Act.

Loans made or arranged pursuant to a California Financing Law License

TX view complaint policy at:

www.barrettfinancial.com/texas-complaint / WA MB-181106

Equal Housing Opportunity

This is not a commitment to lend. All loans are subject to credit approval. nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/181106