Supreme Lending

Loan Programs

Dallas home loans has the products you are looking for.

Traditional Loans

Conventional

Conventional loans are actually any type of creditor agreement that are not guaranteed by the Veterans Administration (VA), or insured by the Federal Housing Administration (FHA). In general, all conventional loans are eligible for sale to the government sponsored entities such as Fannie Mae (FNMA) and Freddie Mac (FHLMC) or to private secondary market investors. There are two different types of Conventional loans; Conforming and Non-Conforming loans. Conforming loans have to meet the guidelines set by Fannie Mae and Freddie Mac. Any loan which does not meet guidelines is a non-conforming loan.

Conventional | 3% Down Payment

Must be first time homebuyer.

Conventional loans are actually any type of creditor agreement that are not guaranteed by the Veterans Administration (VA), or insured by the Federal Housing Administration (FHA). In general, all conventional loans are eligible for sale to the government sponsored entities such as Fannie Mae (FNMA) and Freddie Mac (FHLMC) or to private secondary market investors. There are two different types of Conventional loans; Conforming and Non-Conforming loans. Conforming loans have to meet the guidelines set by Fannie Mae and Freddie Mac. Any loan which does not meet guidelines is a non-conforming loan.

  • Minimum credit score of 620
  • Down payment can be a gift from a family member
  • Max 3% seller assist
Jumbo

A jumbo loan is a loan in which the amount borrowed is greater than the loan limit set by Fannie Mae (FNMA) & Freddie Mac (FHLMC). A loan amount greater than $484,350, is considered a jumbo loan.

Advantages:

      • Able to finance a home that is over the maximum loan amount of $484,350 established by Fannie Mae and Freddie Mac
      • Enables a borrower to purchase “more house”
10% Down Jumbo
  • 10% Down with NO MI
  • Debt-to-Income Ratio up to 49%
  • Blended Ratios Allowed
  • Non-Occupying Co-Borrower Allowed
  • Loan Amount up to $1.5 million.
Unison Home Buyer Program (Jumbo K)

start packing!  We’ve got great news!

What is it? A loan product that allows the buyers to reap the benefits of a home loan purchase that requires a 20% down payment with only 10% of their own funds!

How does this work? The Unison Home Buyer program contributes funds towards your down payment. The contribution is 10%. When the homeowner sells the home, the funds are paid back and include a specific fee based on the change in the home’s value (up or down).

Why Use This Program? 

  • Decrease your monthly payments by eliminating the need for Private Mortgage Insurance
  • No need for a traditional 2nd mortgage or HELOC that has an adjustable interest rate
  • Retain your savings for other purposes (pay o debt, furnish your new home, higher education, etc..)
  • Strengthen your offer in this competitive market! How do I get started? Call your Supreme Lending Loan Officer today!
Jumbo Down To 620 fico

Supreme Lending is pleased to announce the new Non-Conforming D3 with credit scores down to 620 with both Conforming and Non-conforming loan amounts. This program allows for non-warrantable condos.

  • BK, Short Sales and Foreclosures – Only 2 year seasoning!
  • Purchase, R/T and Cash Out options o Cash out to 80% with a 620 FICO
  • Loan amounts ranging from $100k to $2.0mm • FICO scores down to 620
  • LTV up to 90% to $1.5mm with a 660 FICO
  • Reserves as low as 3 months!
  • Non-warrantable condos!
  • Delegated Underwriting
10% Down Jumbo
  • 10% Down with NO MI
  • Debt-to-Income Ratio up to 49%
  • Blended Ratios Allowed
  • Non-Occupying Co-Borrower Allowed
  • Loan Amount up to $1.5 million.
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

    • 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

Borrower Income Limits

    • 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
Home Possible®

Freddie Mac Home Possible® and Home Possible® 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 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
  • Max 50% Debt-To-Income
  • Full Gift Eligible
  • Lower MI Rates
  • 620 Minimum FICO
Borrower Income Limits
  • 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™

With Supreme Lending’s Lock & Look™ program* you can lock in a great interest rate now and take your time finding the home of your dreams. You can shop with condence knowing you have your interest rate locked in for a full 60 days and are already qualied for a loan with Supreme Lending. With Lock & LookTM, you get 30 days to look and another 30 to close. And, there is NO up front fee!

 

*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. Prequalification 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.
100 no MI w/community 2nd

The Supreme 100 No MI with Community Second is a 0% down payment conventional loan with 1% in closing cost assistance! And No Mortgage Insurance!

  • 97% 1st lien with 4% down payment assistance 2nd lien
  • Minimum Credit Score 660
  • Purchase, 1-unit primary residence
  • Loan amounts up to $484,350 ($726,525 in high balance areas)

Property Types

Investment Property
A real estate property that is not occupied by the owner and has been purchased with the intention of earning a return on the investment either through rent, the future resale of the property, or both. An investment property can be a long-term endeavor, such as a rental home, or an intended short-term investment in the case of rehabilitation (where a property is bought, remodeled or renovated, and sold at a profit).

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
When it comes to local knowledge and local decisions on condo financing – go with the people you know! At Supreme Lending, condo financing is not a “side gig.” We have a dedicated team of experienced professionals who focus on project review and bring years of condominium financing expertise to the table for you. We offer competitive rates and terms plus first rate service you can depend on.

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 person’s primary residence is the dwelling where they live, typically a house or a condo. A person can only have one primary residence at any given time, though they may share the residence with other people.

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
A second home refers to private ownership of a residence other than one’s primary residence. Depending on their purpose, second homes are sometimes called vacation homes or secondary residences. The property must be available for your exclusive use and enjoyment and must not be subject to any rental pools or long-term leases.

Advantages:

      • Buy the home now while employed and retire in it later
      • Build wealth with additional equity
      • Similar terms to primary residence loan

Government Loans

FHA

The Federal Housing Administration was created in 1934 in an effort to bolster homes sales during the Depression. By financially guaranteeing loans, the FHA lifts much of the risk of non-payment and foreclosure from private lenders. It is important to remember that the FHA is not a lender; they just guarantee your loan.

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)

FHA 3.5% Down Payment

  • Lower Credit scores permitted (as low as 580)
  • Down Payment can be a gift from a family member
  • Minimum 2 years from Bankruptcy
  • Minimum 3 years from Foreclosure
  • Max 6% Seller Assist
  • Down Payment assistance available through CHENOA Fund
VA
A VA loan is a mortgage loan guaranteed by the Veterans Administration. It was created in 1944 and signed into law by President Franklin D. Roosevelt. A VA loan provides veterans and/or their surviving spouses who have not remarried, with a federally guaranteed home with zero down payment. The program, also referred to as the GI Bill, has been highly successful and has helped millions of American veterans and their families acquire a home.

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 HOUSING

The USDA Rural Housing Service has various programs available to aid low- to moderate-income rural residents to purchase, construct, repair, or relocate a dwelling and related facilities. USDA Rural Housing loan programs allow qualified homebuyers to get loans with minimal closing costs and no down payment.

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

Loan Purposes

Purchase
The process of acquiring a property for the purpose of primary residence, second home or investment property.

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
The process of acquiring a property for the purpose of primary residence, second home or investment property.

  • Cosmetic Improvements – Interiors, Kitchens, Baths, Flooring, and Remodelling
  • Energy Conservation Improvements
  • Structural Alterations such as Repair or Replacement of Structural Damage, Additions to Structure and Finished Attics and/or Basements
  • Eliminating Health and Safety Hazards
  • Changes for Improved Functions and Modernization
  • Repairing or Adding Roong, Gutters and Downspouts
  • Landscaping, Grading, Repairing Patios and Terraces that Improve the Property
  • Decks / Fences
  • Rehabilitation or Improvements to a Detached Garage, a New Detached Garage, or the Addition of an Attached Unit(s) (if allowed by the local zoning ordinances)
  • Swimming Pools

Program Highlights:

  • Loan is based on after improved value
  • Owner occupied- second homes and Investment properties
  • One loan, one closing and one monthly payment
  • Project completion times up to 6 months
  • Purchase
  • Available on Renance
  • Minimum Credit Score 680
  • Consultant required if repairs exceed $15,000

*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
In simple terms, a cash-out refinance replaces your current mortgage with another loan that:

      • 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).

FHA 203(k) Rehab Loans

Create the home of your dreams with the FHA 30 Year Fixed Rate 203(k) Rehabilitation Loan Program. Rehab loans help homeowners improve their existing home or even buy a home that in need of updates or repairs. With this program, you can finance both the purchase or refinance along with the renovation of your home through a single mortgage, instead of applying for multiple loans.

Supreme Highlights:

      • 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
The process of paying off one loan with the proceeds from a new loan, using the same property as security. Cash received by the borrower at closing may not exceed $2,000 (not allowed in Texas). Status varies depending upon State Law. The purpose is, as the name implies, to reduce the interest rate, payment, and/or overall term of the mortgage.

Advantages:

      • Reduction of the interest rate, payment, and/or overall term of the mortgage
      • Limit of $2,000 cash (varies depending upon State Law)

About Supreme Lending?

Supreme Lending was founded in 1999 with one goal in mind – to improve the mortgage process. For the last 20 years, Supreme Lending has been doing just that! Located in Dallas, TX, we are committed to providing exceptional customer service and finding our customers the best home loan(s) in Dallas/Addison area.
Supreme Lending is a full-service mortgage lender licensed in all 50 states and has branches throughout the United States. Supreme Lending is a fast-growing company that continues to add new branches thanks to our “building customers for life” approach that helps homebuyers realize their dreams of homeownership.

Why Choose Supreme Lending for Home Loans in Dallas?

Supreme Lending has been awarded 2019 -2020 Dallas Best Places to Work, Scotsman Guide Top Mortgage Lenders 2019, Top Mortgage Companies in America 2018, Best D 2019, and 50 Best Companies to work for. As a company, we pride ourselves in finding the best home loan in Dallas for our customer’s needs while providing customers with exceptional service and quick closing times.
Supreme Lending has a great relationship with our investors – leading to quicker underwriting times, processing times, and loans closed on time, which our investors will buy from us.
We thrive on referrals from past clients and current real estate referrals, which has provided to much of our successes in providing home loan in Addison services.

Why Choose the Twins Group for a Home Loan in Dallas, TX?

The home loan process can be a stressful process for any customer. When you begin the process of getting prequalified for a home loan in Dallas, TX, rest assured that you will be taken care of and experience what it is like to be a priority. The Twins Group will work to get you prequalified for your purchase or refi home loan in Addison, TX. Whether you are purchasing a new home or refinancing your current home, the Twins Group will assist you with all the ins and outs of the mortgage process. They will be there to answer any questions you may have and get you prequalified for the home loan in Addison that best suits your needs.
The team will continue to stay in touch with you throughout the mortgage process by keeping you educated on the process, staying in constant contact, and ensuring your purchase or refi home loan in Dallas will be closed on time!
We understand that purchasing a home is a huge step in the customers’ life. Our goal is to close your home loan in 30 days or less and make the mortgage process as smooth as possible.
In 2019, Supreme Lending closed all loans in 22.29* business days, almost half the industry average of 46 days.

Trying to Find the Right Refi Home Loan Product?

Supreme Lending offers a variety of home loan programs and refi home loan options in the Addison and Dallas, TX area. Talk to the Twins Group to see which program suits you best!

Home Loan Programs in Dallas, TX

Traditional loans include Conventional, Conventional 3% Down, Jumbo, Jumbo 10% Down, Unison Home Buyer Program (Jumbo K), Jumbo Down to 620 FICO®, HomeReady, Home Possible, Lock & Look, and 100% No MI with Community Second.
Government Loans include FHA, VA, and USDA Rural Housing.
Property Types include Investment Property, Condo Financing, Primary Residence, and Second Home.
Supreme Lending also provides different home loan purposes in Dallas, TX. These include Purchase, Homestyle Renovation, Cash-Out Refinance, FHA 203(k) Rehab Loans, and Rate Term Refinance.
Open each collapsible field for more information!
*Based on nationwide average as of YE 12/31/19

Pin It on Pinterest