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Conventional Loans:    

Benefits of a conventional loan: It often offers lower overall costs for borrowers with good credit and no upfront mortgage insurance with 20% down payment. If you put less than 20% down, PMI can be removed once you build enough equity. It also allows flexibility for second homes and investment properties. 

FHA:

Benefits of an FHA loan: It allows lower credit scores and smaller down payments (as low as 3.5%). FHA loans typically have interest rates lower than conventional loans and have more flexible qualification guidelines, making them popular with first-time buyers. They also allow higher debt-to-income ratios than many conventional loans. 

VA:

Benefits of a VA loan: It offers no down payment and no monthly mortgage insurance for eligible veterans and service members. VA loans typically have interest rates lower than conventional loans and can offer more flexible credit guidelines. They also limit closing costs and allow sellers to pay many of them. 

USDA Rural Development:

Benefits of a USDA (Rural Development) loan: It offers 100% financing with no down payment for eligible rural and some qualifying suburban areas. USDA loans have lower mortgage insurance costs than FHA and competitive interest rates. They also feature flexible credit guidelines for moderate-income buyers. 

Reverse Mortgage:

Benefits of a reverse mortgage: It lets homeowners age 62+ access their home equity without making monthly mortgage payments. The funds can be used for income, healthcare, or living expenses, and the loan is typically repaid when the home is sold. Borrowers keep ownership of the home as long as they meet loan requirements. 

2nd Mortgages and HELOCs:

Benefits of HELOCs and second mortgages: They allow homeowners to tap into home equity without refinancing their first loan. HELOCs offer flexible, reusable access to funds, while second mortgages provide a lump sum with a fixed rate. Both can have lower interest rates than credit cards or personal loans. 

Asset Based Loans:

Benefits of asset-based loans: They allow borrowers to qualify using assets instead of traditional income, ideal for self-employed or retired clients. These loans offer flexible underwriting and can close quickly. They’re useful for leveraging liquid or investment assets while preserving cash flow. 

New Construction vs Renovation: 

• New Construction: Offers modern design, energy efficiency, and lower maintenance, with the ability to customize from the start. 
• Renovation: Lets buyers improve an existing home, often at a lower upfront cost, while keeping location and character.
• One-Time Close (OTC):  A one-time close loan combines the construction loan and permanent mortgage into one loan with one closing. It saves money by avoiding a second closing and locks the interest rate upfront. It also simplifies the process with one set of documents and fees. *Usually rates are higher on these types of loans.

DSCR (Debt Service Coverage Ratio):

DSCR loans qualify borrowers based on the property’s cash flow, not the borrower’s personal income.  ***More information on DSCR is below***

Loans for Manufactured Homes and Modular Homes:

A manufactured home is built entirely in a factory and placed on a permanent or non-permanent foundation, following HUD standards. 

A modular home is built in sections in a factory but assembled on-site on a permanent foundation and follows local building codes, like a stick-built home. 

Modular homes typically appraise and finance more like traditional homes than manufactured homes. 

Loan options for self-employed borrowers: 

Conventional, FHA, VA and USDA loans using tax returns (usually 1 or 2 years) are common. 

Bank statement loans use your business bank statements to calculate income rather than your tax returns.

Asset-based loans allow qualification using cash flow or assets instead of W-2 income. 

DSCR loans are also popular for self-employed investors purchasing rental properties. 

Down Payment Assistance loans are available but can vary State by State. Please reach out to me directly to see what is available where you want to buy.

House Hacking is a strategy where you live in a property and rent out part of it to help pay the mortgage. This can mean buying a duplex, triplex or fourplex, or even renting rooms in a single-family home.  

When buying a duplex, triplex, fourplex, you can often use the rent from the other units you are not living in as income to help you "qualify" for your mortgage. 

Using an FHA loan to buy a duplex, triplex or a 4-plex lets you purchase with as little as 3.5% down. You must live in one unit as your primary residence, while renting out the other units. 

FHA may allow projected rental income from the other units to help you qualify. 

House Hacking is a smart way to lower living expenses while building equity. 

We respect your privacy. Any personal information collected through this website is handled in accordance with our Privacy Policy and applicable federal and state laws, including the Gramm-Leach-Bliley Act (GLBA).   

Unlimited Mortgage Group LLC  is committed to protecting your privacy and safeguarding your personal information.

Information We Collect
We may collect nonpublic personal information from you in connection with your inquiry or application for mortgage services. This information may include, but is not limited to, your name, contact information, Social Security number, income, employment information, and credit history.

How We Use Information
We use your information to evaluate your request for mortgage services, communicate with you, and comply with applicable legal and regulatory requirements.

Information Sharing
We do not sell your personal information. We may share information with third-party service providers and lenders as permitted by law and only as necessary to provide mortgage services.

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We maintain physical, electronic, and procedural safeguards designed to protect your personal information in accordance with federal and state regulations.

Your Rights
You have the right to limit certain information sharing as permitted by law. To exercise your rights or request additional information, please contact us using the information below.

Contact Information
Unlimited Mortgage Group LLC   NMLS# 1731139

James Knutson (Sonny), NMLS# 6343
10392 W Shadybrook Dr  Boise, ID 83704
Phone: 208-440-7131
Email: sonny@unlimitedmortgagegroup.com

This Privacy Policy may be updated from time to time.

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Unlimited Mortgage Group LLC is a licensed mortgage broker. We do not make credit decisions or fund loans directly. All mortgage loans are arranged through third-party lenders and are subject to lender approval.  

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• Website content is not a commitment to lend
• Rates, terms, and programs are subject to change 
• All loans are subject to credit and underwriting approval

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