HOME LOANS

Whether you are looking to purchase a new home for your family, refinance an existing home loan, or buy an investment property, the Mike Ouverson Mortgage Team with Luminate Home Loans can help. We have a full suite of loan programs and products for you to choose from and almost every loan is closed in-house. This means that we can have control of the loan file and be efficient with the processing of the loan from start to finish. We would love to work with you so you can see how the Mike Ouverson Mortgage Team differentiates from the others!

Below is a list of programs/products that we have to offer and a brief overview of the qualifying parameters for each of them.

Conventional Loans

Down payment required: as little as 3.0% for a primary residence and as little as 20% down for an investment property
Minimum credit score required: 620
Max loan amount: 417,000

VA Loans

Down payment required: as little as 0% down
Minimum credit score required: 620
Max loan amount: 417,000 (can go higher but a down payment is required if you go over 417,000)

Jumbo Loans

Down payment required: as little as 20% down
Minimum credit score required: 680 to 740 (depending on loan amount)
Max loan amount: 2,000,000+

FHA Loans

Down payment required: as little as 3.5% down
Minimum credit score required: 640
Max loan amount: 318,550 in metro counties and 271,050 in out-state counties

USDA/RD (Rural Development)

Down payment required: as little as 0% down
Minimum credit score required: 640
Max loan amount: 417,000

Construction Loans

Down payment required: as little as 10% down
Minimum credit score required: 620
Max loan amount: 417,000 (can go up to 2,000,000+ with a higher down payment required)

Down Payment Assistance Loans

Down payment required: $1,000
Minimum credit score required: 660
Max loan amount: depends on loan program. Refer to FHA or Conventional max loan amounts.