Type of Loans Bee Offers: The Bee Advantage
Bee offers most loans and specialty loans used to buy a home with.
No matter what kind of homebuyer you are, Bee has you covered. With many loan options to choose from, Bee will help you get the lowest cost, best mortgage you can find. As a broker that is paid on the loan amount only (not points or other types of fees), our job is to help you navigate the sometimes complex loan choices available to find the least expensive way to buy your dream home.
There are six primary types of loans used to buy a home with that Bee offers for purchase or refinance in most cases:
- Conventional Loans
- FHA Loans
- VA Loans
- USDA Loans
- HELOCS
- Jumbo Loans
Bee also offers specialty loans, including:
- DSCR Loans
- Bank Statement Loans
- New Construction Loans
- CEMA Loans
- Temporary Rate Buydown Loans
- Standalone HELOCs
- Piggyback HELOCs
Conventional Loans
These are the most popular types of loans that homebuyers get.
They also have the lowest fees compared to other options (aside from some VA loans).
- 3% Minimum down payment
- 620 Minimum credit score
- $726,200 Max loan amount for 1-unit homes in most areas
A good lender will see if you qualify for a conventional loan first. Some direct lenders make more money off of FHA loans and may try to steer you into one. Don’t let them do this. Deal with a reputable mortgage broker who has your best interest in mind and only gets paid based on the loan amount, which is usually the same no matter what type of loan you go with.
FHA Loans
FHA loans are good for credit-challenged home buyers.
While many people use an FHA loan to buy their first home, most of them eventually get into a conventional mortgage whenever they can to save money. If an FHA loan is all you qualify for, go for it. After all, this is about buying your dream home. Credit scores and always be repaired but you can never get back all the money spent on rent (paying someone else’s mortgage). So, it’s best to get into the market as soon as possible no matter what kind of loan it’s with.
- 3.5% Minimum down payment
- 580 Minimum credit score (some lenders require 620)
- $472,030 Max loan amount for 1-unit homes in most areas
VA Loans
VA loans are good for any military person who qualifies.
These are the best loans and are intended to reward our nations finest and bravest with easy access, affordable home loan options. Most of the time, the rate and fees can't be beat by any other loan. VA loans are also assumable by a widow in the event of their spouse, the veteran, passing.
- No down payment required.
- Super competitive rates.
- 580 Minimum credit score (some lenders require 620 or higher)
- No VA loan limit although the lender might have a limit.
- Low and limited closing costs.
- No private mortgage insurance (PMI) required.
- Lifetime VA home loan benefit.
USDA Loans
USDA loans are great for people who do not live in a major metro area. They have flexible funding options and are ideal for home buyers who want to minimize their closing costs. Some of the benefits include:
- No down payment required.
- 640 Minimum credit score required.
- No USDA loan limit although the lender might have a limit.
- Flexible credit requirements.
- No cash reserve requirements.
- Competitive interest rates.
- Closing costs can be rolled into the loan up to a certain amount.
- For lower income buyers.
To find out if the area you’re looking to buy a home in is eligible for a USDA loan, click here.
HELOCs
A HELOC is a home equity line of credit.
It’s like a credit card attached to the equity in your house. There are some major benefits to a HELOC as opposed to a cash out refinance. First of all, like a credit card, you only use it when you need it, or want to. With a cash out refinance you cash out a certain amount of equity at closing and re-pay it back to the lender over a period of year.
Again, like a credit card attached to you home, if you don’t use the line, you don’t pay anything. A lot of people have a HELOC for emergencies, and although it’s not always recommended by a financial advisor, using a HELOC to pay off credit cards usually saves you money on interest since HELOC rates are usually a lot lower than credit cards.
- Loan amounts up to $500,000.
- Spend only what you need.
- Interest might be tax-deductible.
- Flexible payment options.
- Potential to boost your credit.
- Lower interest rates than credit cards (usually).
Jumbo Loans
Bee offers a suite of multi-million-dollar, jumbo loans.
These loans feature competitive interest rates enhanced with transparent home buying guidelines and loan qualifications making it easy for you to tailor a jumbo loan to whatever situation you’re in. By working with the best lenders in America, buyers have exclusive access to loan products through Bee they won’t find at most big banks or retail lenders.
- $3,000,000 Max loan amount.
- 680 Minimum credit score
- 20% Down payment required.
Specialized Loans
Bee offers an array of specialty loans designed for independent property investors and home buyers with unique income or assets.
- DSCR Loans
- Bank Statement Loans
- New Construction Loans
- CEMA Loans
- Temporary Rate Buydown Loans
- Standalone HELOCs
- Piggyback HELOCs
DSCR Loan
A DSCR loan is great for property investors looking for loans to grow their real estate portfolio without tapping into their personal income to qualify.
- $2,000,000 Max loan amount.
- 640 Minimum credit score.
- 20% Minimum down payment required (or more in some cases).
- Finance up to 20 properties.
- Can use current or projected rental income to qualify.
- Can be used for a purchase or refinance.
- Can be used for new construction or rehabbing a property.
- Debt-service coverage ratio of 80%
