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Home financing that fits your life
Your income, your goals, and the home you want to buy all matter when choosing a mortgage. At Afeela Lending, we help you understand your options, compare financing, and take your next step with confidence.
Whether you are buying your first home, moving into your next one, or purchasing an investment property, our team is here to help you find a program that fits your situation.
Explore our
Home Loan Programs
The guidelines below are a starting point. Eligibility depends on the loan program, participating lender, property, and your complete financial profile. Down payment amounts do not include closing costs, prepaid expenses, or any required reserves.
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Conventional Loans
Flexible financing for first-time and repeat buyers.
Conventional loans are mortgages that are not insured or guaranteed by a government agency. Eligible buyers may qualify for select programs with as little as 3% down. Other options require 5% or more, depending on the property and loan structure. What you need to qualify: • Credit history that meets the selected lender and program requirements. • Documented qualifying income and a manageable debt-to-income ratio. • Funds from acceptable sources for your down payment and closing costs. • An eligible property and an appraisal or other permitted valuation. • Any required homebuyer education or first-time buyer eligibility for the selected low-down-payment option. Keep in mind: Private mortgage insurance is generally required with less than 20% down.
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FHA Loans
A government-insured option with a low down payment.
FHA loans can help eligible buyers who have limited down payment savings or a less-established credit history. They are available to first-time and repeat buyers. What you need to qualify: • Under FHA guidelines, a credit score of 580 or higher may qualify for a down payment as low as 3.5%. • Scores from 500–579 require at least 10% down under FHA guidelines, if the participating lender accepts that score range. • Documented income, acceptable debt obligations, and eligible funds for closing. • A home you will occupy as your primary residence that meets FHA property standards. • A loan amount within the applicable FHA limit. Keep in mind: Lenders may require higher credit scores than FHA's minimums. FHA loans include upfront and annual mortgage insurance premiums.
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VA Loans
Home loan benefits for eligible military borrowers.
VA-backed loans offer eligible veterans, service members, and certain surviving spouses a path to homeownership with no required down payment in qualifying circumstances and no monthly mortgage insurance. What you need to qualify: • A valid Certificate of Eligibility based on qualifying service or surviving-spouse eligibility. • Sufficient entitlement for the proposed financing. • Credit, income, debt, and residual income that satisfy VA and lender requirements. • A home that meets VA property requirements and applicable occupancy rules. • An acceptable appraisal; an appraisal shortfall or insufficient entitlement may require funds from you. Keep in mind: Closing costs still apply. A VA funding fee may apply unless you qualify for an exemption.
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USDA Loans
No-down-payment financing in eligible rural and suburban areas.
USDA Guaranteed loans help eligible households purchase a primary home in qualifying locations. Some communities outside major cities may qualify; eligibility is determined by the property's address. What you need to qualify: • A property in a USDA-eligible area. • Adjusted household income within the applicable USDA limit, generally up to 115% of the area's median household income. • Qualifying repayment income, acceptable credit history, and manageable debts. • A home you will occupy as your primary residence that meets program standards. • Compliance with current USDA borrower eligibility requirements. Keep in mind: USDA does not set one universal minimum credit score, but lenders may set their own. Upfront and annual guarantee fees generally apply, and closing costs still need to be addressed.
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Jumbo Loans
Financing for homes that require a larger mortgage.
Jumbo loans finance amounts above the applicable conforming loan limit. They can support a higher-priced home purchase when a conforming mortgage does not cover the financing you need. What you need to qualify: • Credit that meets the lender's jumbo guidelines. • Documented income and an acceptable debt-to-income ratio. • The required down payment and closing funds. • Cash reserves if required by the lender. • An eligible property and satisfactory appraisal. Keep in mind: Down payments, credit thresholds, and reserve requirements vary by lender and loan amount.
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ITIN Loans
Mortgage options for eligible borrowers using an ITIN.
Select lenders offer financing to borrowers using an Individual Taxpayer Identification Number. These programs have their own identification, income, credit, and documentation requirements. What you need to qualify: • A valid ITIN and acceptable government-issued identification. • Income documentation accepted by the selected lender, such as tax returns, bank statements, or employment verification. • Credit or alternative credit documentation that meets program guidelines. • The required down payment, closing funds, and any reserves. • A property and borrower profile that meet the lender's eligibility rules. Keep in mind: An ITIN alone does not establish mortgage eligibility. Down payment requirements vary by lender.
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Bank Statement Loans
An alternative way to document self-employed income.
Bank statement programs allow eligible self-employed borrowers to document qualifying income through personal or business bank statements instead of tax returns under select lender programs. What you need to qualify: • Verifiable self-employment or business ownership history. • The required statement period, commonly 12 or 24 months depending on the program. • Eligible deposits that support qualifying income after applicable expense adjustments. • Credit, debts, down payment, and reserves that meet lender requirements. • Supporting business documentation when requested. Keep in mind: Total deposits are not automatically counted as income. Transfers, unusual deposits, and business expenses may affect the calculation.
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Profit & Loss (P&L) Loans
Income documentation options for business owners.
Select P&L programs use a business profit and loss statement to help evaluate a self-employed borrower's income. Supporting documentation may also be required. What you need to qualify: • An established business and verifiable ownership history. • A P&L covering the lender's required period. • Preparation or verification by an acceptable accounting or tax professional, when required. • Supporting bank statements or other records required by the program. • Acceptable credit, debts, down payment, and reserves. Keep in mind: A self-prepared P&L is not accepted by every lender. Requirements differ by program.
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Written Verification of Employment (WVOE) Loans
Alternative income documentation for eligible wage earners.
Select WVOE programs use written verification from your employer to document employment and qualifying income. This may offer an alternative to the standard income documentation process. What you need to qualify: • Eligible employment and a verifiable employment history. • Employer-completed verification acceptable to the lender. • Additional income or deposit documentation if required. • Credit, debts, down payment, and reserves that meet program guidelines. • Compliance with property, occupancy, and any first-time buyer restrictions. Keep in mind: WVOE is not a no-verification loan. Some programs restrict employment by family members.
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DSCR Investment Property Loans
Financing that focuses on a rental property's income.
Debt Service Coverage Ratio (DSCR) loans evaluate an investment property's qualifying rental income relative to its required housing payment. Select programs do not require traditional personal income or employment documentation. What you need to qualify: • An eligible investment property that you will not occupy as your primary home. • An appraisal and rental income documentation acceptable to the lender. • A rental-income-to-payment ratio that meets the selected program's guidelines. • Acceptable credit and the required down payment. • Closing funds, reserves, and any entity documentation required by the lender. Keep in mind: DSCR thresholds and down payments vary. Some programs allow lower ratios with different terms, and prepayment penalties may apply where permitted.
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FHA 203(k) Renovation Loans
Purchase and eligible renovation costs in one mortgage.
An FHA 203(k) loan combines home financing with approved repairs or improvements. It can help eligible buyers purchase a home that needs work, subject to FHA and lender requirements. What you need to qualify: • FHA borrower eligibility, including applicable credit and down payment requirements. • An eligible property intended for your primary residence. • A lender-approved renovation scope, contractor documentation, and cost estimates. • An appraisal that accounts for the proposed improvements. • Compliance with renovation deadlines, inspections, and applicable loan limits. Keep in mind: Limited and Standard 203(k) programs allow different types of work. Standard 203(k) loans generally require a HUD-approved consultant.
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Non-Warrantable Condo Loans
Specialty financing for eligible condominium projects.
Some condominium projects do not meet the standard project requirements for conventional agency financing. Select specialty lenders may consider these properties after reviewing both the borrower and the project. What you need to qualify: • A condominium project acceptable to the specialty lender. • Required association documents, including financial, insurance, and project information. • Review of issues such as investor concentration, litigation, commercial use, or other project characteristics. • Acceptable credit, qualifying income, and the required down payment. • An acceptable appraisal and any required reserves. Keep in mind: Not every non-warrantable project is eligible. Project insurance, structural concerns, and other risks can affect approval.
Additional Ways to Support Your Purchase
These options work alongside an eligible mortgage.
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Low-Down-Payment Options: Select 1% Borrower Contribution Programs
Ask whether lender assistance could reduce your contribution.
Select conventional programs allow an eligible buyer to contribute as little as 1% toward the down payment, with lender assistance helping meet the program's total down payment requirement. What you need to qualify: • Eligibility for the participating lender's underlying conventional loan. • Compliance with program-specific income, credit, loan amount, property, and occupancy requirements. • Your required contribution and any additional funds needed when assistance caps apply. • Funds for closing costs, prepaid expenses, and reserves where required. Keep in mind: A 1% contribution is not the full cost to close. Assistance limits and current availability must be confirmed.
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Down Payment Assistance
Help with eligible upfront homebuying costs.
Qualifying assistance programs may help cover a down payment, closing costs, or both. Assistance may take the form of a grant, forgivable loan, deferred loan, or repayable second mortgage. What you need to qualify: • Approval for a mortgage compatible with the assistance program. • Compliance with applicable income, credit, purchase price, and location limits. • An eligible primary residence. • Homebuyer education when required. • First-time buyer, occupation, or other eligibility requirements where applicable. Keep in mind: Assistance amounts and repayment terms vary. Selling, refinancing, or moving out may trigger repayment under some programs.
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Temporary Payment Buydowns: 2-1 and 3-2-1
Reduced principal-and-interest payments during the early years.
A temporary buydown uses a funded subsidy to reduce your out-of-pocket principal-and-interest payments for a set period. With a 2-1 structure, payments are calculated using a rate two percentage points below the note rate in year one and one point below in year two. A 3-2-1 structure steps down the subsidy over three years. What you need to qualify: • An eligible mortgage and approval under its full qualifying-payment rules. • A lender-approved buydown structure. • Funding from a source permitted by the loan program. • Compliance with contribution limits and the buydown agreement. Keep in mind: Your mortgage note rate does not change. Payments rise as the subsidy decreases. Taxes, insurance, and association fees are separate and may change.