Loan programs, in plain English

Name: Stone Merton, Mortgage Loan Officer
Address: Middleburg, FL, US
Telephone: (904) 844-1148
Price range: Free consultation

Program descriptions are general. Eligibility and availability vary by program, location and borrower.

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What clients say

“Had the pleasure to work with Stone Merton out of Jacksonville, Florida! Was a pleasure working with him. Very knowledgeable and didn’t treat me like just a customer. Stone treated my wife and I like a friend and made getting our first house a wonderful experience!”

Josh Colon

“Our first time selling a home and moving into our forever dream home. Working with Stone had been one of the easiest and least challenging processes that I have ever gone through!! Stone was extremely attentive to my questions and needs. He would always reply quickly to any questions I had and would do everything within his power to make this a seamless process!! I highly recommend The Anchor Team for any of your real estate dealings!!”

Vicki Ruud

“Great experience , long hours of support, sometimes after hours ,question's always answered, 7 days a week always there for me ! I would refer to all my friends.”

Antonio Camelo

FHA

Government-insured loans with flexible guidelines, popular with first-time buyers.

FHA loans are insured by the Federal Housing Administration. Because of that insurance, guidelines can be more flexible than other loan types, which is why many first-time buyers and people rebuilding credit consider them.

Often worth a look if…

You are buying your first home or your credit history is still growing
You want flexible down payment and credit guidelines
You want to pair a loan with down payment assistance, where available

Good to know

FHA loans include mortgage insurance, which is part of the cost of the loan.
The home must meet FHA property standards and be your primary residence.
Loan limits and guidelines vary by county and change over time.

Start your application Ask about FHA

Program descriptions are general. Eligibility and availability vary by program, location and borrower. Not a commitment to lend. All loans are subject to credit approval and program guidelines.

VA

A benefit earned through military service, with its own flexible guidelines.

VA loans are a benefit for eligible veterans, active-duty service members and some surviving spouses. They are backed by the Department of Veterans Affairs and offer guidelines that many borrowers find especially flexible.

Often worth a look if…

You or your spouse served, or are currently serving
You want to use an earned benefit to buy or refinance a home
You have used your VA benefit before and want to know your options

Good to know

You need a Certificate of Eligibility. I can help you get it.
A VA funding fee may apply; some borrowers are exempt.
The home must be your primary residence and meet VA property requirements.

Start your application Ask about VA

Program descriptions are general. Eligibility and availability vary by program, location and borrower. Not a commitment to lend. All loans are subject to credit approval and program guidelines.

USDA

Government-backed loans for eligible homes in eligible areas.

USDA loans are backed by the U.S. Department of Agriculture to help eligible buyers purchase homes in eligible rural and suburban areas. Eligibility depends on both the property location and your household income.

Often worth a look if…

You are looking at homes outside the densest parts of a city
Your household income falls within program limits
You want an alternative to FHA or conventional financing

Good to know

The property address must be in a USDA-eligible area. We check this early.
Household income limits apply and vary by area and household size.
It is for primary residences only and has its own fees and mortgage insurance structure.

Start your application Ask about USDA

Program descriptions are general. Eligibility and availability vary by program, location and borrower. Not a commitment to lend. All loans are subject to credit approval and program guidelines.

Conventional

The most common loan type, with options for many situations.

Conventional loans are not insured by a government agency. They follow guidelines set by Fannie Mae and Freddie Mac and can be a strong fit for buyers with established credit, and for second homes or some investment properties.

Often worth a look if…

Your credit history is established and you want flexibility in how you structure the loan
You are buying a primary, second or investment home
You want to compare conventional against FHA or VA side by side

Good to know

Private mortgage insurance may be required if the down payment is smaller.
Credit, income and property guidelines apply and vary by loan.
Some first-time buyer programs pair with conventional financing.

Start your application Ask about Conventional

Program descriptions are general. Eligibility and availability vary by program, location and borrower. Not a commitment to lend. All loans are subject to credit approval and program guidelines.

DSCR

Investor loans qualified by the property's rental income.

DSCR (debt service coverage ratio) loans are for real estate investors. Instead of leaning mainly on your personal income documents, the review focuses on whether the rental property's income supports the loan.

Often worth a look if…

You are buying or refinancing a rental or investment property
You are self-employed or have a portfolio and want a different documentation path
You want to grow a rental portfolio

Good to know

DSCR loans are for investment properties, not your primary residence.
Terms, down payment requirements and pricing differ from owner-occupied loans.
Guidelines, reserves and property types vary by investor program.

Start your application Ask about DSCR

Program descriptions are general. Eligibility and availability vary by program, location and borrower. Not a commitment to lend. All loans are subject to credit approval and program guidelines.

Down Payment Assistance

Programs that may help with a down payment or closing costs.

Down payment assistance (DPA) programs may help eligible buyers with funds toward a down payment or closing costs. They are not only for first-time buyers: there are options for repeat buyers too. Options I work with include the Chenoa Fund and SHIP (State Housing Initiatives Partnership). Eligibility and availability vary by program, location and borrower.

Often worth a look if…

Saving for a down payment is the biggest thing standing between you and a home
You are buying your first home, or moving up or moving on from the home you have now
You want to know what assistance exists before you decide how much to save

Good to know

Each program has its own income, credit, location and homebuyer education requirements.
Funds may come as a grant, a second loan or another structure, depending on the program.
Programs are available to both first-time and repeat buyers; which ones apply depends on your situation.

Start your application Ask about Down Payment Assistance

Program descriptions are general. Eligibility and availability vary by program, location and borrower. Not a commitment to lend. All loans are subject to credit approval and program guidelines.

Manual Underwriting

A human review for borrowers with limited or non-traditional credit.

Some borrowers do not have a traditional credit score or have limited credit history. On certain government loan programs, a manual underwriting review looks at a broader picture, such as your rent, utility and insurance payment history, instead of relying on a score alone.

Often worth a look if…

You have little or no credit history
You pay your bills on time but your score does not show it
An automated system gave you a "refer" result somewhere else

Good to know

Manual underwriting is available only on some programs and has stricter requirements.
It is not a way around guidelines. It is a different way of documenting them.
I do not provide credit repair services. I will explain general steps and when you may be ready.

Start your application Ask about Manual Underwriting

Program descriptions are general. Eligibility and availability vary by program, location and borrower. Not a commitment to lend. All loans are subject to credit approval and program guidelines.