Questions & Answers
Frequently asked questions about your loan
We feature a variety of loan programs to suit most any need.
We've organized our loan programs according to the features they include. Use the icons to help select by loan feature. Select each loan program to learn more.
Standard Conventional Loans are great for any borrower! Whether you're a first-time homebuyer, looking to purchase a second home, interested in purchasing an investment property or looking to refinance your current mortgage; Home Point Financial offers a variety of conventional loan options to fit your needs.
FHA loans are a great option for borrowers in need of a low down payment option or flexible credit score requirements to purchase or refinance a home. Home Point Financial offers a variety of FHA options, including the FHA Streamline program, which requires reduced documentation and underwriting compared to switching programs.
Veterans and active duty service members can make homeownership a reality through the VA Loan Program. This program has low down payment options for purchase, competitive rates and a streamlined refinance option that reduces documentation needed to close – the VA Interest Rate Reduction Refinance Loan (IRRRL). The IRRRL is a longstanding program to honor veterans, this offering allows for qualifying flexibilities and other options not offered in any other loan program.
If you are looking for a home in a rural area, the USDA Loan Program offers low and moderate income borrowers more affordable housing finance options with little or no down payment or out-of-pocket costs. USDA’s definition of rural is liberal - 97% of properties can qualify for the program.
HomeReady® is a new loan program offered by Fannie Mae designed for creditworthy low- to moderate-income borrowers with expanded eligibility for financing a home, such as non-occupant co-borrowers, boarder income, rental income, and even non-borrower household income. This loan program is focused on helping minorities, Millennials, and mixed families on their road to homeownership.
The Freddie Mac Home Possible loan program is designed for qualified low- and moderate-income borrowers. Through Home Possible, borrowers can qualify for a conforming conventional mortgage with a down payment as low as 3% of the property purchase price and no minimum borrower financial contribution. This program also can be used for a “no cash out” refinance of an existing mortgage.
The Jumbo Loan Programs are geared toward borrowers looking to finance a loan above the Conventional County Loan Limits – currently $424,100. The Jumbo Suite is a combination of three offerings that have more flexibility than High Balance loans, including an option with no mortgage insurance, more fixed rate options and financing up to $2.5 million. Jumbo loans can be used for a first-time homebuyer, an investment property or to refinance an existing property.
This program is for borrowers looking to purchase or refinance a loan amount above the Conventional County Loan Limits – $424,100 – through a Conventional fixed rate loan. The High Balance Loan Program may be perfect for you if you’re looking to refinance your existing home or purchase a second home or investment property that exceeds the county loan limits.
Have you found the perfect home that needs a little work? A renovation loan program may be the perfect fit. With the FHA 203k Standard, FHA 203k Limited and Homestyle Renovation programs, you can finance both the home as well as the repairs needed to fix up the home.
The Home Affordable Refinance Program (HARP) allows borrowers who are current on their mortgage to refinance their home, even if they are under water due to falling property values. This is a limited time program offered through the Federal government to help homeowners save monthly on their mortgage by refinancing without an appraisal.
Through TCF Bank, we offer second mortgages on primary and second homes where Home Point Financial holds the first mortgage. This option is often used to take out equity for large purchases or home improvements, such as a kitchen remodel or to pay for upcoming college tuition. This loan option must close in conjunction with a Home Point Financial first lien mortgage loan.