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Dollar Connect Mortgage

Purchase

If you're like most people, purchasing a home is probably one of the biggest investments you'll ever make in your lifetime. If you're considering buying a home, you're likely aware of the complexity of the endeavor. Given the numerous factors to consider when purchasing a home, it's important to prepare as best you can.

At Dollar Connect Mortgage, we are dedicated to finding the loan that fits your individual needs. Our team of experienced professionals,over 2 decades of experience in the mortgage industry will guide you through every step of the process, ensuring you understand your options and feel confident in your decisions. We offer a wide range of mortgage products and personalized services to help make your dream of homeownership a reality. Whether you’re a first-time homebuyer or looking to upgrade to your next home, Dollar Connect Mortgage is here to support you with expert advice and customized loan solutions.

Conventional loans

“Conventional” just means that the loan is not part of a specific government program. Conventional loans typically cost less than FHA loans but can be more difficult to get. There are two main categories of conventional loans:

Jumbo

A loan is considered jumbo if the amount of the mortgage exceeds loan-servicing limits set by Fannie Mae and Freddie Mac — currently $766,550 for a single-family home in all states (except Hawaii and Alaska and a few federally designated high-cost markets, where the limit is $1,149,825).

Non-QM

Non-QM loans are aimed at borrowers with financial profiles that don’t meet the requirements of a typical qualified mortgage. This often involves an inconsistent or nontraditional income structure, a major credit event or high debt.

DSCR

DSCR, or Debt-Service Coverage Ratio, is a key financial metric used by lenders to assess a borrower's ability to generate enough income to cover their debt obligations. When it comes to financing investment properties, DSCR plays a critical role in determining the feasibility of your investment strategy.

12 /24 Months bank statements.

Lenders that offer bank statement loan programs will look at a borrower's bank over a 12 to 24 month time period to determine the borrower's net income, which is the amount of money earned after the borrower has paid taxes and business-related expenses.

Foreign National

If you are a citizen from another nation, you can still have the opportunity to get a mortgage loan to buy a property in the United States. A mortgage loan to a non-resident person in the U.S.A. is called a Foreign National Mortgage loan. A foreign national who is not a resident of the United States will in many cases seek to own real estate. Financing real estate is generally done by US mortgage companies and banks to United States citizens. The property can become a second or vacation home while staying in America. It could also be an investment property. Dollar Connect Mortgage welcomes the opportunity to provide mortgage services to Foreign Nationals who want to purchase or refinance a home in the United States. Dollar Connect Mortgage offers loans to non-U.S.A. citizens that may be resident aliens, temporary residents or other classifications of either temporary or permanent status.

Jumbo mortgages are available for primary residences, second or vacation homes and investment properties, and are also available in a variety of terms, including fixed-rate and adjustable-rate loans. A jumbo loan will typically have a higher interest rate, stricter underwriting rules and require a larger down payment than a standard mortgage.

Social Security numbers for both you and any co-borrowers

ITIN loans allow non-citizens who don't have a Social Security number to apply for a mortgage in the U.S. Instead of using a Social Security number, borrowers of these loans provide their taxpayer ID numbers. To qualify, you'll typically need a high credit score and a down payment of at least 20%.

No Income only VOE

VOE Loan Program only requires a verification of employment (VOE) only for income qualification, No other income documents are required. This loan program can be used by employees to qualify for a mortgage loan with only a VOE for purchase, rate & term refinance or a cash-out refinance

One year 1099
Fix & Flip
Commercial
Islamic Financing

Conforming loans

Conforming loans have maximum loan amounts that are set by the government. Other rules for conforming loans are set by Fannie Mae or Freddie Mac, companies that provide backing for conforming loans.

Conventional (conforming)

$766,550 IN MOST COUNTIES

  • Most common loan type
  • Loan amount must be $766,550 or less in most counties and may be as high as $1,149,825 in high-cost counties.
  • If your down payment is less than 20%, you’ll typically need mortgage insurance

Conforming jumbo

$766,550 TO COUNTY LIMIT

  • Conforming loan for amounts higher than $766,550
  • Only available in certain counties
  • Maximum loan amount varies by county

Non-conforming loans

Non-conforming loans are less standardized. Eligibility, pricing, and features can vary widely by lender, so it’s particularly important to shop around and compare several offers.

 Mortgage insurance is required for some conventional loans. More on mortgage insurance.

Jumbo (non-conforming)

UP TO $1-2 MILLION

  • Jumbo loan for amounts greater than the Conforming Jumbo limit in your county, up to $1-2 million
  • Rules vary by lender, but usually need good credit and a high down payment to qualify

Non-conforming (other)

$766,550 TO COUNTY LIMIT

  • Loans of any size that do not fall into another category
  • Some loans in this category are intended for borrowers with poor credit. These loans tend to have high rates and may contain risky features. These can include:
    • Loans that allow for minimal documentation of your income
    • Loans that allow you to pay only the interest or allow your loan balance to increase
  • Some lenders also offer niche programs for mainstream borrowers with unusual circumstances. These can include:
    • Loans for properties with non-standard features (such as more than 10 acres of land, properties with agricultural income, or properties that are difficult to appraise)
    • Loans for affluent customers with tricky finances, such as self-employed borrowers, or newly graduated doctors

Islamic Finance

We offer affordable, reliable & halal Islamic financing and home loan. You can count on our knowledgeable halal mortgage specialists/lenders who will be your partner throughout the process while providing competitive rates & excellent personalized service.There are two main categories of conventional loans:

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