Loan Options
Conventional Loans
A conventional loan is a mortgage that is not guaranteed or insured by any government agency, including the Federal Housing Administration (FHA), Farmers Home Administration (aka, USDA) and Department of Veterans Affairs (VA).

- 3 or 5% minimum down payment
- Good Credit
- No upfront fee
- No private mortgage insurance (PMI) with 20% down
- PMI removed at 78% LTV (primary home)
FHA Loans
An FHA loan is a mortgage issued by federally qualified lenders and insured by the Federal Housing Administration (FHA). FHA loans are designed for low-to-moderate income borrowers who are unable to make a large down payment.
- 3.5% minimum down payment
- Easier to Qualify, more flexible for lower credit scores
- Monthly mortgage insurance
- Upfront fee to FHA is 1.75% of loan, rolled into loan
VA Loans
A VA loan is a mortgage loan in the United States
guaranteed by the U.S. Department of Veterans Affairs. The VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses (provided they do not remarry).
- 0% down payment
- Must meet VA enlistment qualifications for program
- Upfront fee to VA is 0.00% of Loan, rolled into loan (VA waives for certain military status/disability ratings)
- No monthly mortgage insurance
USDA Loans
A USDA loan, also known as the USDA Rural Development Guaranteed Housing Loan Program, is a mortgage loan offered to rural property owners by the United States Department of Agriculture.
- 0% down payment
- Property must be located in qualified area
- Maximum household income limit is based on number of occupants (varies by State/County)
- Upfront fee to USDA is 1.0% of loan, rolled into loan
- Minimal monthly mortgage insurance
First Time Homebuyers
There are many first-time homebuyer programs and grants available to help you afford your first real estate purchase, generally assisting with the down payment and closing costs.
- 3.5% minimum down payment
- Easier to Qualify, more flexible for lower credit scores
- Monthly mortgage insurance
Down Payment Assistance
Luminate Home Loans can help you make your dream of homeownership a reality. We offer a down payment assistance program to help ensure the right loan for your situation and budget. If you are a first-time homebuyer and looking to put as little as 3% down, we have an option for you!
- 3% down payment
- allows 100% financing by offering borrowers a first lien FHA loan and second mortgage to cover the 3.5% minimum contribution with interest rates as low as 0%
- No income limits under Conventional Standard program
- Minimum credit score of 640
