LOAN OPTIONS

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)
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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 
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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
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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
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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
Apply Now

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
Apply Now

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