Kriya Lending

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All Loan Program Under One Roof

We offer all the loan programs that help you like a pro

FHA

The U.S. Department of Housing and Urban Development (HUD) oversees F.H.A. loans (Federal Housing Administration).
  • Requires only 3.5% down
  • The seller can pay up to 6% of the purchase price towards buyers’ closing costs.
  • The maximum loan amount for much of our region is about $277,150.
  • Credit score requirements are 580 and above.
  • Fixed and adjustable rate loans are available, 30-year and 15-year amortizations.
  • These loans are assumable and there are no pre-payment penalties.
  • There are no income limits like there are for the U.S.D.A. loans.
  • Mortgage insurance is required: a lump sum is rolled into the loan and it is also charged on a monthly basis, .85% of the loan amount divided by 12 is the monthly amount. Mortgage insurance does not protect the borrower in any way. It protects the lender in case of default. Mortgage insurance is required on F.H.A. loans no matter how large the down payment.

Conventional Home Loans

Conventional loans are Fannie Mae and Freddie Mac loans. You can borrow up to $424,100. Loans above that amount are considered “jumbo” or “non-conforming” loans. The minimum down payment requirement is 3%.

Private mortgage insurance will be added to your payment if you put down less than 20%. Interest rates for conventional loans are very much credit score driven, the higher your score the lower your interest rate. With a conventional loan, you can purchase a primary residence, a second home/vacation residence, or an investment property.

Fixed and adjustable rates are available, and terms from 10 to 30 years.

U.S.D.A Home Loans

U.S.D.A mortgages (United States Department of Agriculture) are meant to promote homeownership in areas deemed “rural” by the Federal government. They are also referred to as “rural development loans or “RD” loans.
  • Requires no money down
  • Owner occupied only
  • Eligibility is based on household income (a family of 4 can have an annual household income of up to $78,200) and the house must be in an eligible (rural) area.
  • Closing costs can be rolled into the loan up to the appraised value
  • Credit scores must be at least 640 and above.
  • The seller can pay up to 6% of the sales price towards the buyer’s closing costs and pre-paid.
  • You do not have to be a first-time home buyer, however, in most circumstances, you cannot own another home simultaneously
  • For more information or to see if the property you are interested in is eligible please contact us or visit www.usda.gov and click property eligibility

VA Home Loans

Veterans, active military, or reservists all may qualify for a VA loan to purchase a house.

  • No money down
  • The seller can pay a portion, or in some instances all of the buyer's closing costs.
  • No mortgage insurance is added to the payment.
  • Your credit score should be 580 or higher to qualify.
  • There is no limit to how many times you can use your benefits to get a VA mortgage.
  • The seller is not required to pay any closing costs for the buyer, not even the termite report.
  • The home must be in at least average condition with no issues that would negatively affect the health and safety of the borrower.
  • Appliances are not required to be conveyed in the home being purchased.
  • If disabled, the veteran may be exempt from paying the VA Funding Fee and/or property taxes
  • The loan can be in the veteran’s name alone or with a spouse, no other co-signers are allowed
  • Owner occupied only

Jumbo/Non-Conforming Loans

Jumbo loans are for people who need to borrow over $424,100. A 10% to 20% down payment is typically required.

Some borrowers find it challenging to qualify for a mortgage given current agency (FHA, VA, USDA and conventional) guidelines. This is when a non-conforming loan may be the solution. Here are a few examples of when a non-conforming loan is used:

Maybe you have had a recent bankruptcy, short sale, or foreclosure. Current agency guidelines require waiting periods after such credit events before qualifying. Non-conforming loans have qualifying provisions without waiting periods.
Perhaps you are self-employed and need to verify your income with documentation other than tax returns. Non-conforming loans accept alternative documentation.

Reverse Mortgages

Make the most of your retirement with a reverse mortgage in your financial planning toolbox.

A Reverse Mortgage Can Help You

  • Meet healthcare expenses
  • Remodel or make home repairs
  • Consolidate credit card debt
  • Manage daily expenses
  • Payoff an existing mortgage to eliminate your current payment

Reverse Mortgage Loan Qualifications:

  • Borrowers must be at least 62 years old
  • The current home must be a primary residence
  • Own your home free and clear or refinance the mortgage balance with a reverse mortgage loan

Reverse Mortgage Loan Benefits

  • Enable senior homeowners to convert their home equity into cash to be used for any purpose
  • You always retain the title of your home. Once the home is no longer your primary residence you can sell it and the remaining equity goes to you or your heirs
  • Proceeds are tax-free