Which Mortgage Option is Right for You?
As a trusted Massachusetts Mortgage Broker, we understand the overwhelming nature of navigating the various loan programs available in today's market. With hundreds of options to choose from, finding the right one for your needs can seem like a impossible task. But don't worry, Onshore Mortgage is here to guide you every step of the way. At Onshore Mortgage, we prioritize personalized guidance in choosing the right loan program for you. We will take the time to understand your financial goals, preferences, credit score, and income situation, whether you're a first-time homebuyer, looking to refinance, or investing in a new property. We offer a wide range of loan programs that cater to the unique needs of our clients, regardless of their budget or financial background.
Our ultimate goal is to provide you with access to the best loan options available in the market, so you can make an informed decision. We strive to simplify the mortgage process, making it an efficient, stress-free, and enjoyable experience for you. Explore our loan programs below to see what we can offer you. Your dream home is just a click away, and we're excited to be your partner in this journey.
Typically, a fixed rate home loan that allows the borrower to put a down payment as low as 3%. Borrowers also can eliminate PMI once they hold 20% equity in their property.
Low Rates
Fixed or Adjustable Terms
Flexible Down Payments
Conventional Loan Highlights:
When the loan amount is within your counties loan limits, and adheres to guidelines set by Fannie Mae and Freddie Mac, they are referred to as "Conventional" or "Conforming" loans. The maximum conventional loan limit depends on the county and state the property is located in.
Conventional loans can either be fixed-rate or adjustable-rate. With a fixed-rate mortgage, borrowers get the luxury of knowing their interest rate is set for the entire term of the loan. On the other hand, with an adjustable-rate mortgage, the borrower has an introductory rate for a fixed period followed by periodic adjustments according to the specific benchmark.
If your credit and income qualify and you want to purchase a new home in Massachusetts or Rhode Island, a conventional loan may be the right choice for you. Conventional loans require a down payments as low as 3% for a fixed-rate term or as low as 5% for an adjustable-rate.
*Credit and income restrictions do apply. Please visit our Disclosures page for a detailed breakdown of all loan types.
Reserved for clients looking to purchase a home above your county conforming loan limit. You have the income and the reserves to support a large monthly payment.
High Credit Score
High Loan Limit
Substantial Down Payment
Jumbo Loan Highlights:
When you’re buying a home that requires a mortgage above the Conventional limits in your area you would need to apply for a "Jumbo" home loan. You will need a significant income and substantial reserves to support a large home. If your credit and down payment are strong enough, a jumbo loan can give you the opportunity to get you into the home of your dreams.
We offer a wide variety of fixed, adjustable rate and interest-only Jumbo mortgages with a maximum loan amount of $3 million dollars. For highly-qualified buyers, we offer programs with loan to values and high as 90% with no mortgage insurance needed.
To qualify, you should have a strong work or income history, a low Debt-to-Income (DTI), a significant down payment, and the ability to cover between 6 to 12 months of mortgage payments via bank reserves or retirement assets.
*Credit and income restrictions do apply. Please visit our Disclosures page for a detailed breakdown of all loan types.
Reserved for veterans who served our country. Borrowers can take advantage of no money down and NO monthly mortgage insurance.
0% Down
No Mortgage Insurance
High Debt to Income Ratio
VA Home Loan Highlights:
This loan product helps qualified veterans, reservists, active duty service members and their spouses take advantage of zero down-payment requirements and low mortgage rates.
Qualified veterans may be able to finance up to 100% of the purchase price with no down-payment required. The VA does not require monthly mortgage insurance, however an upfront funding fee is generally required for all transactions and rolled into the loan amount.
A "qualified veteran" is someone who is in active service, or who has served and was honorably discharged from active duty in the Army, Navy, Air Force, Marine Corps, or Coast Guard. Those who were discharged because of service-connected disabilities and non-remarried surviving spouses of a service member may also qualify.
As of the 2024 VA update, the VA loan limit is $766,550 for most U.S counties. VA loan limits for high-cost counties top out at $1,149,825 for a single-family home.
*Credit and income restrictions do apply. Please visit our Disclosures page for a detailed breakdown of all loan types.
VA Loans
Backed by the Federal Housing Administration (FHA), there are options for borrowers with lower credit scores as well as flexible income guideline requirements.
3.5% Down Payment
First Time Homebuyers
Low to Moderate Income
FHA Home Loan Highlights:
Low down-payment and flexible requirements for income, debt and credit make this loan ideal for "first time home-buyers" with limited savings.
Low credit score borrowers can still qualify for competitive rates to help keep monthly home ownership costs down.
FHA loan requirements include paying two types of mortgage insurance premiums: Up Front Mortgage Insurance Premium (UFMIP) which the borrower can pay as a lump sum in cash or include it in the loan amount, and an Annual MIP which is included as part of their monthly payment.
As of February 2023, UPMIP is 1.75% of the loan amount and "annual" MIP is approximately 0.55% of the loan amount. This amount does change from time to time so make sure you call us for updated amounts.
*Credit and income restrictions do apply. Please visit our Disclosures page for a detailed breakdown of all loan types.
fha loans
With no down payment and no closing cost options, these loans are ideal for homebuyers settling in designated USDA rural areas.
0% Down Payment
Low Income Borrower
Rural Approved Areas Only
USDA Home Loan Highlights:
If you’re buying a home in a rural community, you could qualify for a no-money down financing program through the Rural Housing Service (RHS), an agency of the U.S. Department of Agriculture (USDA).
USDA loans offer flexible down-payment options, making home ownership affordable for many rural dwellers. Surprisingly most of our country is deemed 'Rural".
This loan product is great for low-to-moderate income buyers with limited funds for down-payment and closing costs. Your mortgage insurance premium is less than what you would pay for a conventional loan or FHA loan. It’s comprised of an upfront guarantee fee of 1% of your loan amount and a annual fee 0.35% of your loan amount added to your monthly payment.
The primary residence must be located in an eligible rural area. Contact us to determine if your subject property address falls into an USDA eligible area.
*Credit and income restrictions do apply. Please visit our Disclosures page for a detailed breakdown of all loan types.
usda loans
Reserved for clients that have sizable assets, but don’t have sufficient monthly income from regular employment. Eligibility for this program is determined solely based on your assets which are liquid or may be liquidated without restriction.
High Credit Score
High Loan Limit
Substantial Down Payment
Asset Only Home Loan Highlights:
This program is designed for loans that are not eligible under Fannie Mae/Freddie Mac guidelines. Qualified borrowers may be able to finance up to 90% of the home’s value on a purchase and 80% loan to value for a refinance. Although no monthly income is needed for qualification, the loan file must document the borrower’s “ability to repay”. Since no debt-to-income is developed for this program, the borrowers total post-closing assets must meet one of the three requirements below.
Method One | Mortgage Only Total post-closing assets must equal 125% of all outstanding mortgage debt for which the Applicant has personal liability. Any mortgage debt which an applicant may document in compliance with Business Debt in Borrower’s Name or Co-Signed Loans Sections may be omitted from this calculation.
Method Two | Simplified Total post-closing assets must equal 120% of the subject loan amount on the subject property plus 30% of all other outstanding debt (mortgage and consumer). Any debt which an applicant may document in compliance with business debt in borrower’s name or co-signed loans may be omitted from this calculation.
Method Three | Traditional
•100% of loan amount
•Reserves required per program guidelines
•60 months of total of other debt service, as determined by the liability section of this guideline. Do not include PITIA on rental properties, as that is addressed separately. Do not include PITIA on the subject property.
•60 months of net loss on rental real estate properties as determined below in this section. Do not include the subject property’s PITIA.
*Credit and income restrictions do apply. Please visit our Disclosures page for a detailed breakdown of all loan types.
The one-time close new construction loan allows buyers to avoid the hassle of having to close multiple loans during the construction process, saving time and money. The loan is available on single-family and multifamily homes up to 4-units for any primary residence purchases.
High Credit Score
Low Down Payment
Purchase land with loan
Construction Loan Highlights:
This program is designed to provide buyers and builders with more flexibility and convenience, as they can now access the funds, they need in one simple mortgage closing. The one-time close new construction loan allows buyers to avoid the hassle of having to close multiple loans during the construction process, saving time and money. The loan is available on single-family and multifamily homes up to 4-units for any primary residence purchases.
Buyers can use the loan to purchase the home's land, pay for construction and development costs, as well as cover the costs of fixtures and appliances. During the build period, the borrower can enjoy a lower, interest-only payment.
The loan is backed by a long-term, Conventional fixed-rate mortgage and provides buyers with the peace of mind that their loan interest rate won't change over the 11-month required build time. It also offers a lower down payment than most construction loans and provides buyers with more flexibility on how they can use their loan funds. Once the loan is complete, borrowers can float down to secure a lower interest rate if the market dramatically changes or stay locked in if the market shifts higher.
Ready to build your dream home?
*Credit and income restrictions do apply. Please visit our Disclosures page for a detailed breakdown of all loan types.
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Onshore Mortgage
The information contained in this site has been prepared by an independent third party and is distributed for educational purposes only. This is designed to give helpful tips on the mortgage process and is not intended to give legal advice.
Information is considered reliable but not guaranteed. This is not a pre-qualification, pre-approval, loan approval or commitment to lend. We arrange but do not make loans.
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