Mortgage guidance
Know your options before you choose one.
As an independent broker, Medina Mortgage works across a wide range of loan programs. Here's a plain-language overview of the categories — what they are, and who tends to consider them.
Qualified mortgage programs
Traditional financing
The established routes most homebuyers start with — each with its own documentation, eligibility, and property requirements.
Conventional
The most common route for borrowers with established credit and income history. Available in a range of terms and down-payment structures.
FHA
Government-insured loans designed to make homeownership more accessible, often considered by first-time buyers and borrowers rebuilding credit.
VA
Loans guaranteed by the Department of Veterans Affairs for eligible service members, veterans, and certain surviving spouses.
USDA Rural
Loans backed by the U.S. Department of Agriculture for eligible properties in designated rural and some suburban areas.
Conforming Jumbo
Financing for loan amounts above standard conforming limits in higher-cost scenarios, subject to specific qualification criteria.
Down Payment Assistance
Programs that may help eligible buyers with down-payment or closing-cost funds. Availability and terms vary by program and location.
Alternative & non-QM programs
When your income doesn't fit in a W-2 box
Self-employed borrowers, investors, and others with non-traditional finances often have more options than they realize. These programs use different documentation approaches to evaluate a loan.
DSCR (Investor)
Investment-property financing evaluated primarily on the property's rental income rather than the borrower's personal income.
Bank Statement
Documentation alternative for self-employed borrowers, using business or personal bank statements to evaluate income.
P&L Only
An option where a prepared profit-and-loss statement serves as the primary income documentation for a self-employed borrower.
1099 Contractor
Designed for independent contractors whose income is reported on 1099 forms rather than W-2s.
Asset Depletion
Qualification approach that considers a borrower's liquid assets as a source of repayment ability rather than employment income.
ITIN
Financing options for borrowers who file taxes with an Individual Taxpayer Identification Number instead of a Social Security number.
Foreign National
Programs for non-U.S. citizens purchasing property in the United States, typically with alternative documentation requirements.
Non-QM Jumbo
Larger loan amounts combined with flexible documentation approaches outside standard qualified-mortgage rules.
Fresh Start
Programs oriented toward borrowers re-entering the market after significant credit events. Eligibility depends on individual circumstances.
Other financing categories
Refinancing, equity, and specialty properties
Interest-Only Options
Structures where initial payments cover interest only. Payments increase later, so these deserve careful discussion.
Condotel & Non-Warrantable Condos
Financing for condominium types that fall outside standard agency guidelines, such as condo-hotels.
Second Homes & Investment Properties
Purchase and refinance options for vacation homes and rental properties.
Cash-Out Refinancing
Replacing an existing mortgage with a larger one to convert home equity into funds, subject to equity and qualification requirements.
Rate-and-Term Refinancing
Refinancing to change the interest rate, loan term, or loan type without taking cash out.
HELOC
A home equity line of credit — revolving access to equity that can be drawn as needed, secured by your home.
An important note about all of the above
These descriptions are educational summaries, not offers or qualification promises. Programs, rates, terms, qualification requirements, and availability vary by borrower, property, lender, and current underwriting guidelines, and they change over time. The right way to find out what applies to you is a conversation about your specific circumstances.
No pressure, no obligation
Not sure which category fits?
That's normal — most people aren't. Tell Jason what you're trying to do, and he'll walk you through the programs worth considering.