Loan Options

Conventional Loans

A conventional loan is the most common type of mortgage, which is not guaranteed or insured by any government agency.

3% (for first-time homebuyers) or 5% minimum down payment
Good credit preferred, but options down to 620
No upfront fee
No private mortgage insurance (PMI) with 20% down
PMI removed at 80% 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 borrowers who are unable to make a large down payment and may not have high credit scores.

3.5% minimum down payment
Easier to qualify, more flexible for lower credit scores
Monthly mortgage insurance is required
Max loan amount varies by state/county
Upfront fee to FHA is 1.75% of the loan, rolled into the loan

VA Loans

A VA loan is a mortgage 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 required
Must meet VA enlistment qualifications for the program
Upfront fee to VA rolled into loan (VA waives for certain military status/disability ratings)
No monthly mortgage insurance

Renovation & Construction Loans

Building your dream home? Luminate Bank makes it easier with flexible construction loan options designed to simplify the process from the land purchase to move-in day. Whether you're customizing a new build from scratch or updating an existing home, our programs offer convenience, competitive terms, and expert support every step of the way.

One-time close options for FHA, VA, and Conventional loans
Finance up to 100% (VA), 96.5% (FHA), or 95% (Conventional)
Free rate float-down to the current market rate at the end of construction
Land equity can count toward your down payment
Minor and major renovation options for new purchases or on your existing home
Eligible property types include site-built, modular, manufactured, and barndominium homes
Two-time close option available with refinance flexibility
Clear builder payment process and in-house draw administration for smooth disbursements

Jumbo Loans

Our jumbo loan program caters to properties exceeding the federal mortgage limits established by Fannie Mae and Freddie Mac. It specifically addresses the financing needs of high-value properties that surpass the average home price, resulting in stricter eligibility criteria.

90% loans with as little as 10% down with no PMI
Loan amounts to $3.5 million, with some options to $30 million
30, 20, and 15-year fixed, interest-only, and ARM programs
Alternative income documentation programs
Projected income with signed job offer/contract acceptable if starting within 60 days of closing (great for relocation clients)

First-Time Homebuyers & Down Payment Assistance

Homeownership is within reach; no massive savings required. Luminate Bank offers down payment assistance options to help you get into a home with little to no money up front, whether you're a first-time buyer or simply need a financial boost to cross the finish line.

Programs are available in all states
As little as 1% down is required
0% down option using a paired first lien FHA loan and second mortgage
No income limits, and do not need to be a first-time homebuyer under some programs
Offering most state programs such as MSHDA...click here to find out more!

Non-QM Loans

Our non-QM loan programs provide flexible financing solutions for borrowers who don’t fit traditional mortgage guidelines, including self-employed and 1099 clients, investors, ITIN borrowers, and those with recent credit events. These programs are designed to open doors to homeownership with alternative qualification methods and expert guidance.

Qualification Options: Profit & Loss, Bank Statement, Asset Depletion, No Income Documentation, or Full Documentation
Programs for self-employed and 1099 borrowers using just P&Ls or bank statements (NO TAX RETURNS!)
Purchase or refinance investment properties without ANY personal income documentation
Up to 85% LTV and 55% DTI for ITIN borrowers with all income methods
No seasoning required for borrowers with bankruptcy, foreclosure, short sale, or loan modification (program-specific)
Higher debt ratios allowed (up to 55%) with flexible underwriting
Gift funds accepted, and only 12 months of income documentation required