
How to Close More Home Loans in Long Island
Home loans aren’t one-size-fits-all. That’s why we offer a variety of loan programs. Learn more about the different home loan programs we offer to see what might work for you.
FHA Loans
Federal Housing Administration (FHA) loans are one of the most popular for borrowers who need a low down payment and flexible loan terms.
FHA loans have less stringent qualifying requirements than many other types of home loan. They’re intended to help buyers with low down payments, imperfect credit, or high debt-to-income ratios become homeowners.
FHA loans are insured by the government, and were originally designed for lower-income borrowers. They’ve since become very popular at all income levels: FHA loans now comprise almost a fifth of all new purchase mortgages.
FHA Home Loan Benefits
Lower Requirements
The easier qualifying requirements of FHA loans can get you into a home sooner.
Lower Down Payments
FHA down payments can be much lower than most other home loan programs.
Lower Credit Scores
Lower credit scores are permitted in qualifying for FHA loans.
Are You Eligible?
Down payment of at least 3.5%
Credit score of 500 or more
Property must be primary residence
Rates displayed are based on the following assumptions: FHA loan with a purchase price of $500,000 at 3.5% down, 780 FICO score, a property based in NY (11747 zip code) , and $1,295 in lender fees as of March 22, 2023
Conventional Loans
Conventional home loans are standard loans that aren’t insured or guaranteed by the government. Because they fit most buyers, these loans are the most common type of mortgage.
Conventional loans generally conform to Fannie Mae and Freddie Mac guidelines and loan limits set by the Federal Housing Finance Administration. That means they fit within certain lending criteria and county loan limits, which vary from place to place.
You’ll typically need to meet standard lending criteria to get a conventional loan, so you’ll need a down payment of some kind and decent credit.
Conventional Home Loan Benefits
Save money
You won’t have to take out mortgage insurance if you have a deposit of 20% or greater.
Get approved quickly
Conventional loans require less paperwork, so they can be approved and funded quickly.
Flexible terms
Choose the loan terms that suit you: repay over 8 years or over 30.
Are You Eligible?
Credit score of 620 or more
Down payment of at least 3%
Consistent and documented income
Rates displayed are based on the following assumptions: Conventional loan with a purchase price of $500,000 at 30% down, 780 FICO score, a property based in NY (11747 zip code) , and $1,295 in lender fees as of March 22, 2023
VA Loans
Veteran’s Affairs (VA) loans are a special category of home loan for current military members and veterans.
They’re guaranteed by the United States Department of Veterans Affairs, and designed to help servicepeople into home ownership. As such, VA loans have less stringent qualifying requirements and are a good option for previous or current military personnel.
VA loans do not require any down payment at all, and mortgage insurance is not necessary. You can buy or build a home, or refinance an existing mortgage with a VA Loan.
VA Home Loan Benefits
No down payment
VA loans have no down payment requirement: you can borrow the whole purchase price.
No mortgage insurance
Regardless of your deposit or equity in the property, mortgage insurance isn’t required.
Purchase Or Refinance
VA loans can be used for new purchases or to refinance existing mortgages.
Are You Eligible?
Qualifying military member or veteran
Satisfactory credit
Property must be primary residence
Rates displayed are based on the following assumptions: VA loan with a purchase price of $500,000 at 5% down, 780 FICO score, a property based in NY (11747 zip code) , and $1,295 in lender fees as of March 22, 2023
ARM Loans
An adjustable-rate mortgage (ARM) is a type of loan where the interest rate varies throughout the life of the mortgage.
The initial interest rate is fixed for a specified period of time. After that time period has passed, the rate varies – typically yearly, biannually, or monthly. So an ARM loan is essentially a mortgage that starts off fixed but becomes variable over time.
ARM loans might make sense for buyers planning to pay off the loan in full within a certain time period. And these loans often come with rate caps that limit how high interest rates can rise and how much payments can change.
ARM Home Loan Benefits
Low monthly payments
ARM loans let you set lower monthly payments than a typical fixed loan.
Save money
If you’ll be moving or paying off your loan soon, an ARM could save you money.
Enjoy flexibility
ARMs are designed to be flexible: they suit future plans that aren’t rock solid.
Are You Eligible?
Down payment of at least 5%
Consistent and documented income
Good credit – ideally over 700
Fixed Loans
A fixed-rate mortgage is a type of loan where the interest rate stays the same throughout the life of the mortgage.
That means that changes in the market won’t affect your loan – even if interest rates go up overall, yours will stay the same. Likewise, if interest rates go down, yours won’t move then either.
Fixed loans provide stability and security as there are no moving parts. Your monthly payments remain the same over the life of the loan, making fixed loans easy to budget for.
Stability and security
Know exactly how much your loan will cost with no surprises.
Fixed payments
Monthly payments will always be the same, so you can budget easily.
Secure low rates
If you think interest rates are going up, you can secure low rates with a fixed loan.
Are You Eligible?
Credit score of 620 or more
Down payment of at least 3%
Consistent and documented income
Renovation Loans
Rehab loans allow buyers to add the cost of repair or renovation into a new home loan. The mortgage will cover the purchase price of the property as well as any work to be performed.
These loans are perfect for fixer-uppers: you can borrow the total amount you need to purchase and repair or renovate a property in one lump sum.
Renovating a property can often add value quickly. If you want to renovate an existing property without having to front all the capital, you can refinance to a renovation loan to add those costs into your existing home loan.
Renovation Loan Benefits
One loan
Renovation loans allow you one simple loan to cover purchase, repairs, and renovation.
Get a bargain
Fixer-uppers often come at lower prices – renovation loans help you take advantage.
Funding options
Secure a loan that perfectly fits you: program and structure options are extensive.
Are You Eligible?
Down payment of at least 3.5%
Credit score of 620 or more
Property must be primary residence
Jumbo Loans
Jumbo loans are similar to conventional loans, only the size of the loan is bigger. These loans exceed county loan limits for conforming loans, and so are considered “jumbo”.
Jumbo loans are considered to be riskier for lenders as they can’t be purchased, guaranteed, or securitized by Fannie Mae or Freddie Mac – like conventional loans typically can be. This means qualifying requirements are typically more stringent.
Jumbo loans are a great option if you’re looking to purchase a higher-priced property: there’s no value cap on this type of loan.
Jumbo Home Loan Benefits
Get the home you want
Don’t be stuck within loan limits: borrow what you need for the home of your dreams.
Alternative qualification
You can often use alternative means of qualification to prove income and net worth.
Save money
With a 20% deposit, expensive private mortgage insurance isn’t required.
Are You Eligible?
Excellent credit
Deposit of 20% or more
Low debt-to-income ratio
Reverse Mortgages
Reverse mortgages are for seniors looking to get some cash out of the equity in their homes.
This kind of home loan is the opposite of a regular one: funds are paid out instead of in, and the principal loan amount decreases rather than increases. That means your equity in the property will go down over time, and you’ll be receiving payments rather than making them.
You need to own a property outright (or have a very small loan) to be able to take out a reverse mortgage. This type of loan can be a great way to be able to take advantage of the equity in your property, trading it for cash you’re able to use.
Reverse Mortgage Benefits
Liquidity
Access the equity in your property in cash form.
No credit required
You don’t need any credit score to take out this loan – your property is your qualification.
No income necessary
There are no income requirements as you’ve already paid off all or most of your loan.
Are You Eligible?
62 years old or more
Own the property or have high equity
Property must be primary residence
Whether you’re looking to buy or refinance, your first step is figuring out your budget. You can “Get Started” with us at the top right-hand corner of the page with a short questionnaire. Once complete, one of our loan advisors will contact you to talk about next steps. We look forward to hearing from you!
Pre-approval is a great way to narrow down what you can afford and will tell potential sellers that you are serious in purchasing a home. To get pre-approved, we look at your source of income, assets, debt-to-income ratio, and your credit score.
While credit score is important, there may be a loan that will work for your financial situation. Check out our rate calculator or contact us directly for more information.
The DTI (Debt-to-Income Ratio) is the monthly amount you owe divided by the monthly gross amount you earn. The DTI is a way for lenders to review your debt and find the loans you qualify for.
Student loans are a form of debt and can affect your DTI ratio, but there are usually home loan options that will work depending on your financial situation. Contact us to find out!
There are different options ranging from single family or multi-family homes, condominiums, and townhouses. Take a look around your area and let us know what you’re looking for so we can help with the loan!
Good news! The home loan process can be done remotely. We also offer RHF GO App for your smartphone so you can stay updated 24/7.
Connect With One Of Our Home Loan Experts
Our People Are Our Greatest Asset
Reliant Home Funding is a family-run business with a strong, valued team – not another nameless and faceless corporation.
Relationships > Transactions
We value changing people’s lives over the bottom line: our motivation and inspiration comes from helping clients into their dream homes.
Transparent & Consistent Pricing
With our highly responsive and knowledgeable loan officers, you’ll never be in the dark about your home loan process and pricing.
At Reliant Home Funding, it's not just business as usual, it's a community that builds a relationship and ensures that family members are cared for in the most professional yet friendly kind of way.
Great team! Courteous, kind, well-informed, and most importantly great at their jobs! The team is available and helpful with great insight and patience! Thank you Reliant for your above and beyond effort!
The entire team at Reliant Home Funding were amazing at getting our mortgage closed efficiently and on time. They worked overly hard for us and we couldn't be more satisfied. I would recommend them to anyone and everyone (I already have actually). If you want a knowledgeable team, then do yourself a favor and use RHF for your home loan. You will be happy you did.
Ready for a home loan that fits you perfectly? Get in touch with our experts today to secure yours.
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Licensing
Reliant Home Funding, Inc: 445 Broad Hollow Rd, Suite 334 Melville NY 11747 Loans subject to borrower qualifications, property evaluation and credit approval. All rates and program guidelines subject to change without notice. Licensed by the New Jersey Department of Banking and Insurance, Licensed by Connecticut Department of Banking Lender License ML-292473, Licensed as a Mortgage Lender by the Pennsylvania Department of Banking: 31928. Colorado Mortgage Company Registration. Florida Mortgage Lender License # MLD1706. Maryland Mortgage Lender License # 06-25234, North Carolina Mortgage Lender License # L-200983, South Carolina-BFI Mortgage Lender/Servicer License # MLS-292473, Georgia Mortgage Lender License/Registration 292473, Tennessee Mortgage License # 292473, New Hampshire Mortgage Banker License #24465-MB, Vermont Lender License LL-292473, Delaware Lender License 034395, Virginia Lender License MC-7413, Massachusetts Mortgage Lender License #ML292473. Maine Supervised Lender License #292473 Washington Consumer Loan Company License # CL-292473 Louisiana Residential Mortgage Lending License, Rhode Island Lender License 20224414LL, Texas – SML Mortgage Company License, District of Columbia Mortgage Lender License #MLB292473, Minnesota Residential Mortgage Originator License MN-MO-292473, N.Y.S. Department of Financial Services. New York Mortgage Banker License: LMB 109705 Equal Housing Opportunity- NMLS# 292473
Pursuant to Sections 156.004(b) and 156.102 of the Residential Mortgage Loan Company Licensing and Registration Act, Chapter 156, Texas Finance Code, you are hereby notified of the following: CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE COMPANY OR A LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.
THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE COMPANY RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEB SITE AT WWW.SML.TEXAS.GOV
In accordance with the Equal Credit Opportunity Act, Reliant Home Funding, Inc does not discriminate against any applicant on the basis of race; color; religion; creed; national origin; ancestry; sex; marital status; familial status (number and age of children); sexual orientation; age (provided that the applicant has the capacity to enter into a binding agreement); medical history; disability; physical condition; military status; because the applicant has in good faith exercised any right under the Consumer Credit Protection Act or the Service members Civil Relief Act (SCRA); that all or part of a consumer’s income derives from a public assistance program; or any other basis prohibited by law.
Reverse Mortgage borrowers must be 62 years of age or older, must own their home outright, or have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan, must live in the home and must obtain an eligibility certificate by receiving counseling sessions with a HUD-approved agency.
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By clicking “Submit” to our forms throughout our website I authorize Reliant Home Funding, Inc to deliver or cause to be delivered to me at the phone number I provided, telemarketing calls which may use an automatic telephone dialing system, an artificial or prerecorded voice or text message via telephone, mobile device (including SMS and MMS – charges may apply) and/or email, even if my telephone number is registered with any state, federal, national, or private Do Not Call (DNC) list. I understand that I am not required to provide this consent and authorization and it is not a condition to qualify for a loan or receive any good or service.
If you would like to verify the licensing status of the company or the mortgage loan originators, please go to NMLS Consumer Access (https://nmlsconsumeraccess.org/).