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Loan Products

There are many different types of loans available for both new purchase or refinance mortgages.  When you fill out an application with Liv Mortgage our systems analyze every loan product available to determine which one is best for your specific situation. We have access to many different loan programs. When you are ready, fill out an application and one of loan specialists can help guide you through the different loan products available to you.

Conventional Loans

A conventional loan is a conforming loan funded by private financial lenders. Conventional mortgages are the most common type of mortgage. This is because they don’t have strict regulations on income, home type and home location qualifications like some other types of loans. However, conventional loans do have stricter regulations on your credit score and your debt-to-income (DTI) ratio.


A conventional mortgage allows you to purchase a home with 5% down or as little as 3% down for first time homebuyers.  A minimum credit score of at least 620 is also required to qualify for a conventional loan. You can skip buying private mortgage insurance (PMI) if you have a down payment of at least 20%. However, a down payment of less than 20% means you’ll need to pay for PMI. Mortgage insurance rates are usually lower for conventional loans than other types of loans (like FHA loans).

FHA Loans

FHA loans are insured by the Federal Housing Administration. A loans are available with low down payment options and lower minimum credit score limits, but you’ll also have to pay mortgage insurance.The option of a low down payment and more lenient credit requirements can make FHA loans particularly attractive for first-time home buyers, although you don’t have to be a first-time home buyer in order to qualify. An FHA loan can allow you to buy a home with a credit score as low as 580 and a down payment of 3.5%. These loans will require Mortgage Insurance due to the low down payment requirement associated with the loan.

VA Loans

VA loans are insured by the Department of Veterans Affairs and you must meet service requirements in the Armed Forces or National Guard to qualify for a VA loan. A VA loan can allow you to buy a home with $0 down and lower interest rates than most other types of loans if you are eligible. If you meet the criteria this is often the most advantageous loan product. 

Jumbo Loans

A jumbo loan is a loan that’s worth more than conforming loan standards in your area. You usually need a jumbo loan if you want to buy a high-value property. The conforming loan limit for most of the country is $766,550. Jumbo loan interest rates are usually similar to conforming interest rates. You’ll need to have a higher credit score and a lower DTI to qualify for a jumbo loan.

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