Our Services
With competitive interest rates and flexible repayment options, Lendex empowers individuals and businesses to achieve their financial goals. Our user-friendly online platform streamlines the borrowing process, ensuring convenience and efficiency for all clients.
Our Loan Types
FHA Loan
An FHA loan, or Federal Housing Administration loan, is a type of mortgage insured by the U.S. Federal Housing Administration, which is a part of the U.S. Department of Housing and Urban Development (HUD). FHA loans are designed to make homeownership more accessible, especially for first-time homebuyers and those with lower credit scores or smaller down payments.
Key Features
- Low Down Payment: Minimum down payment is 3.5% of the purchase price.
- Credit Score Requirements: Minimum fico 580
- Mortgage Insurance: Borrowers are required to pay an upfront mortgage insurance premium (UFMIP) and an annual mortgage insurance premium (MIP). The mortgage insurance protects the lender in case the borrower defaults on the loan.
- Loan Limits: FHA loan limits vary by location and are set by HUD. These limits determine the maximum loan amount that borrowers can receive based on the cost of living in a specific area.
Conventional loan
A conventional loan is a type of mortgage that is not insured or guaranteed by a government agency, such as Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation)
Key Features
- Down Payment: Minimum down payment 5%
- Credit Score Requirements: Minimum score credit 640
- Private Mortgage Insurance (PMI): If the borrower's down payment is less than 20% of the home's purchase price, they may be required to pay private mortgage insurance. PMI protects the lender in case of borrower default. Once the borrower's equity in the home reaches 20%, they may be able to request the removal of PMI.
- Loan Limits: Conventional loans have loan limits set by Fannie Mae and Freddie Mac. These limits vary by location and are adjusted annually. Borrowers seeking a loan amount above the conforming loan limits may consider a jumbo loan, which comes with different requirements.
Jumbo Loan
A jumbo loan is a type of mortgage that exceeds the conforming loan limits set by Fannie Mae and Freddie Mac, the two government-sponsored enterprises that buy and securitize mortgages in the United States. These loan limits are established to help maintain liquidity in the mortgage market. Jumbo loans are considered non-conforming loans because they exceed these limits.
Key Features
- Loan Amounts: Jumbo loans are used for financing higher-priced homes, where the loan amount exceeds the conforming loan limits. The specific limits can vary by location and are adjusted annually.
- Down Payment: Down payment requirements can range from 10% to 20%, depending on borrower's financial profile.
- Credit Score Requirements: Minimum fico 680
- Reserve Requirements: Lenders may require borrowers to have significant cash reserves as a financial cushion. This helps demonstrate the borrower's ability to handle larger mortgage payments and unexpected expenses.
P&L Loan
“P&L” typically stands for Profit and Loss, which is a financial statement that summarizes the revenues, costs, and expenses incurred during a specific period of time, usually a fiscal quarter or year, for the self-employed borrower and No Tax return required.
Key Features
- Loan Amounts: max loan amount is 3M
- Down Payment: Minimum down payment 20%
- Credit Score Requirements: Minimum score credit 680
- Reserve Requirements: Lenders may require borrowers to have significant cash reserves as a financial cushion. This helps demonstrate the borrower's ability to handle larger mortgage payments and unexpected expenses.
Long-Term Rental Loan
Our investment property loans allow our investors to purchase an investment property without proving income through bank statements or tax returns. Instead, we look at the value of the property or the rental income of the property. The property types include single-family residences, 2-4 units, condos, and townhomes.
Key Features
- Down Payment: 20%
- Credit Score Requirements: Minimum fico 680
- NO income verification required
Fix and Flip
This program includes a short-term loan designed to cover the acquisition and renovation costs of the property. This is a 12 to 24-month interest only loan and we lend up to 90% of the purchase price.
Key Features
- Down Payment: Minimum Down payment 10%
- Credit Score Requirements: Minimum score credit 680
- NO income verification required
- No appraisal necessary on Fix and flip loans
