Estimate a real monthly payment or see how much home you can afford - then I'll turn the estimate into a fully underwritten pre-approval.
Buying raw or residential land is its own animal - different lenders, different rules. Answer five quick questions and I'll point you to the program that fits.
Option 1 caps at 20 acres. Larger parcels go through Option 2 (over 20 acres is reviewed case-by-case).
20% down is the program minimum. At 20% one program is available (10-yr, own funds); at 25%+ both programs open up - including longer terms, gift funds & seller concessions.
Found a place with potential? A renovation purchase rolls the price and the cost of the work into one loan - sized off the home's after-improved value. Fill in the numbers and I'll estimate the payment.
A 10% contingency reserve is added automatically - lenders require it in case the project runs over.
What an appraiser expects it to be worth once the work is done. Leave blank and I'll estimate it as purchase price plus your renovation budget.
Conventional (HomeStyle / CHOICEReno) allows primary, second home & investment. FHA 203(k) is primary residence only.
Conventional primary homes finance up to 97% of the after-improved value; second homes 90%; investment 85%.
Add these and I'll check your debt-to-income and estimate the cash you'll need at closing.
Everything except your new housing payment counts toward DTI.
Used to cover your down payment and closing costs.
Already own your home and want to fix it up? A renovation refinance rolls your current mortgage and the cost of the work into one new loan - sized off the home's after-improved value. Fill in the numbers and I'll estimate the new payment.
A 10% contingency reserve is added automatically - lenders require it in case the project runs over.
What an appraiser expects it to be worth once the work is done. Leave blank and I'll estimate it as today's value plus your renovation budget.
Conventional (HomeStyle / CHOICEReno) allows primary, second home & investment. FHA 203(k) is primary residence only.
Conventional primary homes finance up to 97% of the after-improved value; second homes 90%; investment 85%.
A refinance still has to fit your income. Add these and I'll check your debt-to-income and estimate the cash you'll need at closing.
Don't include your current mortgage - the new loan replaces it. Everything else counts toward DTI.
Used to cover closing costs and any cash needed if the loan lands over the guideline.
Based on keeping total housing + debts within a healthy 43% of income. The right program - FHA, VA, or low-down conventional - can stretch this further.
Fill in your details on the left and I'll show which land-loan program fits - and why.
*Option 2 excludes log homes, co-ops and hobby farms. Both programs are estimates based on current guidelines - not a commitment to lend. Brian confirms final eligibility.
Enter your renovation budget and the after-improved value, and I'll show the equity you'd have the day the work is done.
Enter your renovation budget and the after-improved value, and I'll show whether the work adds more value than it costs.
The estimate above nails the math. These guideline items live outside the calculator - but any one of them can move a Conventional approval, so they're worth a glance early.
Deferred or $0-payment student loans still count. Fannie uses 1% of the balance (or your income-driven payment); Freddie uses 0.5%. Number Crunch rolls debts into one figure - fold an estimated student-loan payment in.
Salaried: recent paystubs plus two years of W-2s. Self-employed: two years of signed returns. A verbal employment check happens within 10 days of closing.
Conventional caps at a 30-year term, fully amortizing - no interest-only or balloon payments. That's why Number Crunch only offers 30 / 20 / 15 fixed.
A C5 / C6 condition or Q6 quality rating puts the file on hold until repairs; declining markets need extra comps. Condition, not just price, matters.
Every project clears a condo review first. Detached "site" condos and new vs. established projects each carry their own warranty rules.
3%-down (single-family) / 5%-down (2–4 unit) HomeReady & Home Possible need income at or under the county's 80% AMI. Confirm the figure on Fannie's AMI Lookup Tool.
Cryptocurrency is allowed for down payment, closing costs and reserves - bring all pages of your two most recent exchange statements.
The estimate above nails the math. These HUD guideline items live outside the calculator - but any one of them can move an FHA approval, so they're worth a glance early.
FHA has an upfront premium plus a monthly MIP. Put less than 10% down and MIP stays the whole loan term; 10%+ down drops it after 11 years. Number Crunch shows the payment - the duration is the catch.
FHA appraisers apply the Safety, Soundness & Security test and inspect the attic and crawl space. Any defect that fails it makes the loan "subject to" repairs before closing.
If the seller is reselling 91–180 days after buying, at 100%+ over their price, FHA requires a second appraisal. The good news: that appraisal can't be charged to you.
Manually underwritten FHA loans aren't hard-capped at 43%. Strong compensating factors - reserves, low payment shock, great credit - can carry a higher ratio.
To qualify post-forbearance you must have completed the plan and made 3 consecutive on-time payments - otherwise the file drops to a manual underwrite.
It only qualifies once it's on a permanent foundation and titled as real estate by the state - not still classified as personal property.
The estimate above nails the math. These VA underwriting items live outside the calculator - worth knowing early so nothing surprises you at the closing table.
Verified with your Benefits Letter plus tax returns or bank deposits. If the letter has no expiration, it's treated as continuing 3+ years - and a lender may never ask about your condition.
Texas law requires VA refinances (IRRRL and cash-out) to send $0 cash back to you. A principal reduction up to $500 is allowed at closing to keep it there.
Like FHA 203(k) and HomeStyle, VA Renovation needs formal contractor bids and pulled permits before the work counts - no informal estimates.
If a disaster hits after the appraisal, VA needs a 1004D re-inspection certifying no damage. Streamline (IRRRL) refis just need your written statement that the home is undamaged.
DSCR qualifies on the property's cash flow, not your income - no tax returns or job verification. The estimate above sizes the payment; these program items live outside the calculator but shape the deal.
DSCR = gross monthly rent ÷ full PITIA. A 1.0x ratio is the standard; below 1.0x or "no-ratio" deals are doable but at reduced LTV. Rent comes from the appraiser's 1007 rent schedule or the lease, whichever is lower.
Max LTV is 80% purchase, 75% rate/term, 70% cash-out - and the top of each needs stronger credit and DSCR. FICO generally starts at 660, with higher scores for the highest LTVs.
Plan on 3–6 months of PITIA in reserves depending on loan size, LTV and credit - plus roughly 2 more months per other financed property. Large deposits must be sourced and seasoned 60 days.
DSCR loans usually carry a 1–3 year prepay penalty. You can buy a shorter or no-PPP option, but it adjusts your pricing - worth weighing against how long you'll hold the property.
Airbnb/VRBO income is eligible - evaluated on a 12-month average or an AirDNA report, subject to underwriter approval. STR duplexes work too. Title can be held in an LLC, corp or trust.
A prior bankruptcy, foreclosure or short sale needs 36 months seasoning (less is possible with a pricing hit). Open disputes and collections often must be resolved before funding - start those now.
A renovation loan finances the purchase and the rehab in one mortgage, sized off the after-improved value. The estimate above sizes the payment - these program items shape what you can actually do with it.
FHA 203(k) - primary homes only (Limited caps cosmetic work near $35k; Standard handles structural). HomeStyle & CHOICERenovation - conventional, 1–4 units, and the only ones that allow second homes and investment properties. VA Renovation - for eligible veterans' primary home.
An approved contractor must do the work. Each bid has to be property-specific, in your name, and itemize materials and labor. You can use more than one contractor - but every bid must be clean.
A Permit Certificate signed by you and the contractor is required. Even if the town charges no fee, expected permit costs still have to show up on your Closing Disclosure - so account for them early.
Your loan is sized on a Maximum Mortgage Worksheet that must equal the total of the contractor bids to the dollar. If a bid changes or a permit fee is added late, the worksheet gets re-cut - a common source of delays.
Renovation money isn't handed over at closing - it sits in a restricted escrow and releases to the contractor in draws as work is completed and inspected. Plan your project timeline around that.
Improvements must be permanently affixed to the property. HomeStyle stretches to luxury upgrades; VA Renovation is scoped to meeting Minimum Property Requirements. Match your wish-list to the program before you fall in love with a plan.
This is a planning tool. Your real rate & payment depend on credit, program and the property.
Shop with a real, underwritten approval - not just an opinion. Sellers take it seriously.
Call or text Brian and reach a human - straight answers when the clock is ticking.
Calculations are estimates for general informational purposes only and do not constitute a loan commitment, pre-qualification, or offer to lend. Actual rates, payments, taxes, insurance and PMI vary by program, location, credit and other factors. PMI is estimated when the down payment is under 20% and is removed automatically at 20%+. County AMI figures are 2025 estimates for general guidance only - confirm the exact HomeReady/Home Possible income limit with Fannie Mae's official AMI Lookup Tool, which is the figure lenders are required to use. The Marchand Team is powered by New American Funding. NMLS #6606 · Individual NMLS #481563. Equal Housing Lender.
Brian will review your scenario and follow up with real, fully-underwritten figures - no obligation.
Brian has your Number Crunch and will reach out shortly. Talk soon!