What Loan fits You

Contact us today if you would like to discuss your loan options further or if you have any inquiries about our product offerings. If you do not have any questions and are ready to submit your information for a loan decision, please apply now.

Feeling Overwhelmed?

Applying for a home can be a daunting task and can seem overwhelming. But we here at Starboard Financial are here to lend you a helping hand and assist you with any questions you may have. We provide a wide variety of different financing options that suit you and your family. It doesn’t matter if you’re looking for something as simple as a primary residence, a second house, or even an investment property for the future. We at Starboard Financial are here to walk with you, every step of the process. We are here to work with you, so that you can find the best option possible. Let’s get started by finding which type of loan is the best fit for you.

PURCHASE

OPTIONS

Select A Loan That Fits You

Need Help Finding The Right Loan?

When you’re looking for a new loan, it’s important to not only consider the different mortgage options but to also compare them as well. When you choose Starboard Financial, we work with you to make sure that you get the absolute most out of all of our products so that when you compare your options, it makes the process smooth and easy. We at Starboard Financial will make sure that you are taken care of so that all of your needs and questions are met and that your loan is the right one for you.

Conventional home Loan

Conventional Mortgages are offered by Fannie Mae and Freddie Mac. Since they are not insured by the federal government, they usually have higher down-payment, credit score, and income requirements than government loans.

Conventional Loans are classified as conforming or non-conforming. Conforming simply means that the loan meets Fannie Mae and Freddie Mac’s established underwriting guidelines. If a loan does not fall within these guidelines, it is considered a non-conforming loan.

The main factor that determines whether a loan is conforming eligible is the loan amount. The maximum conforming loan amount is $453,100 in most states. Mortgages with loan amounts above this limit are considered Jumbo mortgages. Jumbo loans are still offered through Fannie Mae and Freddie Mac, but they are treated with different underwriting guidelines than conventional mortgages. Higher interest rates are common for non-conforming Jumbo loans because they carry higher risks.

Fixed or adjustable-rate mortgage (ARM) structures are available for Conventional loans. Fixed rate mortgages maintain the same rate and payment, subject to temporary mortgage insurance if applicable, throughout the life of the loan. The most common fixed-rate mortgages carry a 30 or 15 year repayment term. An ARM maintains the starting interest rate for a portion of the repayment term and then adjusts based on interest rate market conditions subject to the option selected.

Conventional mortgages require a minimum 5% down payment in most cases, whereas government loan types require a minimum 3.5% down payment or less. You will also be required to include monthly PMI in your payment if you put less than 20% down on your loan. PMI stands for Private Mortgage Insurance and in short, PMI protects your lender against a complete loss of money if you default on your mortgage payments.

Benefits of a
Conventional Mortgage

  • Lower Monthly Payments
  • Lower Fees and Costs at Closing
  • Mortgage Insurance Not Required with 20% Down Payment
  • Investment Property Types Eligible
  • Less Stipulations for Selling or Refinancing
  • Looser Collateral (Property) Guidelines

FHA Home Loan

A FHA mortgage is fully insured by the Federal Housing Administration under the U.S. Department of Housing and Urban Development (HUD). The main initiative of FHA is to lower the barrier to entry of home ownership by decreasing up-front financing costs. Approved FHA lenders, such as Starboard Financial, are able to offer lower down payments for these loans because there is less risk due to the government insurance.

Credit qualification guidelines are often easier than other underwriting standards to allow more people access to the program. This benefit does not come without limitations, as availability is subject to income and primary residency restrictions. Loan amounts are subject to ceilings as well. FHA loans are eligible for both refinance and purchase transactions.

Benefits of an FHA

  • Low Down Payments – as little as 3.5%
  • 100% of Down Payment available from a gift
  • Higher Debt to Income Ratios available in most cases
  • Lower Credit Scores welcome
  • Waiting Periods Less following Bankruptcy, Foreclosure, or Short Sale
  • Reduced Documentation on FHA Streamline Refinances

USDA Loans

One of the main initiatives of the USDA Rural Housing and Development program is to provide loans in areas where lending is scarce.

These loans are guaranteed by the USDA, so lower and moderate income earners, Native American tribal governments, the elderly, and persons with disabilities can maintain financing options in their communities. The USDA partners with many other federal initiatives to provide housing and employment to rural communities as well.

Borrowers for USDA loans are eligible to contribute a little as $0 for their down payment. Less strict asset reserve requirements than conventional standards also apply for these loans. Annual household income limits apply based on the USDA regional charts. You can view the income and property requirements

here http://eligibility.sc.egov.usda.gov

Benefits of a
USDA Loan

  • As little as Zero Down Payment Available
  • Minimal Reserve Assets Requirement
  • Not restricted to First Time Home-Buyers
  • Up-Front Guarantee Fee may be financed

REFINANCE

OPTIONS

WHAT CAN REFINANCE DO FOR ME?

All terms of the prior obligation terminate when the new financing funds pay off the prior debt. The terms and conditions of a refinance vary widely based on the risk, product choice, credit worthiness of the borrower, and state of the property. Borrowers refinance their mortgage for various reasons:

Refinances are undertaken by borrowers to take advantage of market conditions, adjust their monthly budget, limit their exposure during financial difficulty, make the management of multiple debts easier, or gather a tax advantage in some situations.

Lowering your Payments

Decreasing the monthly payment on your mortgage by lowering the rate or extending the loan term can make the payment easier to make each month. If you are in the midst of significant life changes, taking proactive steps to reduce your monthly debt obligation to avoid possible delinquent payments is a sound strategy. We have a full range of products and loan terms to give you the ability to adjust your mortgage as you choose.

Cash-Out Refinances

Cash-out refinances may not help lower your monthly payment or shorten your mortgage term, but additional cash has unlimited applications. The equity (ownership) you have established in your previous down payment and monthly payments can be retracted out of your home as everyday currency for any expenses. Many borrowers pull out equity for home improvement, relieving credit card debt, and other debt consolidation. Refinancing through a cash-out allows you to realize the market value appreciation in your home before you ever sell the property. In some cases, when combined with a second mortgage, you can refinance into a loan amount above traditional standards and keep the cash proceeds.

Home Equity Loans and
Lines of Credit

Financing major purchases through home equity financing may be a more practical way to pay rather than using cash, credit cards, or other types of financing. Consider a home equity loan or line of credit for:

  • Improving your home. Not only can improving your home make it more appealing for you to live in, but it may make it more valuable as well. The increased value of your home after renovation may be enough to offset the cost of the project.
  • A second home. If you’re in the market for a vacation or investment home, the equity in your current home can be a good source of down payment and closing funds for your purchase.
  • Education. A home equity line of credit gives you the flexibility to pay for tuition, room and board, books, and all the other costs of putting your kids through school.
  • Big events. Life is full of big events with big price tags. Whether you’re looking forward to a wedding, a new baby, or a family trip to Hawaii, home equity financing can make paying for them easier.

Comparing Home Equity Loans
and Credit Lines

Do You Have Questions About Refinancing?

Take the first steps to refinancing by contacting a Loan Officer at Starboard Financial to answer any questions you may have. You will be guided every step of the way to the best course of action for your situation. It’s that easy.

First Time

Home Buyers

We hold a special place for first-time home buyers in our company philosophy. Giving first-time home buyers the advice and knowledge to make an informed buying decision is one of our true pleasures. Looking out for your needs exemplifies one of the core aspects for why we formulated Starboard Financial. We have a variety of resources to help you navigate the environment for your first home purchase. We understand the process can be overwhelming; it is our job to relieve as much of the stress as possible. Please see these resources to help you in your journey:

Your Journey Starts Here

MOST IMPORTANTLY – Reach out to us. Our dedicated professional loan officers are here to answer any and all questions that you have. We are experts in this area and have guided innumerable individuals just like you through this process. You can trust us to support you – The Right Way.

You'r not alone in this,
we are in this together.

Veteran Options

Starboard is proud to support retired, reservist, and active duty members of the U.S. Armed Forces by providing easy access to home loans guaranteed by the Veterans’ Administration. The VA Home Loan can be utilized to purchase or build a home to be used for your own personal occupancy or “primary residence”. Depending on the time period in which you served, you may qualify for VA Home Loan Benefits with only 90 days of active duty, National Guard, or reserve service. As VA Home Loans do not require a down payment, you can finance up to 100% of a home’s value and all that you need is suitable credit, sufficient income, and a valid Certificate of Eligibility along with a copy of your DD-214 discharge form if you have separated from service. If you don’t have a current copy of your Certificate of Eligibility, Starboard can work directly with the VA to help you obtain one.

  • Because the VA Home Loan is a benefit that you have earned through your service to our country, the VA Home Loan has relaxed credit qualifying standards compared to non-veteran loan programs, so even if you have a prior Bankruptcy and/or Foreclosure within the recent past, you should speak with one of our Loan Officers who can guide you through the loan approval process. Furthermore, Veterans who receive disability benefits from the VA are exempt from the VA Guarantee Fee and mortgage insurance; this can result in a significant payment savings when compared to non-veteran loan programs. Starboard also offers great interest rates on VA refinance loans to Veterans who already own a home; whether you are looking to access existing equity in your property to obtain cash back at closing or simply desire to lower your existing interest rate and monthly payment, Starboard is here to serve you. Give us a call today.

VA loans are partially guaranteed by the U.S. Veteran’s Administration; therefore lenders are able to offer better terms and easier qualification standards. Some of the lowest down payment standards in the lending industry are available as part of VA financing. The VA aims to help supply housing to veterans in rural areas where financing can be most difficult to find as well. In some cases, the seller is eligible to pay for all borrower closing costs if they so choose.

Qualification is subject to a valid Certificate of Eligibility including minimum service requirements provided by VA. Financing is limited to the purchase or refinance of the borrower’s owner-occupied primary residence. The benefit entitlement may be restored if the previous VA loan is sold and paid off in full. Borrowers should also be prepared to pay the VA Funding Fee, however it may be financed into the overall loan amount and paid off though the life of the loan.

 

Benefits of a
VA Loan

  • No down payment.*
  • No cash reserves.
  • No application fee.
  • No monthly mortgage insurance premiums
  • VA funding fee may be financed
  • Minimum down payments available
  • Zero down payment offered to disabled veterans
  • No Private Mortgage Insurance Necessary
  • No seller closing cost limitations
  • Basic Allowance for Housing eligible for loan payments
  • No early payoff penalties
  • 1-4 unit primary residences with restrictions.
  • VA assistance to veterans in default.
  • May pay off some consumer debt with the refinance loan program.**
  • Seller can pay certain closing costs thus decreasing the closing costs for the borrower.
  • VA Funding Fee can be financed into the loan amount for reduced up-front costs
  • Benefits are Reusable
  • Available to veterans, reservists, active-duty personnel, and surviving spouses of veterans, based on military entitlement.
  • *Up to 100% financing (based on VA lending limits) may be available for purchase loans and up to 90% for cash-out refinances. Gift funds or bond programs for closing cost assistance are allowed. **Please consult your financial advisor about the consolidation of short term debt into long term debt.

CONSTRUCTION LOANS

What is a Construction home loan?

  • A short term loan used to finance the cost of building a home. They are reflective of the time needed to build your home; typically ranging from six months to a year.

Requirements For Construction Loans

  •  Choose your home with Homes Direct
  • A notarized copy of the deed for the land you’re buying on. If you’re buying the land, bring a copy of the purchase agreement.
  • Plans & specifications
  • Construction contract
  • Federal Tax Returns (1040s) for the last 2 years
  • Bank Statements from the last 2 months
  • Most recent pay stubs
  • W-2s from the past 2 years
  • Call Starboard Financial for prequalifications

What are the Benefits?

  • Flexible construction terms available
  • Simple builder approval process
  • Interest-only payment during the construction phase
  • Wide variety of long term loan programs to choose from
Homes Direct Starboard Financial Logo
Construction Loan Process

About Homes Direct

An industry awarded retailer by several manufacturers, Homes Direct believes customers should be treated the right way. The Homes Direct staff has the expertise to make the process of moving into a new custom manufactured home incredibly simple! There is absolutely no haggling and education is at the forefront of the home buying journey for each Homes Direct customer.

Choose a Location
  • Step 1 – Choosing a Location

    Finding a good location will determine a lot of the costs and options available to you.

    Mobile Home Park: necessary to determine the maximum dimensions for the space being looked at

    Open Land: make sure a manufactured home can be placed there

    Second Dwelling on Existing Home Property: find out from the city/county the maximum size allowed

Select a Home
  • Step 2 – Select a Home

    This is the fun part! You will choose a manufacturer available to your area, find a floorplan that works for your family, customize options/colors, and verify dimensions/square footage for where the home will be located.

Arrange Financing, Permits, and Site Preparation
  • Step 3 – Arrange Financing | Permits | Site Preparation

    Homes Direct requires a fully refundable deposit to lock in the price of the home and then they can help arrange financing if desired. Homes Direct can also help in obtaining permits, which can often be a frustrating and time-consuming process when going at it alone. The site where the home will exist needs to be ready before the home arrives. This means any foundation that needs to be built, utilities that need to be turned on, and permits necessary will need to be completed BEFORE the home is ordered from the factory.

Order Home
  • Step 4 – Order Home

    Once ordered, it generally takes 60-75 days for the home to be move in ready.

Build Home

Step 5 – Install Home

Homes Direct will be with you to make sure you are 100% satisfied with the installation and finishing of your new home. There will be a initial walkthrough with a Homes Direct technician and then a final inspection with the city/county.

OR

The Loan Process

The Starboard Financial Loan Process was built around the needs of our purchase clients.

Starboard Financial would like to share our efficient loan process with you so that you will know exactly what to expect. The diagram provides a quick summary. Additional information for each step is provided below. If you have any questions or would like further clarity, please feel free to contact us for more information.

1) Pre-Qualification
Pre-qualification is the process of providing your financial information, including income, debts, and assets so that your Starboard Loan Officer (LO) can give you an idea of the loan amount you can afford. Your credit report will be pulled at this stage to gather the most accurate measure of your current liabilities.
GET PRE QUALIFIED
2) Accepted Contract
Once you are armed with an idea for the housing price range you can afford, go out and search for your new home. You can make an offer on a home through an executed purchase contract with your real estate agent. When you and a seller agree on a price, reach out to your LO to move the process forward.
3) Sign Initial Loan Disclosures
Within days of delivering your fully executed contract to your Starboard LO, you will receive your initial loan disclosures. Most borrowers find it the most convenient to receive these documents through Starboard’s fully secure online loan portal. However, you also have the option to have them delivered to you by mail. It is important that you review, sign, and return them as soon as you can because they expire after so many days. Reach out to your LO if you have any questions about what you are preparing to sign.
4) Loan Submission
After your initial signed disclosures are received by your LO, he or she will sort them and organize your financial information in such a way that they are most easily viewed. Your LO will submit your loan information to the Starboard Operations Center. You are eligible to lock-in your loan terms at any point after this step.
5) Loan Acceptance and
Appraisal Order
Starboard’s Operations staff will do a quick review of your loan package to ensure everything was provided correctly by your LO. Once confirmed, your loan will be assigned to your personal Loan Processor or transaction coordinator. From this point forward all communications will come from this specialized individual. Your appraisal will also be ordered at this point in the process to ensure it is completed as soon as possible. The appraiser will reach out to the home seller to schedule a time to complete the property inspection.
6) Initial Underwriting Review
Your Loan Processor will reach out to you to introduce him or herself and gather any remaining missing information prior to your initial in-depth loan review by a Starboard Underwriter. Your Underwriter will analyze your financial situation against established guidelines. As this individual is the most knowledgeable of what your loan qualifications are, he or she is charged with ultimately decided whether or not you are approved for the loan.
7) Conditional Loan Approval
If your financial situation and the subject property are a match against the established guidelines, your underwriter will produce a loan approval letter for you. Most loan approval letters contain conditions which direct you to provide a few remaining items to secure the mortgage for your property. You are encouraged to provide these remaining items as soon as possible so that we can send your loan on to close and ultimately get the funds for your purchase.
8) Processing and Meeting All
Loan Conditions
Your Loan Processor will communicate the loan decision and conditions to you. He or she will do their best to explain conditioned items as thoroughly as possible. If you have any questions or need additional clarity, feel free to reach out to them.
9) Prepare for Final Loan Submission
Once you provide all remaining conditioned items to your Loan Processor, he or she will organize your loan file one last time, input the appropriate data, and prepare to submit for your final loan approval.
10) Final Loan Submission
Your Loan Processor will notify your Underwriter that your loan file is ready for final review and approval. Your Underwriter will review the conditioned items along with the rest of your loan to ensure it is fully ready to deliver to the appropriate agency. You will receive a final loan approval letter when complete that is clear of all credit and property stipulations.
11) Cleared to Close
Your Loan Processor will communicate and deliver your final loan approval letter to you. At this point, he or she will schedule your loan signing with you, the title company, attorneys, and all real estate agents. The Starboard Closing and Funding department will deliver all necessary information and documents to the title company before you arrive to sign.
12) Loan Signing
Arrive at the pre-determined location to sign your final loan documents. In some cases, a mobile notary will meet you to sign your Closing Documents outside of the presence of the other parties. Your mortgage, note, and deed will appear in the closing package.
13) Loan Funding
Congratulations! Your loan has funded, meaning your loaned money has transferred from Starboard to the property seller. The transaction is now complete. The keys to the property will be released to you for you to enjoy your new home!
APPLY TODAY
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1) Pre-Qualification
Pre-qualification is the process of providing your financial information, including income, debts, and assets so that your Starboard Loan Officer (LO) can give you an idea of the loan amount you can afford. Your credit report will be pulled at this stage to gather the most accurate measure of your current liabilities.
GET PRE QUALIFIED
2) Accepted Contract
Once you are armed with an idea for the housing price range you can afford, go out and search for your new home. You can make an offer on a home through an executed purchase contract with your real estate agent. When you and a seller agree on a price, reach out to your LO to move the process forward.
3) Sign Initial Loan Disclosures
Within days of delivering your fully executed contract to your Starboard LO, you will receive your initial loan disclosures. Most borrowers find it the most convenient to receive these documents through Starboard’s fully secure online loan portal. However, you also have the option to have them delivered to you by mail. It is important that you review, sign, and return them as soon as you can because they expire after so many days. Reach out to your LO if you have any questions about what you are preparing to sign.
4) Loan Submission
After your initial signed disclosures are received by your LO, he or she will sort them and organize your financial information in such a way that they are most easily viewed. Your LO will submit your loan information to the Starboard Operations Center. You are eligible to lock-in your loan terms at any point after this step.
5) Loan Acceptance and
Appraisal Order
Starboard’s Operations staff will do a quick review of your loan package to ensure everything was provided correctly by your LO. Once confirmed, your loan will be assigned to your personal Loan Processor or transaction coordinator. From this point forward all communications will come from this specialized individual. Your appraisal will also be ordered at this point in the process to ensure it is completed as soon as possible. The appraiser will reach out to the home seller to schedule a time to complete the property inspection.
6) Initial Underwriting Review
Your Loan Processor will reach out to you to introduce him or herself and gather any remaining missing information prior to your initial in-depth loan review by a Starboard Underwriter. Your Underwriter will analyze your financial situation against established guidelines. As this individual is the most knowledgeable of what your loan qualifications are, he or she is charged with ultimately decided whether or not you are approved for the loan.
7) Conditional Loan Approval
If your financial situation and the subject property are a match against the established guidelines, your underwriter will produce a loan approval letter for you. Most loan approval letters contain conditions which direct you to provide a few remaining items to secure the mortgage for your property. You are encouraged to provide these remaining items as soon as possible so that we can send your loan on to close and ultimately get the funds for your purchase.
8) Processing and Meeting All
Loan Conditions
Your Loan Processor will communicate the loan decision and conditions to you. He or she will do their best to explain conditioned items as thoroughly as possible. If you have any questions or need additional clarity, feel free to reach out to them.
9) Prepare for Final Loan Submission
Once you provide all remaining conditioned items to your Loan Processor, he or she will organize your loan file one last time, input the appropriate data, and prepare to submit for your final loan approval.
10) Final Loan Submission
Your Loan Processor will notify your Underwriter that your loan file is ready for final review and approval. Your Underwriter will review the conditioned items along with the rest of your loan to ensure it is fully ready to deliver to the appropriate agency. You will receive a final loan approval letter when complete that is clear of all credit and property stipulations.
11) Cleared to Close
Your Loan Processor will communicate and deliver your final loan approval letter to you. At this point, he or she will schedule your loan signing with you, the title company, attorneys, and all real estate agents. The Starboard Closing and Funding department will deliver all necessary information and documents to the title company before you arrive to sign.
12) Loan Signing
Arrive at the pre-determined location to sign your final loan documents. In some cases, a mobile notary will meet you to sign your Closing Documents outside of the presence of the other parties. Your mortgage, note, and deed will appear in the closing package.
13) Loan Funding
Congratulations! Your loan has funded, meaning your loaned money has transferred from Starboard to the property seller. The transaction is now complete. The keys to the property will be released to you for you to enjoy your new home!
APPLY TODAY
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Please note that in a Refinance transaction, the Pre-Qualification and Accepted Contract stages will be omitted, otherwise the Purchase and Refinance loan processes are the same.