See Our Various Home Loan Programs

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Loan Programs

Working with Stone Lake Mortgage, you can expect a knowledgeable and experienced team that provides extraordinary services to support your home buying needs. Being a highly professional and dependable firm, we bring the most current services to our broad range of clients with our various mortgage loan programs, all of which make it easy, simple, and quick to live your home buying dreams.

We know the stress involved in buying a home, but we take all that worry away by making the process simple and painless. We focus on helping the home buyer feel less anxious about the process by walking you through each step of the way. As experienced Dallas mortgage lenders, we help you get one step closer to your dream house!

Stone Lake Mortgage has many different options to choose from. From FHA loans to VA loans, we offer terrific programs to help you get the home you deserve. Our loan programs can be offered to those with low credit scores, large student debts, and many other issues that tend to cause complications when it comes to acquiring a loan.

The following are the different mortgage loan programs we offer for various situations:

Government

FHA

  • Down payments as low as 3.5% with a credit score of 580 or higher. Credit scores from 550–579 require a 10% down payment.

  • First-time home buyers

  • 15-, 20-, 30-year terms

  • 203(k) Streamline rehabilitation loans to fix up a home in need of repairs or upgrades

  • FHA Streamline refinance available, with no appraisal requirement

  • Non-credit qualifying refinance available

  • Available in high-cost areas

  • Stone Lake Mortgage offers FHA loans with credit scores as low as 550.

VA

  • No down payment required

  • Meant for Veterans or Active Duty Military Members

  • 15-, 20-, 30-year terms

  • Interest rate reduction refinance loan (IRRRL) available

  • Available in high-cost areas

  • Stone Lake Mortgage offers VA loans with credit scores as low
    at 580

  • VA Funding fee waived for veterans receiving disability at a rating of 10% or more

USDA Guaranteed Rural Development

  • Residential rural areas

  • No down payment required

  • Low private mortgage insurance which makes for a lower monthly payment compared to FHA loans

  • Property location must be eligible, and income cannot exceed USDA limits

Home Improvement Loan

  • Looking to remodel your home? This is the program for you, allowing up to $35,000 towards remodels with a 580 credit score or higher

  • Replace appliances

  • Repaint or add new upgraded flooring

  • And many more

Conforming

Fixed-Rate Mortgages

  • 10-, 15-, 20-, 25-, 30-year terms

  • Texas 50 (a)(6) refinances (Texas Cash-Out Refinance) – loans up to 80% of the appraised value in Texas, 90% in other states

  • Minimum 620 credit score to qualify

Fannie Mae DU Refinance Plus

  • Designed for clients that own more than the home is worth

  • Current loan must be a Fannie Mae loan

  • No cash-out allowed

  • Reduced verification and documentation

  • High Loan-to-Value

Freddie Mac Relief Refinance

  • Designed for clients that own more than the home is worth

  • Current loan must be a Fannie Mae loan

  • No cash-out allowed

  • High Loan-to-Value

  • Reduced rate and/or term benefit to borrower

Fannie Mae MyCommunity Mortgage

  • Lower down payment requirements

  • Lower MI

Fannie Mae Flex 97

  • Lower down payment requirements

  • Lower MI

Fannie Mae HomePath Mortgage

  • No MI

  • No appraisal

  • Fannie Mae owned properties

  • Available in high-cost areas

From VA and FHA loans to Home Improvement and USDA loans

Stone Lake Mortgage will find the mortgage loan program that’s best for you.

Contact Us to Get Started Today!

Forms

Consumers wishing to file a complaint against a company or a 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 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 website at www.sml.texas.gov.

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