Welcome to NEXTGEN Mortgage Innovation!

5152 Fredericksburg Rd

San Antonio, TX 78229

Contact Us Today!

(210) 618 – 4471

LOAN PROGRAMS

What is a Conventional loan?

A conventional mortgage is a non-government loan that meets requirements set by the Federal Housing Finance Agency (FHFA) and meets the funding criteria of Freddie Mac and Fannie Mae. Conforming loans offer low interest rates to borrowers with excellent credit scores.

Competitive rates and countless options

Homebuyers seeking a conventional loan typically enjoy the largest selection of loan options at the most competitive rates. Since risks and guidelines are well-defined, conventional loans are popular with both mortgage lenders and homebuyers. Most lenders will offer several different programs tailored to different homebuyer situations, which means you can shop for the most competitive rates and terms to maximize how much you can get from a loan.

Who should get one:

  • Homebuyers with good credit (scores as low as 620) and a qualifying debt-to-income ratio
  • Homebuyers who do not need to borrow more than their county limits

Features:

  • Both fixed- and adjustable-rate options available
  • Financing up to 97% of the purchase price (up to 95% with conforming high-balance)
  • Loan amount may not exceed county limits (varies on a county-by-county level)

If you don’t qualify for a Conventional loan:

Conventional loans are popular because they have such clearly defined guidelines. For anyone who doesn’t meet those guidelines, NextGen has other options like FHA loans to help you qualify for the property you love.

All loans subject to underwriter approval; terms and conditions may apply. Subject to change without notice. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.

What is an FHA loan?

An FHA loan is insured by the Federal Housing Administration (FHA) and issued by an FHA approved lender. Since these loans were designed for low-to-moderate income borrowers, they offer options to borrowers with lower minimum down payments and credit scores. While FHA loans are popular with first-time homebuyers, they are available to anyone who qualifies.

A popular loan for less-than-perfect credit

FHA loans are one of the easiest mortgages to qualify for because they don’t require a large down payment and they are more flexible with credit scores. FHA loans are widely used by first-time homebuyers and can require upfront and annual mortgage insurance premiums.

Who qualifies for FHA loans:

  • Homebuyers with lower credit scores
  • Individuals with low-to moderate-incomes
  • Borrowers who can afford down payments as low as 3.5%

Benefits of an FHA loan:

  • More flexible qualification requirements than other mortgage loans
  • Down payments as low as 3.5%
  • Credit scores as low as 580
  • Financing up to 96.5% of home purchase price

All loans subject to underwriter approval; terms and conditions may apply. Subject to change without notice. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.

What is a USDA loan?

A USDA loan is a mortgage loan offered to rural property owners by the United States Department of Agriculture (USDA). The USDA loan program is also known as the USDA Rural Development Guaranteed Housing Loan Program.

Special financing for USDA rural housing

The USDA provides special financing opportunities to homebuyers who live or would like to purchase a primary residence in rural areas as defined by the USDA. Not sure if the home you want to buy is located in a rural area? Check here.

USDA loans, or Rural Development loans, are available to homebuyers with low-to-average income for their area, offer 100% financing with reduced mortgage insurance premiums and feature below-market mortgage rates.

USDA home loans are helping many people buy homes rather than continue to rent.

Who can qualify for a USDA loan:

  • Anyone who lives in or will purchase in areas defined by the USDA as rural
  • Households with a low-to-moderate income for their area
  • First-time and repeat homebuyers

Benefits of USDA financing programs:

  • 100% financing of the purchase price
  • Better-than-average interest rates
  • Credit scores as low as 580
  • Zero down payment options

All loans subject to underwriter approval; terms and conditions may apply. Subject to change without notice. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.

What is a VA loan?

A VA loan is a mortgage loan created specifically for eligible military veterans, service members and their spouses. It offers considerable benefits and is issued through private lenders, but guaranteed by the Department of Veterans Affairs (VA), making it a very beneficial program for those who qualify.

Loans for veterans and active military

VA loans, also known as Veterans Affairs mortgages, offer veterans loan rates that are lower than traditional mortgages and can allow veterans to borrow up to 100% of the property’s value.

For eligible homebuyers, qualifying for a VA loan can also be easier than other mortgage financing programs. With no down payment, low credit score and flexible income requirements, the VA loan program helps many of our military members find a place to call home.

VA loan requirements and eligibility

Most veterans, active military, reservists and National Guard are eligible to apply for a VA loan. Also, spouses of military members who died while on active duty or suffered a service-connected disability can apply.

To check your eligibility for a VA loan, Visit the U.S. Department of Veterans Affairs.

What are the benefits of the VA loan program?

  • The ability to borrow up to 100% of the home’s value
  • No private mortgage insurance (PMI) requirement
  • No down payment options
  • Lower interest rates than traditional mortgages
  • Higher debt-to-income ratios
  • Reduced fees as compared to traditional mortgages

All loans subject to underwriter approval; terms and conditions may apply. Subject to change without notice. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.

Make an offer before someone else gets your dream home!

Found the perfect new home but still need to sell your current one?* Do you need to buy quickly and avoid worrying about a contingent sell? Are you moving for work? Moving up can be easier than you think!

Our short-term bridge loan for the down payment helps you transition seamlessly without missing out on the right home for your family. Decrease the stress of a new home purchase!

Program benefits:

  • Allows you to get your dream home without waiting to sell
  • Provides opportunity to make non-contingent offer on a home
  • Uses equity from your current home to move up and buy the next home
  • Great option for anyone who needs to relocate for work or to retire

Program eligibility**:

  • Loan amounts starting at $40,000 up to $250,000
  • Bridge loan must be your current primary residence
  • Bridge loan must be repaid within 6 months

In a low inventory market, writing a non-contingent offer could get you the winning bid!

*Current primary residence must be listed for sale.
**New first lien must be completed with NextGen on new home purchase. Bridge loan must be repaid within 6 months of closing. 

All loans subject to underwriter approval; terms and conditions may apply. Subject to change without notice. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.

What is a Jumbo mortgage?

Jumbo loans are non-government loans that are typically used by borrowers looking for larger loan amounts. Unlike Conforming loans, they exceed the limits set by the Federal Housing Finance Agency (FHFA), which means they are great options for borrowers looking to buy more expensive home but who have higher credit scores and a strong financial situation.

Get more buying power with jumbo loans

Jumbo loans allow a homebuyer to borrow more than a Conforming or government loan. If you want to buy a home that is listed above the Conforming loan limit for your area, a Jumbo mortgage can be a good option.

Who should get a Jumbo mortgage?

  • Homebuyers that want to buy a property exceeding county loan limits
  • Individuals with strong credit scores, assets and income documentation

All loans subject to underwriter approval; terms and conditions may apply. Subject to change without notice. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.

NextGen offers a variety of manufactured home loans to best suit your unique homebuying situation. As a less expensive route to homeownership, manufactured homes provide opportunities to buy when you’re ready instead of putting that dream on hold.

If you’re ready to purchase your first home or move up, manufactured homes are an affordable option in today’s competitive market. You can customize your home to suit your style preferences just like you would in a traditional single-family home with driveways, car ports, detached garages or porches. Instead of waiting to buy, you can enjoy newer features and amenities in your brand-new home at a lower price point.

Standard manufactured home requirements:

  • Single, double and triple wide
  • Home must be manufactured on or after June 15, 1976
  • Home must be transported directly from the manufacturer to the site

Foreign National and ITIN Mortgage Loans

NextGen is pleased to be able to offer foreign nationals, ITIN holders and people covered by the DACA Act the opportunity to obtain mortgage loans in the United States.

Program Features

✔ Purchase or refinance

✔ Minimum down payment as low as 15%

✔ 5yr / 7yr ARM & 15,20, 30-year fixed terms

✔ Loan amounts from $200K – $3mm

✔ LTV’s up to 70% for purch, 65% for refinance

✔ Foreign income is used to qualify

✔ income verification not always required

✔ Reserves can remain abroad

✔ Gift funds allowed

✔ US credit/credit score not always required

✔ Valid passport or visa required

✔ Most property types accepted

✔ Non-Owner Occupied only

Call 210-960-0727 or email us to discuss this special program.

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Bank statement loans were created for self employed individuals who cannot document their income using tax returns. Borrowers may qualify for a mortgage using bank statements detailing average monthly deposits as a basis to determine their income.  

Getting approved for a mortgage is much easier for self employed borrowers now that bank statement loans are available in 2022. We will walk you through everything you need to know about bank statement loans and then connect you with a bank statement mortgage lender.

What Are Bank Statement Loans?

A bank statement loan is a creative loan program which requires borrowers to provide the last 12 months bank statements instead of tax returns. Lenders will use a percentage of the average monthly deposits as the monthly income on the loan application to qualify for the mortgage.  Bank statement loans are the most common mortgage used by self employed borrowers today.

In the past, self employed borrowers were able to find stated income loans or no doc loans easily. However, after the mortgage crisis in 2008, these mortgage programs to help self employed borrowers disappeared. They had to qualify on their net income referenced on the tax returns . When taking all of the legal tax deductions into consideration, it became nearly impossible to qualify for a mortgage.

Now, bank statement loans for self employed are here and they are a safer and more realistic loan program that is good for both the borrowers and the lenders. This is great news for self employed individuals who are looking to finance their dream home.

Bank Statement Loan Program Information

With a bank statement loan you are going to qualify based upon the 12-24 month bank deposits (depending upon the lender) into your personal and/or business accounts. The bank statement lenders want to see a consistent flow of money sufficient to qualify you for the bank statement mortgage.

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