Loan Options

Conventional Loans

A conventional loan is a mortgage that is not guaranteed or insured by any government agency, including the Federal Housing Administration (FHA), Farmers Home Administration (aka, USDA) and Department of Veterans Affairs (VA).



  • 3 or 5% minimum down payment
  • Good Credit
  • No upfront fee
  • No private mortgage insurance (PMI) with 20% down
  • PMI removed at 78% LTV (primary home)

FHA Loans

An FHA loan is a mortgage issued by federally qualified lenders and insured by the Federal Housing Administration (FHA). FHA loans are designed for low-to-moderate income borrowers who are unable to make a large down payment.



  • 3.5% minimum down payment
  • Easier to Qualify, more flexible for lower credit scores
  • Monthly mortgage insurance
  • Upfront fee to FHA is 1.75% of loan, rolled into loan

VA Loans

A VA loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs. The VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses (provided they do not remarry).


  • 0% down payment
  • Must meet VA enlistment qualifications for program
  • Upfront fee to VA is 0.00% of Loan, rolled into loan (VA waives for certain military status/disability ratings)
  • No monthly mortgage insurance

First Time Homebuyers

There are many first-time homebuyer programs and grants available to help you afford your first real estate purchase, generally assisting with the down payment and closing costs.


  • 3.5% minimum down payment
  • Easier to Qualify, more flexible for lower credit scores
  • Monthly mortgage insurance

Down Payment Assistance

Luminate Bank can help you make your dream of homeownership a reality. We offer a down payment assistance program to help ensure the right loan for your situation and budget. If you are a first-time homebuyer and looking to put as little as 3% down, we have an option for you!


  • 3% down payment
  • Allows 100% financing by offering borrowers a first lien FHA loan and second mortgage to cover the 3.5% minimum contribution with interest rates as low as 0%
  • No income limits under Conventional Standard program
  • Minimum credit score of 640

Bridge Loans

A bridge loan is a short-term financing option that can help you purchase your next home before your current home sells. It can give you more flexibility when the timing of your sale and purchase doesn’t line up perfectly.


  • Use available home equity toward your next purchase
  • Buy before selling your current home
  • Helps bridge the gap between two real estate transactions
  • Short-term financing designed for transitional situations
  • Qualification and loan terms vary based on your financial situation

Construction Loans

A construction loan can help finance the cost of building a new home from the ground up. Funds are typically provided throughout the construction process as work is completed, giving you a financing solution designed specifically for a new build.



  • Financing for eligible new-home construction
  • Funds available throughout different stages of construction
  • Designed around your building timeline and project
  • Options may be available to transition into permanent mortgage financing
  • Available for qualified borrowers and eligible properties

Land Loans

Found the right piece of land? A land loan can help you finance property you plan to build on or hold for future use. Loan options may vary depending on the property, your plans for the land, and your timeline.


  • Financing for eligible residential land purchases
  • Options for land you plan to build on
  • Loan terms based on the property and intended use
  • Down payment requirements vary
  • A helpful first step toward building your future home

Non-Qualified (Non-QM) Loans

Your financial picture doesn’t always fit neatly into a traditional mortgage box. A non-qualified mortgage (Non-QM) loan offers alternative ways to qualify and may be a good fit if you’re self-employed, have nontraditional income, or need a more flexible financing solution.



  • Flexible qualification options for eligible borrowers
  • Alternative income documentation may be available
  • Options for self-employed homebuyers and real estate investors
  • Solutions for financial situations that may not meet conventional loan guidelines
  • Loan terms and qualification requirements vary by program