Conventional loans are mortgages not backed by a government agency. They are then referred to as “conforming” and “non-conforming”. Conforming loans follow guidelines set by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac).

Most homebuyers assume that conventional loans require a 20% down payment, but this is not always the case. First-time homebuyers can put as little as 3% down on a home and still qualify. With more flexibility and fewer restrictions, this may be the loan for you!

The interest rate remains the same for the life of the loan, which protects you against rising rates. Most conventional loans come with the option of a 10, 15, 20, 25, or 30-year term. The lower the term, the faster you will build home equity, but the higher your monthly payment will be.

Also referred to as an ARM, these mortgages come with interest rates that can fluctuate after the initial fixed-rate term. These are beneficial when you think you might be in the home for a short amount of time, or if current fixed-rates are too high for your budget.

These non-conforming loans are for homes that are above the conforming limit set by the Federal Housing Finance Agency. The conforming loan limit does change each year to keep up with market prices, so check with us to verify. If you have a low debt to income ratio and an above average credit score, but do not have a big enough down payment to keep your loan amount within the conforming limits, a jumbo loan could be your best option.

Mortgage Brokers, like Cream City Mortgage, have the ability to originate and manage government-insured mortgage loans. Government-insured loans have many perks that conventional loans do not. One of the most common government-insured loans is an FHA, or Federal Housing Administration, loan. The goal of the Federal Housing Administration is to encourage homeownership among those who might not otherwise be able to afford it.

They will accept lower credit scores (can be as low as 580), they only require 3.5% of the purchase price for a down payment, and they have more affordable mortgage insurance options.

A major benefit of FHA loans is that you can use them to buy a new home even with a history of bankruptcy or foreclosure. Borrowers with a Chapter 13 or Chapter 7 bankruptcy can apply for an FHA loan two years from their discharge date. Borrowers with a foreclosure history can apply for an FHA loan three years after the foreclosure.

You can use an FHA mortgage to purchase a home, refinance, or pull cash out from your home’s equity through a cash-out refinance option.

Are you or one of your family members a veteran? Then you have the wonderful option of a VA loan. Veterans and their spouses are eligible for VA loans. These require no down payment, no mortgage insurance, and have very competitive interest rates.

VA loans will also accept those with foreclosure or bankruptcy history, as long as it has been two years since the discharge date.

You can use VA loans to purchase, refinance, or pull cash out of your home.

Cream City Mortgage is partnered with WHEDA (Wisconsin Housing and Economic Development Authority) to offer affordable housing options and down payment assistance programs for FHA and Conventional financing. If you are a first-time homebuyer, need down payment assistance, or have lower income and want to live in Wisconsin, this could be a great product for you! Available in Wisconsin only.

Debt Service Coverage Ratio (DSCR) loans are an excellent financing solution for real estate investors. Designed specifically for investment properties, these loans focus on the property's income potential rather than the borrower's personal financial documents. With minimal documentation required, DSCR loans offer a streamlined process to help investors expand their portfolios efficiently — a specialty at Cream City Mortgage.

Bank Statement loans are perfect for self-employed individuals who may not show traditional income on tax returns. By using business deposits as income, these loans offer a flexible solution without the need for tax documents — making homeownership easier for entrepreneurs and business owners.

A No Cash-to-Close refinance allows you to refinance your mortgage without bringing any money to the closing table. This option is ideal for homeowners looking to lower their rate, reduce their term, or access equity without upfront costs. It's a simple, budget-friendly way to improve your mortgage.

Pre-Underwritten allows borrowers to have their loan approved before an offer is accepted, letting them waive financing contingencies. This gives them a competitive edge and reassures sellers of a smoother transaction.

FHA Zero Down offers an FHA loan with $0 to close, making homeownership more accessible. It features easy and fast underwriting, significantly quicker than WHEDA, for a smoother, quicker approval process.

Home Ready/Home Possible offers the best rates for first-time homebuyers with an income below $100,000. It’s a great option for those looking to get into homeownership with a competitive edge.

A Home Equity Line of Credit (HELOC) lets you borrow against the equity in your home, giving you flexible access to funds as you need them. It works like a credit card with a revolving balance, making it ideal for home improvements, debt consolidation, or unexpected expenses — all while typically offering lower interest rates than other loans.

2 or 6 Month Bank Statements + CPA Letter

2 Months Bank Statements + CPA P&L Letter

1099 Loan

Asset Utilization

IRA Distributions

Real Estate Flipper Income

40 Year Loan

Second Mortgages