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Types of loans
Find the loan that suits you best.
Can I use Beeline to buy a condo?
Sure! We finance condominiums as long as the HOA is approved for financing. We can check for you, we just need the name of the Homeowners Association.
What is the difference between a fixed-rate and adjustable-rate mortgage (ARM) loan?
A fixed-rate home loan has the interest rate fixed for the entire life of the loan, usually 15, 20 and most commonly, 30 years. It’s super predictable and safe, so it’s a popular way to go. Most people take a 30- year fixed-rate loan. An adjustable-rate loan will have an initial period where the rate is fixed, after which it will change for the life of the loan and oftentimes, your payment can go up. It can go down too. So for example, if you take a 7/1 ARM, your rate stays the same for 7 years
Does Beeline do HELOCs or second mortgages?
Not yet. But you can achieve a very similar outcome through a traditional refinance option.
Can I use Beeline to buy a mobile or manufactured home?
Not yet, but very soon.
What kind of loans can I get with Beeline?
Beeline now gives fixed and adjustable-rate conventional loans for these types of homes: Single and multi-family homes (up to four units) Townhouses Condominiums We also do investment property loans where the rental property’s income is used to support the application instead of your personal income (DSCR). You can even go up to 8 units for investment property loans as well as finance mixed use properties
Does Beeline do construction loans?
Not at the moment.
What is an FHA home loan?
An FHA home loan is issued by an FHA-approved lender and insured by the Federal Housing Administration (FHA). Designed for low-to-moderate income borrowers, FHA loans require a lower minimum down payment and credit score than many conventional loans.
Can I use Beeline to buy an investment property or second home?
For sure, just select that property type early in the application and everything happens just as fast as for a primary residence. Aside from second homes, we do conventional investment property loans and investment property loans using the rental property’s income instead of your own (DSCR).
Are there loans available for a first-time home buyer?
For sure! If you’re a first timer, just do the 5 steps in 15 minutes and see what’s available.
Does Beeline do VA or USDA loans?
Not yet, but we will soon.
What type of home loan is best for me?
There are different types of loans to choose from. A conventional home loan is tougher to qualify for credit-wise, but an FHA loan can be more costly. The type of home loan you choose also depends on how much you plan to put down on a purchase, what your credit score is, what your debt-to-income ratio is, and how close the balance of the loan will be in relation to the value of the home in a refinance.
Does Beeline do Jumbo loans?
Due to COVID-19, jumbo loans are not being offered at the moment. Check back with us in 30-60 days.
Does Beeline do Texas Cash Out Home Equity Loans?
Yes. In Texas, a Cash Out Home Equity Loan is when you reduce the equity you have in your home by taking out cash from your primary residence. It’s not a 2nd mortgage or a HELOC.
What’s a townhouse?
A townhouse is simply defined as connected units that are owned by individual tenants. There is no homeowners association involved — that's what separates it from a condo.
I don't know what type of home I’m searching for — what’s the difference between a condo and a townhouse?
A condo (condominium) is similar to an apartment in that it’s an individual unit residing in a building or community of buildings. But unlike an apartment, a condo is owned by its resident, not rented from a landlord. A townhouse is an attached home also owned by its resident. One or more walls are shared with an adjacent attached townhome. Think rowhouse instead of apartment, and expect a little bit more privacy than you would get in a condo.
Will my monthly payments change during the loan term?
Probably. Even with a fixed-rate loan, your payment is likely to change over time. The reason? Your property taxes and insurance expenses, upon which the escrow portion of your payment is based, tend to fluctuate. If they rise, your lender may need to ask for a higher escrow payment.
Can I include my HOA fees with my home loan payment?
HOA fees are handled outside of the home loan — your HOA will bill you for direct payment. While we do include the fee in your housing expenses, it’s not collected as part of your home loan like property tax and insurance.
What's the difference between a condo and a townhouse?
Condo owners only own the interior of their unit. All other areas, including the building exterior, lawn and communal areas, are property of the Homeowners Association (HOA). In most townhouse communities, owners own their unit’s interior and exterior, including the roof, lawn and driveway, but not the communal areas.
Can I borrow for multiple properties and consolidate on the same loan?
Each property will have its own loan. You can borrow for as many properties as you like, but you can’t consolidate them. And if you think your Beeline profile makes it easy the first time, having subsequent properties is a piece of cake. You just sign in and add properties without needing to apply from scratch.
Does Beeline do reno loans?
No, but we’re working on it.
How long does a condo approval take?
If the HOA is already approved by our loan programs, it takes no longer than any other purchase. If the HOA is not approved, then financing may not be available. Your Loan Guide will happily contact the HOA for you to see if they have applied for lending approval.
How do I know if the home I’m looking at is a single or multi-family, what’s the difference?
The difference is the number of separate living areas. A multi-family has more than one living space, think of a home with two storeys with apartments on the first and second floor. A single family home has only one living unit.
The house I’m interested in is one building but has an apartment — is that a single family or a multi-family?
This would be considered a multi-family since there are two independent living units.
How do I find out if the condo I want to buy qualifies for financing?
Easy! Just give your Loan Guide the name of the development or HOA association and we’ll check for you.
How do I get insurance for a condo?
Most insurers offer condo insurance. Give your insurance agent a call to see if they cover condos or ask them for a referral if they don’t.
Why are condos treated differently to other single-family homes?
The main difference between buying a condominium and a single-family home is the type of ownership you get. With a condo, you get the exclusive right to the interior space of your dwelling unit, but the land, walls, grounds, fences and facilities are owned in common with the other owners in the complex. With a single-family home you are the sole owner of the building and the land it sits on. This is called ‘fee simple’ ownership. Also, because the HOA has their own set of rules for governance,