McCarthy Mortgage delivers personalized loan solutions — from first-time buyers to seasoned investors. Competitive rates, expert guidance, and a seamless process from application to close.
Free consultation — no obligation. Cormac responds within the hour.
Whether you're a first-time buyer, veteran, self-employed investor, or looking for a jumbo loan — we have the right program for you.
Rates as of . 30-yr & 15-yr fixed rates sourced from the Freddie Mac Primary Mortgage Market Survey® (PMMS) — the industry's most trusted weekly benchmark. All other rates are market-range estimates updated daily. Contact Cormac for a live personalized quote.
| Loan Program | Rate (APR) | Points | Min. Down | Best For | Source |
|---|
⚠️ Estimated rates reflect general market ranges and do not constitute a loan quote or commitment. Actual rate depends on credit score, LTV, loan amount, property type, and market conditions at time of lock. Contact Cormac McCarthy for a live rate quote. PMMS® is a registered trademark of Freddie Mac.
Get a ballpark monthly payment in seconds. For a precise quote tailored to your situation, reach out to Cormac directly.
Pick a time that works for you — free consultation, no obligation. Cormac will walk you through your options and answer any questions.
Get pre-approved in minutes. No hard credit pull for initial inquiry.
From government-backed programs to investor-specific solutions, McCarthy Mortgage offers a full suite of loan products to match your unique financial situation.
A quick overview of our most popular loan programs side by side.
| Loan Type | Min. Down Payment | Min. Credit Score | PMI Required | Best For | Loan Limits | |
|---|---|---|---|---|---|---|
| 🏦 Conventional | 3% | 620 | Yes (if <20% down) | Standard buyers, good credit | Up to $766,550 | |
| 🏛️ FHA | 3.5% | 580 | Yes (always) | First-time buyers, lower credit | Up to $498,257 | |
| 🎖️ VA | 0% | 580–620 | No | Veterans, active military | No conforming limit | |
| 🌾 USDA | 0% | 640 | Guarantee fee | Rural/suburban buyers | Varies by county | |
| 📊 DSCR | 20–25% | 660 | No | Real estate investors | Up to $3M+ | |
| 🏰 Jumbo | 10–20% | 700 | Sometimes | High-value properties | $766,550+ | |
| 📈 ARM (5/1, 7/1) | 5% | 620 | Sometimes | Short-term homeowners | Conforming limits | |
| 📋 Bank Statement | 10% | 640 | Sometimes | Self-employed borrowers | Up to $3M+ | |
| 🔨 Home Renovation | 3.5% (FHA) / 3% (Conv.) | 580+ | Sometimes | Buyers renovating at purchase | FHA / conforming limits | |
| 🏚️ Fix N Flip / Hard Money | 10–20% | 620+ | No | Investors flipping properties | Up to $5M+ | |
| 🏗️ OTC Construction | 0–5% (FHA/VA) / 5% (Conv.) | 580+ | Sometimes | Building a new home | FHA / VA / conforming limits | |
| 🏢 Commercial | 20–30% | 660+ | No | Investors & business owners | No standard limit |
Cormac will review your situation and recommend the best program — at no cost.
The gold standard in mortgage lending — flexible, widely available, and competitive. Best for buyers with strong credit and stable income.
A conventional loan is a mortgage not backed by the federal government. It conforms to the guidelines set by Fannie Mae and Freddie Mac — the two government-sponsored enterprises that purchase most U.S. mortgages.
These loans come in two types: conforming (within FHFA loan limits) and non-conforming (exceeds limits, also called jumbo). Conventional loans offer the widest variety of property types and the most flexibility in terms of loan structure.
Put 20% down and you'll avoid Private Mortgage Insurance (PMI) entirely — saving you $100–$300/month depending on loan size and credit score.
| Criteria | Standard | HomeReady / Home Possible |
|---|---|---|
| Min. Credit Score | 620 | 620 |
| Min. Down Payment | 5% | 3% |
| DTI Ratio | Up to 50% | Up to 50% |
| PMI Required | If <20% down | If <20% down |
| Property Types | 1-4 unit, condo, PUD | 1-4 unit |
| Income Limits | None | Area median income |
Conventional loans work best when you have:
Insured by the Federal Housing Administration, FHA loans are the go-to solution for first-time homebuyers and those with less-than-perfect credit.
FHA loans were created in 1934 to help more Americans achieve homeownership. Because the federal government insures the loan, lenders take on less risk — which means they can approve borrowers who might not qualify for conventional financing.
The most significant advantage: you can qualify with as little as 3.5% down and a credit score as low as 580. If your score is between 500–579, you may still qualify with a 10% down payment.
| Property Type | Low-Cost Areas | High-Cost Areas |
|---|---|---|
| 1 Unit | $498,257 | $1,149,825 |
| 2 Units | $637,950 | $1,472,250 |
| 3 Units | $771,125 | $1,779,525 |
| 4 Units | $958,350 | $2,211,600 |
FHA often makes more sense when your credit score is below 680 — conventional PMI pricing gets expensive at lower scores while FHA MIP stays flat.
A lifetime benefit earned through your service. VA loans offer some of the most favorable terms in mortgage lending — zero down, no PMI, and competitive rates.
The VA Loan program was established in 1944 as part of the original GI Bill. It remains one of the most powerful home-buying tools available — and one of the most underutilized. Many eligible veterans don't even know they qualify.
VA loans are guaranteed by the U.S. Department of Veterans Affairs. This guarantee allows lenders to offer zero down payment, no private mortgage insurance, and highly competitive interest rates — often 0.5% to 1% lower than conventional rates.
The VA loan benefit never expires and can be used multiple times. Even if you've used it before, you may be able to restore your entitlement and use it again.
| Down Payment | 1st Use | Subsequent |
|---|---|---|
| Less than 5% | 2.15% | 3.30% |
| 5%–9.99% | 1.50% | 1.50% |
| 10% or more | 1.25% | 1.25% |
Funding fee waived for veterans with 10%+ service-connected disability rating.
Debt Service Coverage Ratio loans let real estate investors qualify based on the property's rental income — not personal income. No W-2, no tax returns.
A DSCR loan uses the Debt Service Coverage Ratio to determine qualification. DSCR is calculated by dividing the property's gross monthly rent by the proposed monthly mortgage payment (PITIA — Principal, Interest, Taxes, Insurance, and Association dues).
A DSCR of 1.25 means the property generates 25% more income than its debt obligation — a healthy ratio that most lenders prefer. A ratio below 1.0 means the rent doesn't cover the mortgage (allowed by some lenders with higher down payment).
Start with a lower rate, save money in the short term, and maximize purchasing power. ARMs are ideal for buyers who plan to move or refinance within 5–10 years.
An adjustable-rate mortgage has an initial fixed period (5, 7, or 10 years) where the rate doesn't change. After that, the rate adjusts annually based on a benchmark index (usually SOFR) plus a margin.
The name follows a pattern: a 5/1 ARM means fixed for 5 years, then adjusts every 1 year. A 7/6 ARM means fixed for 7 years, then adjusts every 6 months.
ARM loans have built-in caps: an initial cap (how much it can jump at first adjustment), periodic cap (annual limit), and lifetime cap (max it can ever increase). Common caps: 2/2/5 or 5/2/5.
| Product | Fixed Period | Adjustment Frequency | Best For |
|---|---|---|---|
| 5/1 ARM | 5 years | Annually | Short-term buyers (5 yr horizon) |
| 5/6 ARM | 5 years | Every 6 months | Short-term buyers |
| 7/1 ARM | 7 years | Annually | Mid-term buyers (7 yr horizon) |
| 10/1 ARM | 10 years | Annually | Longer-term with initial savings |
| IO ARM | Varies | After IO period | Investors, high-income borrowers |
On a $500,000 loan, an ARM starting 0.75% lower than a 30-yr fixed saves approximately $375/month during the initial fixed period — that's $22,500 over 5 years.
For luxury properties and high-cost markets. Jumbo loans exceed conforming loan limits and require stronger financial profiles — but we have competitive options for qualified buyers.
A jumbo loan exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA). For 2024, the baseline conforming limit is $766,550 for a single-unit property in most areas (higher in high-cost areas).
Because these loans can't be sold to Fannie Mae or Freddie Mac, lenders hold them in portfolio and set their own guidelines — often requiring stronger credit, more reserves, and higher down payments.
100% financing for eligible rural and suburban properties. If you're buying outside a major metropolitan area, you may qualify for this powerful zero-down program.
Administered by the U.S. Department of Agriculture, USDA loans are designed to promote homeownership in rural and suburban communities. The program offers 100% financing — meaning no down payment is required — for eligible borrowers and properties.
Despite the name, USDA loans are available in more areas than you might think. Many suburban communities qualify, and roughly 97% of U.S. land mass is eligible.
Self-employed borrowers often have strong cash flow but complex tax returns. Bank statement loans let your deposits do the talking — no W-2 or tax returns required.
Traditional mortgage programs require W-2s and tax returns. But self-employed borrowers often maximize deductions, which reduces taxable income — and makes it hard to qualify even when they're financially strong.
Bank statement loans solve this. Lenders analyze 12–24 months of bank statements to determine average monthly deposits. A percentage of those deposits (typically 50–90% depending on the expense factor) is used as qualifying income.
You can qualify using personal bank statements (100% of deposits counted) or business bank statements (50–90% of deposits depending on expense ratio documentation).
Finance your home purchase and renovation costs in a single loan — one closing, one payment. Available through FHA 203(k), Fannie Mae HomeStyle, and VA Renovation programs.
Renovation loans let you purchase a home that needs work — or refinance your existing home — and roll the cost of improvements into a single mortgage. Instead of depleting your savings or taking out a high-interest personal loan to remodel, you finance everything together at mortgage rates.
This is especially powerful in competitive markets where move-in-ready homes are scarce and overpriced. Renovation loans let you buy a fixer-upper and customize it exactly to your taste.
After closing, funds are held in an escrow account and disbursed to contractors as work is completed. A HUD-approved consultant (for 203k Standard) or lender-approved inspector oversees the process.
| Program | Loan Type | Min. Down | Min. Credit | Reno Limit | Best For |
|---|---|---|---|---|---|
| FHA 203(k) Standard | FHA | 3.5% | 580 | No max (within FHA limits) | Major structural renovations |
| FHA 203(k) Limited | FHA | 3.5% | 580 | $35,000 | Minor repairs & cosmetic updates |
| Fannie Mae HomeStyle | Conventional | 3% | 620 | 75% of as-completed value | Luxury finishes, investment props |
| VA Renovation | VA | 0% | 580 | $50,000 (some lenders higher) | Veterans renovating primary home |
Short-term, asset-based financing designed for real estate investors who buy distressed properties, renovate them, and resell for profit. Fast approvals, flexible terms.
Hard money loans are short-term bridge loans secured by real estate. Unlike conventional mortgages that underwrite the borrower's income and credit extensively, hard money loans are primarily asset-based — the property's value and the deal's potential drive the approval.
These loans are ideal for experienced investors who need to close quickly on distressed or off-market properties, complete renovations, and either sell (flip) or refinance into a long-term loan (BRRRR strategy).
Buy, Rehab, Rent, Refinance, Repeat. Use a hard money loan to acquire and renovate, then refinance into a DSCR loan once the property is stabilized and tenanted. Build a portfolio without tying up all your capital.
| Feature | Typical Terms |
|---|---|
| Loan Term | 6–24 months |
| Loan-to-Cost (LTC) | Up to 90% |
| After-Repair Value (ARV) | Up to 70–75% of ARV |
| Interest Rate | 9%–13% (interest only) |
| Points / Origination | 1–3 points |
| Min. Credit Score | 620+ (some lenders 580) |
| Down Payment | 10–20% of purchase price |
| Closing Speed | 5–14 days |
Finance land, construction, and your permanent mortgage in a single closing. No double closing costs, no re-qualifying when construction is complete.
Traditional construction financing requires two separate loans — a construction loan during the build, then a separate mortgage when it's complete. That means two applications, two sets of closing costs, and two rounds of qualifying.
A One-Time-Close (OTC) loan eliminates all of that. You close once before construction begins, lock in your permanent rate, and automatically convert to your long-term mortgage when the home is finished. One loan. One closing. One set of costs.
With OTC loans, you can lock your permanent interest rate at closing — before construction begins. This protects you from rate increases during the build period, which can take 6–12 months.
| Program | Down Payment | Credit Score | Loan Limit | Best For |
|---|---|---|---|---|
| FHA OTC | 3.5% | 580+ | FHA county limits | First-time builders, lower credit |
| VA OTC | 0% | 580+ | No conforming limit | Veteran builders |
| USDA OTC | 0% | 640+ | USDA county limits | Rural land builders |
| Conventional OTC | 5% | 620+ | Up to $766,550 | Standard build, stronger credit |
| Jumbo OTC | 20% | 700+ | $766,551+ | Luxury custom builds |
Financing solutions for income-producing commercial real estate — from small multifamily properties to large mixed-use developments. Investor-friendly terms, competitive rates.
Commercial loans finance properties used for business purposes or investment income — anything with 5+ residential units, retail storefronts, office buildings, warehouses, hotels, and mixed-use developments.
Unlike residential mortgages, commercial loans are underwritten based on the property's Net Operating Income (NOI) and the borrower's overall financial strength. Loan terms, amortization, and rates differ significantly from residential products.
The capitalization rate (Cap Rate) = NOI ÷ Property Value. Lenders use cap rates to assess investment performance. A property with $100,000 NOI priced at $1,250,000 has an 8% cap rate.
| Property Type | Down Payment | Typical Rate | Amortization | Loan Size |
|---|---|---|---|---|
| Multifamily (5+ units) | 20–25% | 6.5%–8.5% | 25–30 yrs | $500K–$25M+ |
| Mixed-Use | 25–30% | 7.0%–9.0% | 20–25 yrs | $500K–$10M+ |
| Retail / Strip Mall | 25–30% | 7.0%–9.5% | 20–25 yrs | $500K–$10M+ |
| Office Building | 25–35% | 7.5%–10% | 20–25 yrs | $500K–$15M+ |
| Industrial / Warehouse | 20–30% | 7.0%–9.0% | 20–25 yrs | $500K–$20M+ |
| SBA 7(a) / 504 | 10–15% | Prime + 2.75% | 10–25 yrs | Up to $5M |
Free tools to help you plan, analyze, and make informed decisions about your home purchase or investment property.
Calculate your estimated monthly principal and interest payment along with a full cost breakdown.
Based on your inputs, here's your detailed monthly breakdown.
Determine if your investment property qualifies for a DSCR loan and estimate your borrowing capacity.
Your property's debt service coverage ratio and loan qualification outlook.
Find out how much home you can afford based on your income and expenses.
Estimated home price range based on your financial profile.
See how your loan balance decreases over time and how much goes to interest vs. principal each year.
| Year | Starting Balance | Principal Paid | Interest Paid | Ending Balance | Equity % |
|---|
Find out how long it will take to recoup your closing costs and whether refinancing makes financial sense.
Is it worth it? Here's your refinance breakdown.
Everything you need to know about buying your first home — from checking your credit to collecting your keys. We'll walk you through every step.
Buying a home for the first time can feel overwhelming. Here's exactly what to expect — broken into simple, manageable steps.
Your credit score is the foundation of your mortgage. Pull a free report at AnnualCreditReport.com. Target: 620+ for conventional, 580+ for FHA. Dispute errors and pay down balances before applying.
Use our affordability calculator to understand how much house you can afford. A common rule: keep total housing costs below 28% of gross monthly income, and total debt below 43–50%.
You'll need money for your down payment (3–20%), closing costs (2–5% of loan), and moving expenses. Ask about down payment assistance programs — many states and counties offer grants for first-time buyers.
A pre-approval letter shows sellers you're a serious buyer. We'll review your income, assets, and credit to issue a letter confirming your maximum loan amount. This gives you a competitive edge in today's market.
A good buyer's agent costs you nothing (seller pays) and is invaluable. With your pre-approval in hand, you can tour homes within your budget and make offers with confidence.
Once you find your home, your agent will help you craft a competitive offer. Include earnest money (typically 1–3% of price) to show good faith. Negotiate terms including price, contingencies, and closing date.
After your offer is accepted, we'll submit your complete loan application. An underwriter reviews your financials, orders an appraisal, and verifies all documents. Respond to requests promptly to keep things moving.
Hire an independent home inspector to check for issues. The lender will order an appraisal to confirm the property's value supports the loan amount. Address any repairs required by the lender (typically safety items).
You'll receive a Closing Disclosure 3 days before close showing all final costs. Review it carefully and compare to your Loan Estimate. Do a final walkthrough of the property the day before closing.
Sign your final documents, pay closing costs and remaining down payment, and receive the keys to your new home! The title is recorded and you are officially a homeowner. Congratulations!
The most popular first-time buyer program. 3.5% down with a 580+ credit score. Flexible qualifying guidelines and gift funds allowed.
Zero down payment for eligible rural and suburban areas. Income limits apply. Great if you're open to buying outside a major city.
Fannie Mae and Freddie Mac programs with only 3% down. Reduced PMI rates and down payment assistance compatibility.
Less than you might think! FHA requires just 3.5%, and conventional loans start at 3% for first-time buyers through HomeReady/Home Possible. Plus, many states offer down payment assistance grants that can cover some or all of this requirement.
580+ for FHA (3.5% down), 500–579 for FHA (10% down), and 620+ for conventional. That said, the better your score, the better your rate. We can help you build your score if you're not quite there yet.
Closing costs typically run 2–5% of the loan amount and include lender fees, title insurance, appraisal, prepaid taxes/insurance, and more. You can sometimes negotiate for the seller to cover some costs — called seller concessions.
A pre-approval requires a hard inquiry, which may temporarily lower your score by a few points. However, multiple mortgage inquiries within a 45-day window count as just one inquiry for scoring purposes. Don't let this stop you from shopping!
Let our first-time buyer specialists guide you from start to keys — at no cost to you.
We've streamlined the mortgage process to be fast, transparent, and stress-free. Most loans close in 21–30 days.
We start with a conversation — understanding your goals, timeline, and financial situation. No pressure, no obligation. We'll identify the best loan programs for you.
Submit your application and documents. We'll review income, assets, and credit to issue a pre-approval letter, usually within 24–48 hours. This is your green light to shop.
Once you have an accepted offer, we'll lock your interest rate to protect against market movements. Typical rate locks are 30–60 days depending on your close date.
Your loan processor compiles all documents, orders the appraisal and title, and submits to underwriting. We'll proactively reach out if we need anything — no surprises.
The underwriter approves the loan subject to minor conditions (verification docs, updated pay stubs, etc.). We'll clearly communicate what's needed and get them cleared fast.
All conditions cleared! Closing Disclosure issued at least 3 days before your closing date. Sign documents, fund the loan, and receive your keys. Done!
A mortgage professional built on trust, transparency, and hustle. Backed by NEXA Lending — one of the nation's largest independent mortgage brokerages — Cormac shops hundreds of lenders so you don't have to.
Cormac McCarthy became a licensed Mortgage Loan Officer in December 2025 — and hit the ground running. While some see being new to the industry as a liability, Cormac sees it as an advantage: no bad habits, no outdated thinking, and an absolute relentless drive to deliver results for every client.
Based in California and licensed in California and Nevada, Cormac brings a modern, client-first approach to mortgage lending. His goal is simple: make the home loan process as clear, fast, and stress-free as possible — while getting you the best rate available from a network of over 300 lenders.
Whether you're buying your first home, investing in rental properties with a DSCR loan, building a new construction home, or refinancing to lower your rate — Cormac has the product knowledge and dedication to get the deal done.
NEXA Lending is one of the largest independent mortgage brokerages in the United States — giving Cormac access to resources, lenders, and technology that most individual loan officers simply don't have.
Access to over 300 wholesale lenders means more options, more programs, and more competitive rates than any single bank or retail lender can offer.
As a broker, Cormac accesses wholesale rates — typically lower than what retail banks advertise. You get bank-beating rates without the bank runaround.
NEXA's proven infrastructure, compliance framework, and technology lets Cormac focus on what matters most — serving you — while backed by a nationally recognized operation.
No surprises, no hidden fees. You'll receive a detailed Loan Estimate upfront and plain-English explanations at every step of the process.
Available 7 days a week, 8am–8pm. Cormac responds within the hour and keeps you updated throughout — no black holes, no waiting days for a callback.
From FHA and VA to DSCR, Hard Money, OTC Construction, and Commercial — Cormac knows the full product stack and will match you to the right loan the first time.
Being new to the industry means Cormac has everything to prove and nothing to coast on. Every client gets 100% effort, every time — no exceptions.
Cormac believes an informed client makes the best decisions. He'll walk you through every option, explain the trade-offs, and empower you to choose with confidence.
This isn't a one-time transaction. Cormac is building a practice for the long haul — which means your success is his success, now and on every future deal.
Free consultation, no obligation. Let's find the right loan for your situation.
Fill out the form below and Cormac will contact you within the hour. No hard credit pull for initial consultation.