Loan Programs

Obsidian provides many loan programs due to our large network of investors. We have the flexibility to lend to borrowers whose credit scores are as low as 500 FICO. We also work with you to get your credit repaired so you can potentially qualify with your existing credit. Contact us to find out what options we offer that may fit your particular loan scenario.  


    This is the most typical type of loan that features both fixed and adjustable rates and typically 15-, 20-, 25- and 30-year terms. These loans normally require a credit score of at least 640. They are considered full document loans and usually have the most flexible terms but may not be the easiest loan to qualify for due to credit and income requirements. They typically require a minimum of 5% down payment.

  • FHA

    An FHA loan is a government backed loan that allows borrowers with credit scores as low as 580 and a 3.5% down payment. Although a 3.5% downpayment is required with a 580 score, borrowers can still qualify with a score as low as 500 and a 10% down payment.

  • VA Backed Loans

    Military and Military Veterans can qualify for this Veterans Administration backed loan which provides guarantees in the event the borrower defaults on the loan. These loans also have stringent qualification standards and require a minimum score of 580. Obsidian is able to qualify these loans in some cases with a 500 credit score.

  • DPA (Down Payment Assistance Programs)

    These loans are typically for first time homebuyers who lack the necessary funds for a down payment and can benefit from assistance from the lender to qualify for the loan by providing assistance with the down payment, which is typically rolled into the loan, or also can be given in the form of a grant.

  • Refinance and Cash Out Refinance Loans

    These loans are typically used to lower the rate on an existing Morgage or to take out some or all of the equity on the current property. These loans offer a variety of programs that can assist with home improvement or as an source of funds to the borrower.

These are the most typical programs that lenders offer, but Obsidian has many more specialized programs such as USDA, 203K, and many others. Contact a Loan Specialist to talk about your loan objectives and how we can help you achieve them. 


Obsidian can typically close your loan in as little as 15-20 days. It is typically predicated on how fast we can get all your documents and get an appraisal completed. 

Documentation will be dependent on the Loan program. You can expect to provide identification, bank information, income documents and you may need to provide tax returns. Your Loan Specialist will provide you with a checklist of documents needed. 

Appraisals vary by geography and factor in things such as square footage and the amount of work the appraiser has to do in order to appraise the property. 

Down Payments can be as low as 3% and as high as 10% depending on your credit worthiness and other factors. Some of our programs include Zero Down Payments Loans, such as our Zero FHA programs. Ask your Loan Specialist for more details.  

A Preapproval letter carries much more weight than a Prequalification letter because a Prequal simply means that based on what the lender knows about the borrower they may qualify for the loan if all the terms are met. A approval means we have completed our diligence and the borrower is fully qualified to purchase the property. 

It depends. Typically, on a conventional loan if you owe less than 80% on your home loan, the Mortgage Insurance is waived. Butt his is not the case in FHA loans, where you carry the insurance for the life of the loan. 

So What Are My Next Steps?

Contact us to get preapproved. We want to discuss your objectives and make sure we do everything in our power to help you close quickly. 

Obsidian Financial Services © 2022 All Rights Reserved.