John Murphy helps homebuyers and homeowners across the U.S. secure the right mortgage for their needs. As a Senior Loan Officer at LUMI Funding Group, he provides clear guidance for first-time purchases, refinancing, and investment properties, delivering competitive rates and a smooth process from application to closing.
From first-time homebuyers to seasoned investors, we offer a wide range of Home Loan and Mortgage solutions designed to meet your unique needs. Discover competitive rates, flexible terms, and expert support to help you achieve your homeownership goals.
John Murphy, Senior Loan Officer at LUMI Funding Group, brings experience, dedication, and a client-first mindset to every transaction. He understands that securing a mortgage is one of the most important financial decisions a person can make, and he works closely with each client to guide them through the process with clarity and confidence. John’s ability to find competitive loan options, anticipate potential challenges, and keep the process moving efficiently has earned him the trust of homebuyers and homeowners alike. Whether purchasing, refinancing, or investing, clients can count on John for expert advice and personalized service every step of the way.
We know home financing can come with a lot of questions — that’s why we’ve answered the most common ones right here. From first-time buyer programs to refinancing and investment loans, this guide is built to help you feel more informed and more confident.
A Conventional Home Loan is a mortgage not insured by the government and typically offered by private lenders. These loans follow Fannie Mae and Freddie Mac guidelines, often require a higher credit score, and come with flexible term options. Borrowers can use a conventional loan to purchase a primary home, second home, or investment property. Conventional mortgages may offer competitive rates, especially for borrowers with strong credit and a stable income.
An FHA Loan, insured by the Federal Housing Administration, is designed to make homeownership more accessible, especially for first-time buyers or those with lower credit scores. FHA loans typically require a minimum down payment of 3.5% and allow for more flexible credit qualifications. They’re ideal for buyers looking for low down payment options and more lenient approval criteria.
VA Loans are backed by the U.S. Department of Veterans Affairs and are available to eligible veterans, active-duty service members, and surviving spouses. These loans offer no down payment, no private mortgage insurance (PMI), and competitive interest rates. VA Home Loans are a powerful benefit designed to make homeownership more affordable for those who have served in the military.
A USDA Loan, offered by the U.S. Department of Agriculture, helps low-to-moderate income buyers purchase homes in eligible rural and suburban areas. These loans offer 100% financing, reduced mortgage insurance, and affordable interest rates. To qualify, the property must be located in a USDA-approved area, and the borrower must meet income and credit requirements.
A Jumbo Loan is a mortgage that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA). These loans are used to finance high-value properties, especially in competitive real estate markets like California and New York. Jumbo loans typically require a higher credit score, larger down payment, and strong financial reserves due to the increased lending risk.
A Reverse Mortgage is a loan option available to homeowners aged 62 or older that allows them to convert part of their home equity into cash without selling their home. The most common type is the Home Equity Conversion Mortgage (HECM). Repayment is deferred until the homeowner moves out, sells the home, or passes away. It’s a helpful tool for retirees looking to supplement retirement income.
Non-Qualified Mortgage (Non-QM) Loans are designed for borrowers who don’t meet the strict guidelines of traditional loans, such as self-employed individuals, business owners, or those with non-traditional income. These loans may use bank statements, 1099s, or asset documentation instead of tax returns. Non-QM loans provide flexible financing options for unique income situations.
A Bank Statement Loan allows self-employed borrowers to qualify for a mortgage using personal or business bank statements instead of tax returns. This type of loan evaluates average monthly deposits to determine income, making it ideal for entrepreneurs, freelancers, and business owners with strong cash flow but irregular income documentation.
Investment Property Loans are used to finance residential real estate that is not owner-occupied, such as rental properties, vacation homes, or multi-unit dwellings. These loans typically require larger down payments and higher interest rates than primary home loans, but they enable investors to generate rental income and build long-term wealth through real estate.
A Home Equity Line of Credit (HELOC) is a revolving line of credit secured by your home’s equity. It allows homeowners to borrow funds as needed, similar to a credit card, and is commonly used for home improvements, debt consolidation, or emergency expenses. HELOCs offer flexible access to funds with interest-only payment options during the draw period.
A Cash-Out Refinance replaces your current mortgage with a new, larger one — giving you the difference in cash. Homeowners often use this option to tap into their home equity for purposes like debt consolidation, renovations, or major purchases. It’s ideal if you want to access funds without taking out a separate loan, and your home’s value has significantly increased.
An Adjustable-Rate Mortgage (ARM) offers a low introductory interest rate for a set period, typically 5, 7, or 10 years, after which the rate adjusts annually based on market conditions. ARMs can offer lower initial payments compared to fixed-rate mortgages, making them attractive for buyers planning to sell or refinance before the adjustment period begins.
ITIN Loans are home financing solutions for non-U.S. citizens who do not have a Social Security number but possess an Individual Taxpayer Identification Number (ITIN). These loans allow foreign nationals and undocumented immigrants to purchase or refinance homes. ITIN mortgage programs are a valuable option for building homeownership in immigrant communities.
Construction and Renovation Loans provide financing for building a new home or making significant improvements to an existing one. They typically include both the land purchase and construction costs in one loan. Renovation loans, like the FHA 203(k) or Fannie Mae Homestyle, cover upgrades, remodels, or repairs, helping buyers finance homes that need work.
A 1099 Mortgage is tailored for independent contractors and self-employed individuals who receive 1099 income instead of W-2 wages. Instead of traditional income documents, lenders review recent 1099 forms and bank statements to verify income. These loans provide a path to homeownership for gig workers, consultants, and freelancers who have consistent but non-traditional income.
A DSCR Loan (Debt Service Coverage Ratio Loan) is used by real estate investors to qualify based on a property’s cash flow rather than personal income. The DSCR is calculated by dividing the property’s monthly rental income by its mortgage payment. If the ratio is 1.0 or higher, the property is considered to cover its debt. DSCR loans are ideal for investment property purchases.
First-Time Homebuyer Programs and Down Payment Assistance (DPA) Loans offer financial support, reduced interest rates, and low or no down payment options to qualified buyers. Many programs are state or city-sponsored and tailored for buyers who haven’t owned a home in the past three years. These programs help make homeownership more affordable and accessible for new buyers.
An Asset-Based Mortgage allows borrowers to qualify using liquid assets instead of traditional income documentation. Lenders evaluate bank accounts, investment portfolios, or retirement funds to determine eligibility. This is a popular option for retirees, high-net-worth individuals, or self-employed borrowers with significant savings but irregular income streams.
A Profit and Loss Mortgage is designed for self-employed individuals who may not show consistent income on tax returns. Instead, lenders use a CPA-prepared P&L statement to verify income. This option is ideal for small business owners, entrepreneurs, and independent contractors who can document business performance even if they write off large expenses.
A Private Mortgage Loan, also known as a Hard Money Loan, is financed by private investors or companies rather than traditional banks. These loans are typically asset-based, faster to fund, and useful for real estate investors or buyers needing short-term financing, especially when conventional qualifications aren’t met. They often come with higher interest rates and shorter terms but provide flexible approval.
An Asset Depletion Mortgage uses the borrower’s liquid assets to estimate monthly income, calculated over a set term (usually 120 or 360 months). This is especially useful for retirees, trust fund holders, or wealthy clients who have substantial savings but no traditional income. It’s a smart solution for qualifying without a job or W-2.
An Interest-Only Non-QM Loan lets borrowers pay only the interest portion of their mortgage for a set number of years, usually 5 to 10. This reduces initial monthly payments and offers greater cash flow flexibility, often appealing to investors, business owners, or those expecting future income growth. After the interest-only period, full principal and interest payments begin.
