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Bill Rapp, Mortgage Originator:
NMLS 228246
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What People Are Saying:
Excellent Service
Bill is an exceptional loan officer. He helped us to purchase our home with very personal and professional service. He helped us navigate the whole process from start to closing without any problems. We didn't think we're qualified to purchase a house, but Bill went above and beyond to find a way to help us achieve our goal. He always responded very quickly with our requests, he would come back with different options with comparison chart to clearly indicate how much we need for down payment, monthly payments, interest rates, closing costs etc.
We would highly recommend Bill to anyone in need of lending services. In fact, we have already recommended Bill to one of our friends on purchasing a house.
--- David Chan - Houston, TX
Bank Statement Lending!
William Rapp of Network Funding, L. P. was very professional and I felt comfortable in dealing with him. I will definitely recommend him to family and friends.
--- Ian F - Missouri City, TX
Professionalism - Expert In Home Style Loan
Bill is an expert in the topic, his explanations and online material make a difference and he is always there from the beginning to the end. He is committed to make thing happen.
--- Felipe Caldern & Carolina Angel Gutierrez
Great Service!
Bill Rapp's handling of our loan (even though out of state) was unparalleled to any service I have been through prior, including 3 different real estate transactions and multiple refinances. Extremely quick close, with great options and flexibility for my families needs. All around A+
--- Chris & Beth Sheehan - San Jose, CA
Knowledgeable and Responsive!
Bill was a pleasure to work with and he made the loan process fairly easy. He answered all questions I had very quickly and was straight forward in doing it. I would recommend Bill to others.
--- Wes Brady - Richmond, TX
Very professional and always returned our calls!
Bill takes a lot of pride in his job and is very dependable. They were very patient and understanding. He went out of his way and explained all my questions and concerns. They were very professional and returned my phone calls and emails. He did a great job and I fully recommend him.
--- Therese, Malcom & Shirley Teixeira - Katy, TX
Great Job!
Bill helped us out from beginning to end of loan process. The loan closed in a timely manner as Bill worked hard with bank to get our to the final steps.
--- Kamal & Theresa Wilson - Hartford, CT
Avid Problem-Solver and Absolute Pleasure to Work With!
Bill Rapp worked very hard to ensure that we closed our loan and were able to move into our new home. He always had alternatives to any problems we encountered while closing. He worked with us from the beginning identifying solutions to any problems that we were having. He was an absolute pleasure to work with!
--- Nikita Rayani & Sanit Tejani - Houston, TX
Awesome to work with!
Being a first-time buyer I came in with lots of questions and concerns. Bill was always available for any questions I had and answered everything to my satisfaction. Bill made the loan process so painless that I could still concentrate on other things. We ended up closing early which made things even better. If you are in need of a lender and want someone who is very approachable and stays on top of your loan then Bill is your guy.
--- Cesar Raya - Richmond, TX
Loan Declined by my bank, and he saved the day!
Bill, did an amazing job helping me close on my house. He took the reigns and reassured me the best route to take to help close. He was accountable, thorough and trustworthy. I will continue to work with Network Funding, L.P. when it comes to home buying in the future because of the quality of service Bill gave.
--- Jacob Smith - Boerne, TX
Bill Rapp Will Definitely Make It Happen!
Bill is the most kind, patient and helpful person I have ever known. He answers his phone calls and emails promptly. You can ask him a million questions, and he will answer each and every one of them. Before I started working with Bill, I had been turned down for a home loan, because of some past credit issues I had, plus I was a single mother. However, once I started working with Bill, he was able to quickly get me a home loan, with a good interest rate. I would recommend that you call him, as he will help you.
--- Corinne Wilson - Roselle, NJ
Knowledgeable, Honest, Trustworthy, and Reliable!
"I will definitely keep you in mind. If anyone I know needs financing, I will send them your way!"
--- Jon & Andrea Saleem, CRPC Financial Advisor - Houston, TX
Best Dam Mortgage Guy a man could know!
"Hands down the best loan experience to date!"
--- Gabe & Chelsea Jackson - Pearland, TX
Phenomenal, Hard Working and Never Quits!
Had a stupid foreclosure that could have been avoided if ex’s attny would have sent my buy out offer. So Bill was able to push this through with a 4 year foreclosure. He worked his butt off, was very diligent with his communication; and was very professional talking to me even when I was screaming and/or crying at him. Highly recommend this lender. He really go to the ends of the earth to help you!
--- Liz Keeter - Harlingen, TX
Exceptional customer service!
Bill is the most kind, patient and helpful person I have ever known. He answers his phone calls and emails promptly. You can ask him a million questions, and he will answer each and every one of them. Before I started working with Bill, I had been turned down for a home loan, because of some past credit issues I had, plus I was a single mother. However, once I started working with Bill, he was able to quickly get me a home loan, with a good interest rate. I would recommend that you call him, as he will help you.
--- Isha Lopez & Mauricio Garcia - Houston, TX
Service with a capitol S
Bill went above and beyond at every turn. He worked late on Saturday, he worked late all the time. We wanted to close ASAP and he really helped make it happen for us.
--- Jeff & Wendy Heger - Houston, TX
Best Buying Experience!
I would would highly recommend going with Network Funding LP. As a first time home buyer I didn't know what to expect. Bill Rapp was very helpful in answering all my questions and guided me through all ghe steps. I couldn't have asked for a better buying experience!
--- Tabitha Turner - Humble, TX
Would recommend him and use him again!
Very involved and professional . Kept me informed and up to date on everything that was going on Went with me closing and was very helpful and knowledgeable.
--- Kathy Ward - Houston, TX
Great experience!
Well I meet bill back in December 2016 he got recommended by my real estate agent we had a house in sight and started the process to get approved but we fail due to my work history and credit bill told me not to give up and put me in contact with a credit repair company they help me bring my score up and bill walk me thru the process of getting a new line so this time around we got approved before looking for our house after we found it we still had a couple of hick up but with bills help on Sunday 6-18-17 to be exact Father's Day bill called me to give me the great news that we had got approved and the closing date was as scheduled bill was more than just a lender to my family he became a friend and I'm alway going to have him in mind for any other financial situation.
--- Alejandres Felimon - Richmond, TX
I really liked his attitude!
I wouldn't usually say this but the way he had handled my mortgage was really pleasant. I personally enjoyed the time spent with him while we discussed feasible rates. He's a great man with a great personality and he offered really low interests as well. Definitely recommend him to others.
--- Tom Troiano - Atlantic City, NJ
He's nothing short of a miracle!
I'm a self-employed businessman and had him figure out the mortgage of the house after 30% down payment. The interest rates I received were incredibly low given what I had thought of earlier. One other important thing to note was that I hadn't really taken any loans earlier, so I had no credit history. He helped me out with all that as well so I can't really call him anything else but a miracle.
--- Fran Suarez - Cleveland, OH
He's really helpful!
I made a bid to him and the very same day he gave me an offer which I couldn't resist. It was too intimidating with those incredibly low interest rates and all, thoroughly recommend him.
--- Kenny Mickle - Houston, TX
Expeditious!
Bill was very expeditious and made it real easy going through the loan process. I felt he was on top of things.
I deal with investment properties and will more than likely call on him again.
--- Wayne King - Pensacola, FL
Bill was great!
Bill made us feel like a friend all the way thru the process. He was patient and explained everything he needed clearly. He was available ANYTIME we had questions or needed more information. Hopefully we won’t go thru this process again anytime soon, but if we do - we’d choose Bill! =)
--- Barbra & Nick Grimmer - Austin, TX
Great broker!
Bill was a great broker to work with. As first time home buyers we had many questions about the process, Bill took the time to help us even calling us back on weekends with answers. I would not hesitate to recommend him to anyone looking for a broker to work with.
--- Murray & Lisa Turner - Pensacola, FL
Outstanding service!
I couldn't have been more pleased with Bill's level of service. He made what is typically a lengthy, arduous process far quicker and easier at every turn. I'm extremely comfortable recommending Bill to friends and family, and will definitely utilize his services again!
--- Jim Lipari - Austin, TX
Jumbo and Non-QM Mortgages: Made Simple
Getting a jumbo or Non-QM mortgage is easier than most people expect. This guide explains what these loans are, who they’re for, and when they make sense.
What Is a Jumbo or Non-QM Loan?
A jumbo mortgage—also called a non-conforming loan—is any mortgage that does not meet the guidelines set by Fannie Mae and Freddie Mac.
Fannie Mae and Freddie Mac were created by Congress to provide liquidity and stability in the mortgage market. They buy mortgages from lenders, but only if those loans meet strict rules for:
Loan amount
Credit score
Down payment
Debt-to-income ratio
Post-closing reserves
Loans that exceed these limits are considered non-conforming.
When Do You Need a Jumbo Loan?
You’ll need a jumbo loan when the loan amount exceeds the conforming limit in your area.
How Jumbo and Non-QM Loans Are Underwritten
Jumbo loans are evaluated using the same fundamentals as conventional loans:
Credit score
Down payment
Debt-to-income ratio (DTI)
Cash reserves after closing
That said, jumbo loans often allow more flexibility in how those factors are evaluated.
Credit Scores
Most jumbo programs are available with credit scores as low as 660, though higher scores receive better rates. Borrowers with 760+ credit generally receive the most favorable terms.
Cash Reserves
Jumbo loans usually require more reserves than conforming loans.
Typical requirement: 12 months of reserves
Often split between liquid cash and retirement assets
Exceptions may be available with strong income, low DTI, or large down payments.
Where Jumbo Loans Are More Flexible
Higher DTI allowances
While conforming loans often cap DTI around 43%, jumbo loans may allow higher ratios if the borrower has strong reserves or equity.
More logical income analysis
Self-employed borrowers may qualify with one year of tax returns instead of two if they can document business stability and industry experience.
Lower down payments without mortgage insurance
Some jumbo programs allow 10% down—and sometimes less—without mortgage insurance. Rates may be slightly higher, and DTI requirements are typically stricter.
Piggyback loan structures
In certain cases, buyers can combine a first and second mortgage to reduce the down payment to as little as 5%. These structures are highly specialized and lender-specific.
Who Typically Uses Jumbo or Non-QM Loans?
These loans are well-suited for high-income earners who don’t want—or don’t have—their wealth tied up in cash. This group is often referred to as HENRYs: High Earners, Not Rich Yet.
HENRY borrowers often:
Earn $250,000–$500,000+ annually
Have strong credit histories
Hold significant retirement and investment assets
Prefer liquidity over tying up cash in a large down payment
Tax Considerations
Jumbo loans don’t automatically create tax advantages.
Mortgage interest is only deductible on the first $1 million of mortgage debt. If your loan exceeds that amount, the interest on the excess is not deductible.
For this reason, some borrowers choose to compare:
One jumbo loan
vs.
Two smaller loans or alternative structures
Always consult a tax professional before assuming tax benefits.
Choosing the Right Professionals
Buying a home—especially with a jumbo or Non-QM loan—is complex. You should always work with professionals who represent your interests, not just the transaction.
Real Estate Representation
Seller’s agents represent the seller
Buyer’s agents represent the buyer
Transaction brokers represent no one
As a buyer, it’s almost always best to work with a buyer’s agent who has a legal duty to protect your interests.
Mortgage Broker vs. Bank
A mortgage broker typically has access to many lenders, not just one bank’s in-house programs. This often results in:
Better pricing
More flexible loan options
Specialized programs banks may not offer
Even if you like your bank, remember: most banks sell loans shortly after closing anyway. Loyalty should never cost you better terms.
Foreign National Mortgages
You do not need to be a U.S. citizen to qualify for a mortgage.
Eligible Borrowers
Permanent residents (green card holders)
Non-permanent residents with valid work authorization
Refugees or individuals granted asylum
Non-resident foreign buyers may also qualify, but usually with:
Higher down payments (30–50%)
Higher interest rates
Fewer program options
Legal residency and proper documentation are mandatory.
Bank Statement Loans for Self-Employed Borrowers
If you’re self-employed and traditional tax returns don’t reflect your true income, a bank statement mortgage may be the solution.
How They Work
Instead of W-2s or tax returns, lenders use 12–24 months of bank statements to calculate income based on actual deposits.
Ideal For:
Business owners
Independent contractors
Freelancers and gig workers
Borrowers with significant tax write-offs
Trade-Offs
Because these loans are considered Non-QM:
Rates are typically higher
Down payments may be larger
Terms vary widely by lender, so shopping matters.
Final Thought
If you’ve been told “no” by a bank or lender, it doesn’t mean you can’t qualify—it often means you’re speaking with the wrong person.
In real estate and lending, who you work with matters.
Questions About Jumbo, Non-QM, or Bank Statement Loans?
Schedule a free, no-obligation consultation with a mortgage expert who knows how to structure complex deals efficiently.
Contact the Mortgage Viking
📞 281-222-0433
🏡 Conventional Home Loans Explained: The Complete Borrower’s Guide to Buying a Home 🔑
🏡 Conventional Home Loans Explained: The Complete Borrower’s Guide to Buying a Home 🔑
💰 Conventional Mortgage Guide 2026: Down Payments, Credit, PMI & How to Qualify 🏠
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Conventional Home Loans: Complete Borrower’s Guide
When most people think about getting a mortgage, they are often thinking about a conventional home loan.
Conventional mortgages are widely used because they can offer competitive rates, multiple down-payment options, fixed- and adjustable-rate structures, and financing for several types of residential properties. But “conventional” does not mean every conventional loan works the same way—or that it is automatically the best mortgage for every borrower.
Understanding how conventional financing works can help you make a more informed decision before you start shopping for a home.
At Medallion Funds, our approach is to look beyond the advertised mortgage rate and help borrowers evaluate the complete financing structure.
What Is a Conventional Home Loan?
A conventional mortgage is a residential mortgage that is not insured or guaranteed by a federal government agency such as the FHA, VA, or USDA.
Many conventional mortgages are structured to meet guidelines established by Fannie Mae or Freddie Mac. Loans falling within applicable conforming loan limits and other requirements are generally referred to as conforming conventional loans.
Conventional financing can potentially be used for:
·Primary residences
·Second homes
·Investment properties
·Single-family homes
·Eligible condominiums
·Eligible planned-unit developments
·Certain 2–4 unit residential properties
The exact requirements depend on the borrower, occupancy, property and loan program.
How Much Down Payment Do You Need?
One of the biggest misconceptions about conventional mortgages is that you always need 20% down.
You don't.
Certain qualifying borrowers and transactions may permit substantially smaller down payments. However, putting less than 20% down can affect mortgage insurance, monthly payments, reserves and underwriting.
Instead of asking only, “What's the minimum down payment?” consider a better question:
How much should I put down based on my cash reserves, monthly payment and long-term financial objectives?
Keeping additional liquidity after closing can sometimes be more valuable than putting every available dollar into the property.
What Is Private Mortgage Insurance?
If your conventional mortgage has a higher loan-to-value ratio, you may be required to carry private mortgage insurance (PMI).
PMI protects the lender—not the homeowner—against certain losses if the borrower defaults.
The cost can vary based on factors such as credit profile, loan-to-value ratio and mortgage structure.
PMI should therefore be included when comparing financing strategies. A smaller down payment may preserve cash but could result in a higher monthly housing expense.
What Credit Score Do You Need for a Conventional Mortgage?
Credit is an important part of conventional mortgage underwriting, but your score isn't evaluated in isolation.
Underwriters can also consider:
Income: Do you have sufficient qualifying income?
Debt: How much of your monthly income is already committed to other obligations?
Assets: Do you have enough money for the down payment, closing costs and required reserves?
Employment: Is your income and employment history acceptable under the applicable guidelines?
Property: Does the home satisfy the program's collateral requirements?
A borrower with excellent credit but excessive monthly obligations can still encounter qualification issues.
Understanding Debt-to-Income Ratio
Your debt-to-income ratio (DTI) compares qualifying monthly debt obligations with qualifying gross monthly income.
For example, suppose your applicable monthly debt obligations, including the proposed housing payment, total $5,000 and your qualifying gross monthly income is $12,500.
Your DTI would be:
$5,000 ÷ $12,500 = 40%
Actual underwriting is more nuanced, and acceptable DTI levels depend on the complete loan file and applicable program requirements.
This is one reason a proper mortgage pre-approval can be valuable before you start seriously shopping for homes.
Conventional Fixed-Rate vs. Adjustable-Rate Mortgages
A fixed-rate conventional mortgage keeps the interest rate fixed for the loan's term. This provides payment predictability for principal and interest.
An adjustable-rate mortgage (ARM) generally offers an initial rate for a specified period before the rate can adjust according to the loan's terms.
Neither structure should be evaluated solely on the initial rate.
Consider your anticipated holding period, future plans, available cash, risk tolerance and the loan's adjustment mechanics.
Conventional vs. FHA Loans
FHA and conventional mortgages can both be useful, but they operate differently.
FHA financing is government-insured and has its own credit, down-payment and mortgage-insurance rules. Conventional financing uses different underwriting and mortgage-insurance structures.
For some borrowers, FHA financing can provide a viable path to homeownership. For others, conventional financing may provide a better combination of monthly payment, mortgage insurance and long-term flexibility.
The comparison should be based on the total financing package, not simply the interest rate.
Conventional vs. VA Loans
Eligible veterans, active-duty service members and certain surviving spouses may have access to VA financing.
VA loans can provide substantial benefits to qualified borrowers, including the possibility of purchasing without a traditional down payment, subject to eligibility, underwriting and program requirements.
A VA-eligible borrower should generally understand both options rather than assuming conventional financing is preferable simply because it is more familiar.
What Closing Costs Should You Expect?
Your down payment isn't the only cash you may need at closing.
Depending on the transaction, costs can include lender charges, appraisal costs, title-related expenses, prepaid homeowners insurance, initial escrow funding, taxes and other third-party charges.
That makes cash to close different from down payment.
Understanding that distinction early can prevent an unpleasant surprise immediately before closing.
Why Mortgage Pre-Approval Matters
A strong pre-approval can accomplish several things before you make an offer.
It can help establish an appropriate purchase-price range, identify potential underwriting problems, estimate your required cash, compare mortgage strategies and strengthen your understanding of the payment associated with different home prices.
Getting pre-approved doesn't mean you should automatically spend the maximum amount you qualify to borrow.
Your mortgage should fit your broader financial plan.
Don't Shop for a Conventional Mortgage by Rate Alone
Interest rate matters—but it is only one component of mortgage financing.
When comparing conventional home loans, evaluate the interest rate, APR, points, lender credits, PMI, estimated closing costs, cash to close, monthly payment and loan structure together.
A seemingly lower interest rate can become less attractive if obtaining it requires significant upfront discount points.
Likewise, a slightly higher rate paired with lender credits might make sense for a borrower who expects to own the property for a relatively short period.
The right comparison depends on the numbers.
Should You Pay Mortgage Points?
Discount points allow borrowers to pay money upfront in exchange for a lower mortgage rate.
Whether that makes financial sense depends heavily on the break-even period.
Suppose paying additional points costs $4,000 and reduces your monthly payment by $80.
Your simple break-even period would be:
$4,000 ÷ $80 = 50 months
If you expect to refinance or sell before reaching that point, paying the additional upfront cost may be less attractive.
Common Conventional Mortgage Mistakes
Some of the most avoidable problems occur after borrowers have already started the mortgage process.
Opening new credit accounts, financing a vehicle, significantly increasing credit-card balances, changing employment structures or moving large undocumented sums of money can complicate underwriting.
Before making a significant financial change while your mortgage is in process, talk with your mortgage professional.
Is a Conventional Mortgage Right for You?
A conventional loan can be an excellent financing tool, but the decision depends on your specific circumstances.
Rather than beginning with, “Who has the lowest rate?”, start with:
“What mortgage structure makes the most sense for my financial situation and homeownership goals?”
That change in perspective can lead to a much more productive mortgage conversation.
At Medallion Funds, we help homebuyers evaluate mortgage options based on the entire financing picture—because the goal isn't simply getting a mortgage.
It's getting the right mortgage strategy for the borrower and transaction.
Bill Rapp
Partner & Director of Capital Advisory | Medallion Funds
Commercial Lending Nationwide
Residential Lending in AL, CA, CO, NV & TXBottom of Form
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© Bill Rapp, Medallion Funds LLC, Director of Capital Advisory
Main Office:
Medallion Funds
[email protected]
11920 Southern Highlands PKWY Suite 302Las Vegas, NV 89141
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