ATTENTION: For Those who are serious about Getting Pre-Qualified FAST!
Bill Rapp, Mortgage Originator:
NMLS 228246
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HERE'S WHAT MY CLIENTS SAY:
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
🏡 The True Cost of Buying a Home: 8 Expenses Beyond the Down Payment 💰
🏡 The True Cost of Buying a Home: 8 Expenses Beyond the Down Payment 💰
💵 Buying a Home in 2026? The Hidden Homeownership Costs Buyers Need to Budget For 🏠
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The True Cost of Buying a Home: Beyond the Down Payment
When preparing to buy a home, one number tends to get most of the attention: the down payment.
It is important—but it is only one part of the financial picture.
A buyer who saves enough for the down payment but overlooks closing costs, property taxes, homeowners insurance, prepaid expenses, moving costs, maintenance, utilities, and future repairs can quickly discover that buying a home costs more than expected.
That is why a strong mortgage strategy should answer a bigger question than simply:
“How much house can I qualify for?”
It should also help answer:
“How much home can I comfortably afford to own?”
At Medallion Funds, we help homebuyers evaluate the financing structure and the broader costs associated with purchasing a home so they can make a more informed decision.
Your Down Payment Is Only the Beginning
Your required down payment depends on the mortgage program, borrower qualifications, property type, occupancy, and other underwriting factors.
One of the biggest misconceptions among homebuyers is that every conventional mortgage requires 20% down.
It doesn't.
Depending on the program and borrower qualifications, some conventional mortgages allow substantially smaller down payments. FHA, VA, USDA, jumbo, doctor and other specialized mortgage programs have their own requirements.
But putting less money down doesn't eliminate the other expenses involved in buying and owning a home.
In fact, the better question is often:
How should I allocate the cash I have available between the down payment, closing costs, reserves and expenses after closing?
1. Closing Costs
In addition to the down payment, buyers should prepare for mortgage and transaction-related closing expenses.
Depending on the transaction, these can include items such as:
·Lender and third-party fees
·Appraisal
·Title-related charges
·Escrow expenses
·Recording charges
·Discount points, if applicable
·Prepaid interest
·Initial escrow deposits
The actual amount varies considerably by loan, property and transaction.
This is why buyers should review their Loan Estimate carefully rather than relying on a generic closing-cost percentage.
2. Property Taxes
Property taxes can have a significant impact on the true monthly cost of homeownership, particularly in markets such as Texas.
When comparing homes, don't evaluate the purchase price and mortgage payment alone.
Two similarly priced homes can have meaningfully different total housing payments because of differences in their property taxes.
If taxes are escrowed, your lender generally collects a portion with your monthly mortgage payment. Your escrow payment can also change as taxes and insurance costs change.
3. Homeowners Insurance
Your mortgage lender will generally require homeowners insurance.
Premiums can vary based on factors such as the home's location, construction, age, replacement cost, deductible, coverage and insurer.
Buyers should obtain insurance estimates before closing, especially when insurance costs could materially affect their monthly housing budget.
Depending on the property's location, additional coverage—such as flood insurance—may also need to be considered.
4. Mortgage Insurance
Depending on the mortgage program and financing structure, mortgage insurance may be another cost.
For example, conventional borrowers putting less than 20% down may be required to carry private mortgage insurance, commonly called PMI, although requirements and cancellation rules vary.
FHA financing has its own mortgage insurance structure.
Rather than automatically assuming mortgage insurance makes a loan unattractive, compare the complete strategy. A smaller down payment could allow you to retain more cash for reserves, repairs or other financial priorities.
5. HOA Fees
Buying in a community governed by a homeowners association can mean another recurring expense.
HOA assessments can range substantially depending on the community and amenities provided.
Ask about:
monthly or annual assessments, transfer fees, special assessments, pending increases and other association-related charges.
HOA dues aren't simply another expense to remember. Depending on the loan program, they can also factor into your debt-to-income analysis.
6. Moving, Furniture and Immediate Improvements
Closing day isn't necessarily the end of your spending.
New homeowners frequently incur expenses for moving, furniture, appliances, window treatments, security systems, landscaping and immediate improvements.
Individually, these expenses may seem manageable. Combined, they can consume thousands of dollars surprisingly quickly.
Build these expenses into your homebuying budget before deciding how much cash to commit to the down payment.
7. Maintenance and Repairs
Renters can generally call the landlord when the air conditioner fails.
Homeowners call the repair company—and receive the bill.
HVAC systems, roofs, plumbing, appliances, electrical systems and exterior components eventually require maintenance, repair or replacement.
There isn't one maintenance budget appropriate for every home. The property's age, size, condition and construction can dramatically affect potential expenses.
A newly constructed home and a 40-year-old home shouldn't necessarily have identical maintenance assumptions.
8. Your Emergency Reserve After Closing
One of the most overlooked homebuying numbers is:
How much money will you have left after closing?
A buyer might technically have enough money for the down payment and closing costs while leaving themselves with very little liquidity afterward.
That can create unnecessary financial pressure.
Instead, consider the entire transaction:
Cash available – down payment – closing expenses – moving/improvement costs = remaining reserves.
Your appropriate reserve depends on your circumstances, but the calculation should be made before closing.
Don't Shop for a Home Using Purchase Price Alone
Suppose two houses both cost $500,000.
That does not mean they cost the same to own.
One could have higher property taxes, higher insurance premiums, substantial HOA dues and aging mechanical systems. The other could have lower recurring expenses and newer major components.
The better comparison is the home's total monthly and long-term ownership cost.
This is where mortgage planning becomes particularly important.
Get Pre-Approved for a Payment—Not Just a Loan Amount
Mortgage pre-approval is frequently treated as a question of maximum purchasing power:
“What's the most I can qualify for?”
Consider turning that question around.
Ask:
“What purchase price and financing structure give me a monthly payment and post-closing cash position I'm comfortable with?”
Those are two very different questions.
The mortgage with the smallest down payment isn't automatically the right choice.
Neither is the mortgage with the largest down payment.
And the lowest advertised interest rate isn't automatically the best overall financing structure.
The objective should be to evaluate the complete mortgage strategy.
Build Your Homebuying Budget Before You Start Shopping
Before making an offer, estimate four numbers:
Cash to close: Down payment plus expected closing and prepaid expenses.
Total housing payment: Principal, interest, taxes, insurance, mortgage insurance and HOA dues when applicable.
Initial ownership expenses: Moving, furnishings, improvements and immediate repairs.
Post-closing reserves: The cash you expect to retain after completing the purchase.
When those numbers work together, you can approach homeownership with a much clearer financial picture.
The Bottom Line
The true cost of buying a home goes far beyond the down payment.
Closing expenses, taxes, insurance, mortgage insurance, HOA dues, maintenance, repairs, utilities, moving costs and reserves all matter.
That doesn't mean buying a home is a bad financial decision. It means buyers should understand the complete economics of homeownership before signing at the closing table.
At Medallion Funds, our goal is to help borrowers look beyond the advertised rate and down-payment percentage and evaluate the mortgage as part of their broader homebuying strategy.
Before you start shopping for your next home, understand the numbers behind the keys.
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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