Mike Phelps - Lender
- Phone:(913) 980-2644
- Fax:(888) 378-8832
- Email:mike.phelps@cfnbmortgage.com
NMLS: 164641
Loan Programs & Specialties
Mike offers tailored mortgage solutions for every borrower — from first-time buyers to high-net-worth clients — with expertise across conventional, government, and specialty loan programs, including:
Conventional & Jumbo
- Fannie Mae: HomeReady, HomeStyle®, MyCommunity(With as little as 3% down payment)
- Freddie Mac: Home Possible, HomeOne®, and Renovation (Open Access)
- Jumbo & Super-Jumbo loans (up to $15M+)
- Asset Depletion loans for High-Net-Worth borrowers
- Interest-Only & Cross-Collateralized financing options
Government Programs
- FHA: 203(b) standard, 203(k) full & streamline rehab loans(with as little as 3.5% down payment)
- VA: Purchase, Cash-Out, IRRRL Streamline, and Jumbo VA High Balance (0% down)
- USDA: Rural Development (0% down payment) loans
- HECM / Reverse Mortgages: For seniors 62+ seeking to purchase a new home
Federal Home Loan Bank Grants for First time home buyers
- Down Payment & Closing Cost Assistance:
Eligible homebuyers can receive grants of up to $15,000 or more (amounts vary by program and region) to help cover down payments or closing costs. - Designed for First-Time & Moderate-Income Buyers:
Grants are available to first-time buyers or those meeting income limits (usually ≤80% of area median income). - Forgivable Assistance (No Repayment if Occupied): These FHLB grants are forgivable after a 5-year owner-occupancy period, meaning buyers keep the funds if they remain in the home.
- Can Be Combined With Other Programs:
FHLB funds can often be stacked with FHA, VA, USDA, or state housing grants, maximizing total assistance available to qualifying buyers.
Investment Properties
- Non-QM Investor Cash Flow (DSCR) programs
- Short-Term Rental (Airbnb/VRBO) eligible financing