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Conventional Loans are for borrowers that have credit scores above 620, stable income, low debts and some down payment. This type of loan is the most common and the least complicated way to get the most flexible mortgage options.
Fixed and adjustable rates available
Loan terms of 10, 15, 20 and 30, flexible terms available
Loan Amounts up to $484,350
For primary, secondary, and investment properties
Down payments as low as 3% for those that qualify
Available for Purchase and Refinance Transactions
The Federal Housing Administration (FHA), a branch of the U.S. Department of Housing and Urban Development (HUD) insures this type of mortgage. FHA Loans are more forgiving for those with blemished credit and higher debt ratios. FHA Loans are great for first time home buyers because of their flexibility, although anyone can apply.
For Primary Residence and Secondary residences only
A 3.5% payment is required, which can be gifted
A Seller can contribute up to 6% towards the buyers closing costs.
Requires Mortgage Insurance Premium (MIP) for the life of the loan.
Available for Purchase and Refinance Transactions
The Department of Veterans Affairs (VA) offers financing for Veterans. The VA determines eligibility and will issue a certificate of eligibility to qualifying applicants.
Must be a Veteran, Active Duty Military, or member of the Reserves.
100% Financing
Buyers can borrower an additional $35,000 for home repairs
No Monthly Mortgage Insurance
Closing Costs can be gifted by immediate family
Available for Purchase and Refinance Transactions
The US Department of Agriculture (USDA) offers mortgage loans in eligible areas that are considered rural. USDA will only allow a borrower to have one financed property at a time. There are some income restrictions for USDA loans. This type of loan is great for first time home buyers.
Primary residences only
New manufactured homes are allowable
100% Financing Available
Can borrower an additional 10% of the purchase price for home repairs for distressed properties
30 year fixed rate terms
House must be in a Rural Development-eligible areas.
Jumbo Loans exceed the maximum loan amounts established by conventional loan limits, currently $484,350. A Jumbo Loan is right for you if you are looking to buy a high priced or luxury home.
Financing above Conforming Loan Limits of $484,350.
Convenience of One Loan versus having Multiple Mortgages
Purchase options available with a 10% down payment with NO Private Mortgage Insurance (PMI)
Fixed and Adjustable Rate Mortgage Options
