Loan Programs
CONVENTIONAL
A conventional mortgage is a home loan that falls under the conforming loan limit of $548,250 and can be as high as $822,375 in high-cost areas, which is set annually by the Federal Housing Finance Agency. The interest rate is fixed, and the loan term is typically 15 or 30 years.
requires higher credit scores
allow slightly smaller down payments
has more liberal property standards
private mortgage insurance (PMI) is required if less than 20% down
FHA
FHA loans are backed by the Federal Housing Administration and are designed to help lower-income borrowers buy a home.
• down payment as low as 3.5%
• credit score as low as 600
• mortgage insurance premium payments are required
VA
VA loans are backed by the Department of Veterans affairs. Veterans, active duty service members, and surviving spouses with qualifying income and credit can buy a primary residence with favorable terms.
• No Down Payment
• upfront VA funding fee required
• no mortgage insurance
CONSTRUCTION
These products provide you with the finding during the construction process and the mortgage loan all wrapped up in one loan.
JUMBO
Multiple jumbo options exist if you need a home loan that exceeds the current conforming limit for higher-priced real estate markets.
• fixed or adjustable rates
• Credit score of 700 or higher is often required
• minimum 10% down often required
USDA
USDA loans are backed or issued by the Department of Agriculture. Your small-town dreams of rural home ownership can be made possible with a USDA home loan.
• No Down Payment is required on most properties
• home improvement loans and grant options
• income limits and property value caps apply
REVERSE
A reverse mortgage is the opposite of a traditional home loan instead of making monthly mortgage payments the lender pays you. You're still responsible for property taxes, homeowners insurance, and the other related costs. Most are insured by Federal Housing Administration as home equity conversion mortgages.
• Aged 62 or older
• you and/or an eligible spouse live in the home as your primary residence
• you own your home outright or have a high amount of equity available
• the property meets all FHA property standards and flood requirements
SPECIALTY
Specialty loan programs accommodate specific and unique needs, such as self-employed borrowers who have trouble showing their income or property types that are outside the norm.
We’re Here to Help
Are you more of an "explore in your PJ's" kind of person? We've got you covered! Explore away with our tools and resources...but know we're here for you whenever you're ready to chat.
