USDA Loans USDA Loans are for those who are purchasing a home or property in a rural area. These loans can offer up to a 100% financing but depend, of course, on the buyer and the home in question! USDA loans are backed by the U.S. Department of Agriculture. These loans are designed for those […]
VA Loans VA Loans are reserved for veterans, active-duty military, veterans, and spouses! The U.S. The Department of Veteran Affairs backs VA loans financially. VA loans are very popular because they require no down payment and have low interest rates — truly a great deal. Additionally, VA loans have lower closing costs which can save […]
FHA Loans FHA stands for the Federal Housing Administration. An FHA loan is what allows buyers who can’t come up with a hefty down payment and/or have “lower” credit scores to qualify for a mortgage loan. The basic criteria for an FHA loan is 3.5% minimum down payment and a credit score of 580 points […]
Non Conforming Loans Non-conforming loans break one or more FHFA rules. Jumbo loans, for instance, go beyond the limit set for conforming loans. Because they don’t meet FHFA standards, government-sponsored entities (GSEs) won’t buy them, making them riskier for lenders.
Conforming Loans Just like the name suggests, a conforming loan follows rules set by the Federal Housing Finance Agency (FHFA), covering things like credit, debt, and loan size.
Government Backed Loansss Great choice if your credit score and down payment is low.
Adjustable Rate Mortgage Adjustable rate mortgages are loans that have interest rates that change on a schedule throughout the length of the loan. When a loan is first established, the interest rate of an ARM is lower than the average market rate at that time. Most commonly, buyers get an adjustable rate mortgage and then […]
Fixed Rate Mortgage Top choice for those who want a steady, unchanging monthly payment throughout the loan.
Jumbo Loann Ideal for borrowers with excellent credit score in order to buy more expensive homes
Conventional Loann Perfect pick for borrowers with excellent credit scores!