What kind of loan program is best for you?
Should you get a fixed-rate or adjustable rate mortgage? A conventional loan or a government loan? Deciding which mortgage product is best for you will depend largely on your unique circumstances, and there is no one correct answer.
Fixed Rate Mortgages (FRM)
The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan’s lifetime.
Adjustable Rate Mortgages (ARM)
Adjustable-rate mortgages include interest payments which shift during the loan’s term, depending on current market conditions. Typically, these loans carry a fixed interest rate for a set period of time before adjusting.
FHA home loans are mortgages which are insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with a minimal down payment.
VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans exceptional benefits, including low-interest rates and no down payment requirement. This program was designed to help military veterans realize the American dream of homeownership.
A conventional mortgage refers to a loan that is not insured or guaranteed by the federal government. A conventional or conforming, mortgage adheres to the guidelines set by Fannie Mae and Freddie Mac. It may have either a fixed or adjustable rate. Low down payment options available.
Home Ready & Home Possible
Conventional loan programs offered by Fannie Mae and Freddie Mac. Along with many other benefits, this option allows for a 3% or 5% down payment. with a reduced PMI requirement, or the PMI can be waived altogether.
Jumbo and High Balance Loans
Mortgages for loan amounts that exceed the conforming loan limits set by the Federal Housing Finance Agency (FHFA)
USDA/RD loans offer 100% financing. It is a mortgage loan offered to rural property owners by the Department of United States Department of Agriculture.
Interest rate incentive for consumers who qualify for the program. Includes conventional, FHA, VA, and USDA/RD loans.
Programs Not Requiring PMI (Private Mortgage Insurance)
Get a mortgage that doesn't require PMI with as little as 3% down. VA loans don't require monthly PMI.
Contact a loan officer to see what loan program is right for you!