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Loan Programs

Loan Programs

Mortgage options are nearly as varied as the wants of homebuyers themselves. The expansive, diverse history represented by our team members enables us to provide the most expert partnerships for homebuyers navigating any loan type.

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Available Loan Programs

First Time Homebuyer

These loans are great when you’re first starting out because of the options for low down payments that may allow for gifts from family members. Homeowner education helps you understand and manage the financial commitments of home ownership. Often, special options to partner with State and local housing authorities are available as well.

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Home Refinance

Refinancing gives you a new mortgage to replace your original mortgage. Often the new loan provides you with a better interest rate to lower monthly payments, remove mortgage insurance or take equity out of your home, also known as “cash out refinance”.

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VA Loans

This specialty loan provides flexible qualifying guidelines for eligible veterans and other eligible borrowers. VA loans may include financing the VA funding fee and obtaining the loan with no down payment. Mortgage insurance is not required with a VA loan.

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FHA Loans

FHA Loans allow lower down payments, lower rates and more lenient underwriting qualifications because they are insured by the Department of Housing and Urban Development (HUD). An FHA loan requires up front mortgage insurance as well as monthly mortgage insurance, but can be a great product for first time home buyers.

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Jumbo Loans

The perfect loan if you need a mortgage amount that exceeds the conforming (conventional) loan limits set by Fannie Mae and Freddie Mac. Similar to conventional loans, Jumbo loans offer terms of 15, 20 or 30 years with mortgage insurance options for less than 20% down.

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Conventional

Conventional loans work well if you are looking to purchase or refinance a home loan and have at least a 5% down payment that is not guaranteed or insured by the federal government. Conventional loans come with the choice of 15, 20 or 30 year terms. If you have less than a 20% down payment, you will need mortgage insurance.

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From The Blog

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Insights

October 29, 2020

Don’t Give Up on Home Ownership

The idea of buying a home can be daunting. It can be an even more overwhelming if you have poor credit or a low income. But don’t give up. It may not be out of reach regardless of your current financial situation. There are things you can do to help you along your journey to owning your first or next home. Five Steps to Home Ownership 1. Check Your Current Credit Score Your credit rating, FICO score, is one of the most important considerations in qualifying for a home loan. It is based on the tracking and reporting from the three big credit reporting agencies - Equifax, Experian, and TransUnion. There are several places that allow you to get your FICO credit score for free. The first place to check for free access to your credit score is with your bank or credit union. These financial institutions typically offer clients …