LOAN PROGRAMS
WHICH MORTGAGE IS RIGHT FOR YOU?
There are a number of different types of home loans available to you, and it can pay to familiarize yourself with them. Luckily we’re here to help you choose the best type of home loan for your needs.
CONVENTIONAL
A conventional loan is a mortgage option not backed by a government agency. Offered by private lenders, it adheres to guidelines set by Fannie Mae and Freddie Mac. With varying terms and fixed or adjustable rates, it suits diverse property types. While it may demand a higher down payment and credit score, it provides flexibility and avoids some requirements of government-backed loans.
VA
The VA Loan provides veterans with a federally guaranteed home loan which requires no down payment. This program was designed to provide housing and assistance for veterans and their families.
FHA
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.
USDA
If you're looking to buy a home in a rural or suburban area with no down payment and minimal investment, you might consider the USDA Rural Development Loan.
JUMBO
As the name implies, a jumbo loan covers a larger-than-normal loan amount. More specifically, a jumbo loan is any mortgage that exceeds an area’s conforming loan limits, which are set yearly by the Federal Housing and Finance Agency (FHFA). Jumbo loans can be used for primary homes, investment properties and vacation homes.
NON-QM
Non-QM stands for Non-Qualified Mortgage. These are loans for borrowers who may not meet the requirements of standard loan programs. Non-QM loans are also more flexible in terms of credit. Non-QM loans typically have a special income qualification. Ex: Bank Statements, P&L, Foreign National, DSCR, ITIN.