Looking for a mortgage program that fits your home buying needs? Look no further! We know buying a home can seem like a complicated and daunting task. Especially when it is likely to be the most expensive purchase you'll ever make.
Which is why we put together a quick guide to all the mortgage programs available to you!
Mortgage Programs We Offer
A quick guide to mortgage programs available to you.
FHA LOANS
This is the go to mortgage option for most Americans, that allows for lower minimum credit score requirements (580), and lower minimum down payments (3.5%).
FHA Loans are insured by the Federal Housing Administration (FHA) and require a minimum 3.5% down payment. One thing to keep in mind is that FHA Mortgage Loans have an upfront and monthly mortgage insurance premium.
Key Points: Low Credit Scores Considered
Low Down Payment 3.5%
Fixed & Adjustable Rates
5 - 30 Years Loan Terms
Easiest To Qualify For
FHA Loans are insured by the Federal Housing Administration (FHA) and require a minimum 3.5% down payment. One thing to keep in mind is that FHA Mortgage Loans have an upfront and monthly mortgage insurance premium.
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VA LOANS
A VA Mortgage Loan is guaranteed by the U.S. Department of Veterans Affairs which helps veterans, service members, and/or surviving spouses purchase a home.
VA Loans have many benefits such as low to $0 down payments requirements, no minimum required credit score unless imposed by the lender, and no mortgage insurance.
Key Points: Low Credit Scores Considered
Low to NO Down Payment
Fixed & Adjustable Rates
5 - 30 Years Loan Terms
No Mortgage Insurance
VA Loans have many benefits such as low to $0 down payments requirements, no minimum required credit score unless imposed by the lender, and no mortgage insurance.
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USDA LOANS
USDA Loans are offered by the U.S. Department of Agriculture. USDA Mortgage Loans are designed to help low to moderate income borrowers buy, repair or renovate a home in a rural area. And no, this doesn't mean you have to live on a farm. It is simply created to help borrowers purchase a home in rural areas.
There are areas and income limitations for the USDA mortgage loan, however there is no minimum down payment required.
Key Points: Low Rates Available
NO Down Payment Required
Fixed & Adjustable Rates
5 - 30 Years Loan Terms
No Loan limits
There are areas and income limitations for the USDA mortgage loan, however there is no minimum down payment required.
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CONVENTIONAL LOANS
You may have heard about Fannie Mae & Freddie Mac a few times. These are Conventional Loans, not backed by the government as the previous ones on this list but rather backed by private lenders.
These conventional programs have down payment requirements starting at 3% and usually have a minimum credit score required of 620. Monthly mortgage insurance is also included in your payment unless a 20% down payment is made when purchasing.
Key Points: Low Rates Available
3% - 20% Down Payment Required
Fixed & Adjustable Rates
5 - 30 Years Loan Terms
Loan Limits Based On Counties
These conventional programs have down payment requirements starting at 3% and usually have a minimum credit score required of 620. Monthly mortgage insurance is also included in your payment unless a 20% down payment is made when purchasing.
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CONSTRUCTION LOANS
If you're planning on building a house instead of buying, we have a One Time Close Construction Loan program available. This means you close on your mortgage loan before the construction begins.
This program can be used to get an FHA, VA, USDA or Conventional mortgage. Minimum credit score required is 640 and minimum down payments required are based on the type of loan chosen (FHA 3.5%, VA & USDA $0, and Conventional 5%-20%).
Key Points: Save On Closing Costs
3% - 20% Down Payment
Fixed & Adjustable Rates
5 - 30 Years Loan Terms
One Time Closing
This program can be used to get an FHA, VA, USDA or Conventional mortgage. Minimum credit score required is 640 and minimum down payments required are based on the type of loan chosen (FHA 3.5%, VA & USDA $0, and Conventional 5%-20%).
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