we're here to help you choose the best loan type

Fixed Rate loan

30, 25, 20, 15, 10 year fixed rate for the entire term of the loan

benefit - rate stays the same during the entire term of loan

ARM loan

30 year loan fixed for the first 3, 5, 7, or 10 years - converts to an adjustable rate after the fixed term

benefit - lower interest rate for fixed period

Jumbo loan

30, 15 year fixed or ARM loan that is higher than conforming loan limits

benefit - ability to finance higher loan amounts

VA loan

Loans specifically designed for veterans that serve or have served in the military

benefit - lower rate, no down payment required to purchase home, or streamline refinance of an existing home

FHA loan

Government program for purchasing or refinancing a home

benefit - lower or no down payment to purchase a home, lower qualifying standards

Private financing

Private funds often used as a short term loan, higher interest rates and costs

benefit - low or no qualifying, based on assets or equity of property, can be used for unconventional property types

 

Reverse mortgage

Home loan for purchasing or refinancing a home for people over 62 years of age

benefit - no monthly mortgage payments (payment of property taxes and insurance are still required), no credit qualifying, lifetime loan - Reverse Mortgage or HECM (home equity conversion mortgage) loans are not FHA provided, however they are FHA insured.
This information is not from HUD or a government agency.

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