Loan Options

LOAN OPTIONS

Conventional 30 Year Fixed Mortgages

The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. For first time buyers, you can purchase with as little as 3% down, and your down payment can range however high you'd like. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then stable-rate loans are usually cheaper.
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Conventional 15 Year Fixed Mortgages

This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate and you’ll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn’t that great.
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VA Loans

A VA loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs (VA). The loan may be issued by qualified lenders. The VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses (provided they do not remarry).
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FHA Loans

An FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA). Essentially, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments.
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Jumbo Loans

A jumbo loan is a loan that exceeds the conforming loan limits as set by Fannie Mae and Freddie Mac. As of 2024, the limit is $766,550 for most of the US, and a few federally designed high cost markets will have higher loan limits. Rates tend to be a bit higher on jumbo loans because lenders generally have a higher risk.
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Non-QM Loans

Non-QM Loans are mortgages that don't meet the Consumer Financial Protection Bureau's (CFPB) requirement to be considered qualified mortgages. This includes Bank Statement Loans, DSCR Loans, etc.
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203K Loans

An FHA 203K loan is a loan backed by the federal government and given to buyers who want to buy a damaged or older home and do repairs on it. Here’s how it works: Let’s say you want to buy a home that needs a brand-new bathroom and kitchen. An FHA 203K lender would then give you the money to buy (or refinance) the house plus the money to do the necessary renovations to the kitchen and bathroom.
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USDA Loans

The United States Department of Agriculture (USDA) gives out a variety of loans to help low- or moderate-income people buy, repair or renovate a home in a rural area. Some of the popular types of loans are: the single family direct homeownership loan, the single family guaranteed homeownership loan, the rural repair and rehabilitation loan or grant and the mutual self-help loan. This guide will help you figure out what these loans are and whether you qualify.
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Reverse Mortgages

A reverse mortgage is a loan for seniors age 62 and older. HECM reverse mortgage loans are insured by the Federal Housing Administration (FHA) and allow homeowners to convert their home equity into cash with no monthly mortgage payments.
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