Types of Mortgage Loans
There are many different types of mortgage loans for you to choose from. From conventional to FHA to VA, here we explain the different types of loan products that we offer our clients. While you have the final say on what type of mortgage you apply for, our job is to get you the best price in the industry.
A Conventional loan, also referred to as a mortgage, is used either by purchasers of real property to raise funds to buy real estate; or alternatively by existing property owners to raise funds for any purpose, while putting a lien on the property being mortgaged. This is the most common type of mortgage loan.
See Our Conventional Loan Programs
An FHA insured loan is a US Federal Housing Administration mortgage insurance backed mortgage loan which is provided by an FHA-approved lender. FHA insured loans are a type of federal assistance and have historically allowed lower income Americans to borrow money for the purchase of a home that they would not otherwise be able to afford.
See Our FHA Loan Programs
The VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses (provided they do not remarry). The basic intention of the VA direct home loan program is to supply home financing to eligible veterans in areas where private financing is not generally available and to help veterans purchase properties with no down payment.
See Our VA Loan Programs
A USDA home loan from the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, is a mortgage loan offered to rural property owners by the United States Department of Agriculture. USDA Loans don’t require a down payment, and are mainly for borrowers who aren’t wealthy and can’t get a traditional mortgage. With subsidies, interest rates can be as low as 1%
See our USDA Loan Program
In the United States, a jumbo mortgage is a mortgage loan that may have high credit quality, but is in an amount above conventional conforming loan limits. As of 2010, the limit on a conforming loan in “general” areas was $453,000 for most of the US, apart from Alaska, Hawaii, Guam, and the U.S. Virgin Islands, and “high cost” area where the limit was $625,500.
See Our Jumbo Loan Programs
A renovation loan, also referred to as a rehab loan, enables home buyers and homeowners to finance both the purchase or refinance along with the renovation of a home through a single mortgage.
See Our Renovation Loan Programs
Non-Prime , or Subprime, loans are loans for people who may have difficulty maintaining the repayment schedule, sometimes reflecting setbacks, such as unemployment, divorce, medical emergencies, etc. Historically, subprime borrowers were defined as having FICO scores below 640, although this has varied over time and circumstances.
See Our Non-Prime Loan Programs
Certain property types such as time-shares, co-ops, some manufactured homes, and bed and breakfasts may not be available for mortgage or home equity financing. Investment property loans typically have higher interest rates, larger down payments, and different approval requirements. You may also have other expenses to consider, such as homeowners association dues, cleaning services, flood insurance, and utilities.
See Our Investor Loan Programs