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Conventional Mortgage Loans
The conventional program is a mortgage that requires the homebuyer to put at least 5% down at closing.
Purchase and Refinance transactions are both eligible for conventional financing. Two versions are available: a fixed interest rate mortgage (consistent monthly payments) and an adjustable rate mortgage, which works well for people who want to keep their initial payments and interest rate at a minimum.
Fixed Rate Mortgage highlights
- Simplicity — stable payments with a fixed interest rate
- More Loan Program Options — from 10, 15, & 30 year terms
- Lower fees at closing
- Flexible options to purchase or refinance a primary residence, a second home, or an investment property
- No mortgage insurance is required if at least 20% of the property value is put down at closing
Adjustable Rate Mortgage highlights
- An initially low monthly payment, which allows the borrower to qualify for a larger mortgage amount
- Flexibility and stability can be enhanced with mortgage terms of 5, 7 and 10 years
- Annual lifetime (term) interest rate caps put a “ceiling” on how high interest rates can climb
- Typically a Lower interest rate than a fixed rate
Federal Housing Administration (FHA) Loans
The Federal Housing Administration (FHA) program offers government-backed home loans that are ideal for low and moderate income families, helping them achieve the dream of private homeownership.
FHA financing is available for purchasing a home or for refinancing your current home loan. FHA financing offers a fixed-rate option - designed for steady monthly payments - or an adjustable rate option (ARM) which helps keep the initial payment and rate at a minimum.
Ideal for borrowers who
- Are First time homebuyers
- Have a higher debt ratio
- Are Existing homeowners who want to eventually sell, using assumable financing at a lower than market rate, attracting more buyers
- Have limited funds for down payment and closing costs
- Have less than perfect credit
- Are using down payment assistance and/or grant money
Features of an FHA mortgage
- Low down payment — for as little as 3.5%
- Payment period that extends up to 30 years
- Higher seller contributions
- Qualifying guidelines that are less conservative than conventional financing
- Interest may be tax deductible
Veteran Affairs (VA) Loans
p>Department of Veteran Affairs (VA) mortgages are government-secured home loans created specifically for eligible veterans, military personnel and their spouses.
With an excess of 25.5 million veterans and military personnel, this loan has many advantages to help you achieve your dream of home ownership. Two versions are available: fixed interest rate mortgage (designed for steady monthly payments) and adjustable rate mortgage, which works well for people who want to keep their initial mortgage payments and interest rates at a minimum.
Ideal for veterans who
- Have a higher debt ratio
- Have less than perfect credit
- Have limited funds for a down payment
Features of a VA mortgage
- Loan amounts similar to conventional financing
- Lower interest rates
- Seller contributions toward closing costs allowed
- Qualifying guidelines that may be less conservative than typical conventional programs
- Interest may be tax deductible
- Up to 100% financing available (must meet certain criteria)
USDA Rural Development (RD) Loans
The United States Department of Agriculture Rural Development (RD) program offers a 100% financed mortgage for people who meet the minimum requirements, and want to live in a rural setting or small town.
RD loans are primarily used to help low-income individuals or households purchase homes in rural areas. These loans can be used to build, repair, or renovate homes. Rural Development loans are only available for properties located in designated areas and for those within specified income limits.
Ideal for borrowers who
- Have limited funds for closing
- Want to keep mortgage payments and mortgage insurance low
- Have low to moderate income
- Want to purchase in a rural area
Features of a RD mortgage
- 100% financing possible
- Not limited to first time homebuyers
- If certain criteria are met, closing costs can be rolled into mortgage
- No maximum purchase limit
- Interest paid may be tax deductible
- Competitive 30 year fixed rates
- Less funds required for closing
- Lower mortgage insurance than other financing options
- Available for low-to-moderate income households
Minimum and Maximum loan amounts apply. Rates and programs subject to change at any time. Loans subject to borrower qualifications, property evaluation and credit approval. All rates and program guidelines subject to change without notice based on consumer eligibility and marketing conditions. All loans subject to credit approval and compliance with underwriting standards.