Mortgage Loan Programs
Explore our comprehensive suite of home financing options. We offer tailored solutions for first-time buyers, veterans, investors, and homeowners looking to refinance.
Key Takeaways: Choosing Your Loan
- • Conventional: Best for strong credit (620+); down payments as low as 3%.
- • FHA: Ideal for lower credit scores (580+) or limited savings; 3.5% down.
- • VA: Exclusive to eligible military; 0% down and no monthly PMI.
- • Jumbo: For high-value properties exceeding conforming loan limits.
What is a Conventional Loan?
A conventional loan is a mortgage that is not backed by a government agency. Instead, these loans follow guidelines set by Fannie Mae and Freddie Mac. They are the most popular type of mortgage due to their flexibility and competitive rates.
Who is it best for?
Homebuyers with good to excellent credit scores (typically 620 or higher) and a stable income history. If you can make a 20% down payment, a conventional loan allows you to avoid Private Mortgage Insurance (PMI) entirely.
Key Requirements & Benefits
- Minimum down payment of 3% for first-time buyers (5% for repeat buyers)
- Minimum credit score of 620
- PMI can be canceled once you reach 20% equity
- Available in 15, 20, and 30-year fixed terms, plus ARM options
What is an FHA Loan?
An FHA loan is a mortgage insured by the Federal Housing Administration. This government backing protects the lender, allowing them to offer more lenient qualifying guidelines to borrowers.
Who is it best for?
First-time homebuyers, individuals with less-than-perfect credit, or those who haven't saved a large down payment. It's an excellent stepping stone into homeownership.
Key Requirements & Benefits
- Minimum down payment of 3.5%
- More forgiving credit requirements (minimum 580 score for 3.5% down)
- Higher debt-to-income ratios allowed compared to conventional loans
- Requires both Upfront Mortgage Insurance Premium (UFMIP) and annual MIP
What is a VA Loan?
A VA loan is a $0-down mortgage option issued by private lenders and partially backed, or guaranteed, by the Department of Veterans Affairs (VA). It is arguably the most powerful mortgage option on the market.
Who is it best for?
Eligible active-duty service members, veterans, and surviving spouses who want to purchase a primary residence without the burden of a down payment or mortgage insurance.
Key Requirements & Benefits
- 0% down payment required in most cases
- No private mortgage insurance (PMI) required
- Competitive interest rates
- Requires a Certificate of Eligibility (COE)
- VA Funding Fee applies (can be rolled into the loan)