Which type of loan is right for you?
Buying a home is a major decision. Your home is your greatest asset. With so many options, it can be difficult to know which loan is the right type of loan for your unique situation.
Posted — UpdatedBuying a home is a major decision. Your home is your greatest asset. With so many options, it can be difficult to know which loan is the right type of loan for your unique situation. Whether you are purchasing a new home, completing renovations or refinancing there are many choices to navigate though. This valuable information will help you get started in the right direction.
CONVENTIONAL LOAN
Conventional Advantage Loan: Best for people that have at least a 5% down payment and good credit.
Conventional Plus Series Loan: Down payments as low as 3% for income-qualifying borrowers.
Flexible mortgage insurance options
FHA LOAN
Affordable loans with down payments as little as 3.5% and more flexible underwriting criteria.
Purchase and refinance
JUMBO LOAN
Favorable loan terms for those seeking loan amounts above $424,100.
Larger down payment
RENOVATION LOAN
Offers maximum flexibility for homes that need repairs or remodeling.
FHA and conventional loans available
REVERSE MORTGAGE
For homeowners over the age of 62, this loan gives those of retirement age the ability to access their home’s equity for expenses or another home purchase.
No monthly principal or interest mortgage payment
USDA LOAN
For income-qualifying borrowers who live in rural or low-population areas and need 100% financing.
Income limits apply
VA LOAN
Great for veterans, active duty, and reservists with 100% financing available. Spouses of service members may also qualify.
Benefits are reusable
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