Which type of loan is right for you?
For more information, contact Branch Manager & Senior Mortgage Banker, Brian Morris (NMLS #140676) at 919-624-7077 or brianmorris@atlanticbay.com.
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. 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.
Low closing costs
Fixed and adjustable rates
Purchase or refinance
Flexible mortgage insurance options
FHA LOAN
Affordable loans with down payments as little as 3.5% and more flexible underwriting criteria.
3.5% down payment
Gift funds accepted for down payment
Flexible qualification guidelines for income and credit
Purchase and refinance
JUMBO LOAN
Favorable loan terms for those seeking loan amounts above $424,100.
Loan amounts exceed traditional loan limits ($424,100 and above)
Purchase or refinance
Larger down payment
RENOVATION LOAN
Offers maximum flexibility for homes that need repairs or remodeling.
For repairs, upgrades, and remodeling
Purchase or refinance
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.
For homeowners of retirement age (62+)
Purchase or use funds for home improvements, pay off debt, or retirement expenses
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.
Rural areas
No down payment
Fixed interest rate
Income limits apply
VA LOAN
Great for veterans, active duty, and reservists with 100% financing available. Spouses of service members may also qualify.
Veterans, service members, and spouses of service members are eligible
100% financing up to the allowable county limit
No monthly mortgage insurance
Purchase and refinance
Benefits are reusable
Loan programs may change at any time with or without notice. Information deemed reliable but not guaranteed. All loans subject to credit approval and property appraisal. Not a commitment to lend.
To continue reading this article on www.NewHomesandIdeas.com, click here: Which Loan is Right for You?