Conventional Loans (also known as a Traditional Mortgage) offer a wide Variety of Loan Terms, and the Guidelines are bit more flexible in regards to the condition of the Property. Conventional Loans are not Income restricted, but do have Loan amount limits as outlined by Fannie & Freddie Mac. Mainly designed for borrowers with Credit scores above 700. The Minimum Down Payment for this program in most cases is 5%. This program can be used for Owner Occupied Properties, 2nd Homes, and Investment Properties of up to 4 Units. Purchase or Refinance.
FHA Loans are a bit more flexible regarding borrower’s credit scores. We typically like to see Credit scores of 620 or above, but exceptions can be made on a case by case basis. The condition of the Property must meet the FHA’s Minimum Required Property Standards. The Minimum Down payment for this program is 3.5%. This program is Not income restricted, but does have Maximum Loan Amounts as outlined by the Department of Housing and Urban Development. This Program is for Owner Occupied Properties Only. Purchase or Refinance.
The Rural Development Loan is a Zero Down Payment Option Loan. This program is only offered with a 30yr Fixed Rate. We prefer to see a credit score of at least 660 for these types of Loans. This program is Geographically specific and the Home must be in an eligible area. This program also has Income restrictions, based on the location and number of persons that will be occupying the home. This Program is for Owner Occupied Properties Only. Purchase Only.
The VA Loan is designed for Veterans, Current Military personnel, and surviving Spouses. The VA Loan is a Zero Down Payment Loan, and is a Benefit Earned by all the Men & Women of the Armed Forces. There are No Income Restrictions, but Loan Amounts are limited as outlined by the Department of Veterans Affairs. The VA Loan is for Owner Occupied Properties Only. Purchase or Refinance.
The 203k Rehab Loan, is for Owner Occupied Properties Only and is designed to finance in Home Improvement/Remodeling costs. There are No Income restrictions, but Loan amounts are limited as outlined by The Department of Housing and Urban Development. The Loan can be used for a Purchase or a Refinance.
Jumbo Loans are any Loan amounts above Fannie Mae & Freddie Mac’s Maximum Allowable Loan amounts (Typically over $453,100.00 for Single Family Homes). Please call or Apply Online for Interest Rates and Pricing on these Loans.
Please contact us Today to discuss which Loan Option will work best for you!