We offer a variety of different type mortgage loans
FHA Loans
Choosing FHA Financing for your home loan is a wise decision. The costs associated with the FHA Loan Program differ from other types of home financing. Benefits may include the following:
- Smaller down payments
- Attractive interest rates
- Allowance of gift funds
- 6% seller contributions
- Lower closing costs
- Less stringent credit requirements
All of these benefits mean less money is required from you at the closing table! Find out how you can start taking advantage of this opportunity by applying for your loan now.
VA loans
VA loans are guaranteed by U.S. Dept. of Veterans Affairs. The guaranty allows veterans and service persons to obtain home loans with favorable loan terms, usually without a down payment. In addition, it is easier to qualify for a VA loan than a conventional loan. Lenders generally limit the maximum VA loan to $417,000. The U.S. Department of Veterans Affairs does not make loans, it guarantees loans made by lenders. VA determines your eligibility and, if you are qualified, VA will issue you a certificate of eligibility to be used in applying for a VA loan.
VA-guaranteed loans are obtained by making application to private lending institutions. If you are interesting in obtaining a VA-guaranteed loan click here and apply now.
Conforming Loans better know as Conventional Loans
Conventional loans may be conforming and non-conforming. Conforming loans have terms and conditions that follow the guidelines set forth by Fannie Mae and Freddie Mac.
Fannie Mae and Freddie Mac guidelines establish the maximum loan amount, borrower credit and income requirements, down payment, and suitable properties. Fannie Mae and Freddie Mac announces new loan limits every year.
The 2008 conforming loan limits for first mortgages remain at the limits set in 2006 and 2007:
| One-family: |
$417,000 |
| Two-family: |
$533,850 |
| Three-family: |
$645,300 |
| Four-family: |
$801,950 |
Minimal down payment requirements for Conventional loans are 5%. The credit requirements are typically more stringent than those of the VA and FHA loan. Apply for your loan now and see what you qualify for.
Jumbo Loans
Loans above the maximum loan amount established by Fannie Mae and Freddie Mac are known as 'jumbo' loans. Because jumbo loans are bought and sold on a much smaller scale, they often have a little higher interest rate than conforming, but the spread between the two varies with the economy. We offer the most competitve Jumbo products and pricing in the industry. Apply here for a custom quote. |
