Mortgage Solutions
We want you to be informed and comfortable with the type of loan you choose. Below we have provided information on conventional loans and what we offer. When you are ready, our experienced team can help you decide which type is the right fit for you.
A conventional mortgage is a home loan that isn’t guaranteed or insured by the federal government. Conventional mortgages that conform to the requirements set forth by Fannie Mae and Freddie Mac typically require down payments of at least 3%. Borrowers who put at least 20% down do not have to pay mortgage insurance premiums, which are typically required with FHA loans .
An FHA loan allows a smaller down payment and has lower minimum credit scores. The downside: Mortgage insurance premiums commonly last for the life of the loan.
An FHA loan is a home loan the Federal Housing Administration insures. FHA loans require a smaller a down payment and lower closing costs and allow relaxed lending standards to help homeowners who don’t qualify for a conventional mortgage.
The FHA provides mortgage insurance on loans issued by private lenders, backing them financially in case borrowers default or do not honor the terms and conditions of their mortgages. The premiums on the insurance are paid by the borrower.
A VA loan is issued by a private lender and insured by the Department of Veterans Affairs . It’s a valuable benefit — offering a mortgage with a lower-than-most interest rate that usually requires no down payment — for qualified U.S. veterans, active-duty military personnel and certain surviving spouses. You’ll complete the loan process with a bank, broker or credit union, or online, just like everyone else, but with some key differences along the way.
Perhaps you feel more at home surrounded by pastures than pavement. If so, buying a home might be well within reach, thanks to the U.S. Department of Agriculture mortgage program. In fact, the USDA might have one of the government’s least-known mortgage assistance programs.
A USDA home loan is a zero down payment mortgage for eligible rural and suburban homebuyers. USDA loans are issued through the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program , by the United States Department of Agriculture.
In 2017, as a part of its Rural Development program, the USDA helped some 127,000 families buy and upgrade their homes. The program is designed to “improve the economy and quality of life in rural America.” It offers low interest rates and no down payments, and you may be surprised to find just how accessible it is.