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Loan Programs

FHA LOANS

An FHA insured mortgage is backed by the Federal Housing Administration (FHA) and is provided by an FHA approved lender.

FHA Loans have become so popular in today’s lending climate because they can be much more accommodating than other mortgage loan programs.

    Benefits:
  • Allows for use of gifts for down payment and closing costs
  • No prepayment penalties
  • An FHA loan may be assumable
  • Possible leniency during financial hard times
  • Funding for home improvement (through FHA 203K programs)
  • Flexible credit, income and debt requirements
  • Low down payment requirements
  • Allows for a seller concession of up to 6% of the sales price for buyer's closing costs
  • Higher allowable debt-to-income ratios


Conventional Loans

A Conventional mortgage loan is not insured or guaranteed by the federal government, but it does follow the guidelines of government-sponsored agencies (GSA's), such as Fannie Mae and Freddie Mac.

Both Fannie Mae and Freddie Mac are stockholder-owned corporations and are not part of the federal government.

    Benefits:
  • No Premium Mortgage Insurance (PMI)
  • Monthly Mortgage Insurance (MMI) is usually less
  • No Mortgage Insurance (monthly or premium) with a 20% down payment or more
  • Option to pay a one-time "Single-Premium" Mortgage Insurance to eliminate Monthly Mortgage Insurance when giving less than 20% down
  • Lower interest rates when giving 20% down or more
  • No pre-payment penalties
  • Allows for a seller concession of up to 3% of the sales price for buyer's closing costs if the down payment is less than 10%
  • Allows for a seller concession of up to 6% of the sales price for buyer's closing costs if the down payment is 10% or more


VA Loans

VA Loans are guaranteed by the Department of Veteran Affairs and are issued to help eligible service members, veterans, reservists and certain unmarried surviving spouses, the assistance to obtain homes.

A VA Loan is a powerful and flexible lending option for qualified military members.

    Benefits:
  • No down payment required
  • No Monthly Mortgage Insurance (MMI)
  • Flexible credit, income and asset requirements
  • Very competitive rates
  • Allows for use of gifts for down payment and closing costs
  • Allows for a seller concessions of up to 4% of the sales price for buyer's closing costs
  • No pre-payment penalties
  • Higher allowable debt-to-income ratios
  • The buyer may only be charged the fees and other charges prescribed by VA as allowable


USDA Loans

A USDA (Rural Development) Guaranteed Loan is a Government insured 100% purchase loan. These loans are only offered in rural areas and serviced by direct lenders that meet federal guidelines.

Under the terms of the program, an individual or family may borrow up to 100% of the appraised value of the home, which eliminates the need for a down payment.

    Benefits:
  • No down payment required
  • No Monthly Mortgage Insurance (MMI)
  • Can finance up to 100% of the "appraised value", which allows for the buyer's closing costs to be financed into the loan
  • 30-Fixed Rate option only
  • No pre-payment penalties
  • No limit on seller concessions for buyer's closing costs.

    • We also offer a variety of other programs including:

  • HomePath
  • Jumbo Loans
  • HUD REO $100 Down
  • Down Payment Assistance Programs
  • FHA Streamline 203K (Rehabilitation Loan)
  • My Community Program
  • Energy Efficient Mortgages (EEM)
  • Neighborhood Solution Program
  • City and County Down Payment Assistance programs