Loan Programs and services

The FHA is a government agency inside the U.S. Department of Housing and Urban Development. An FHA loan is a type of mortgage that is insured by the Federal Housing Administration. Borrowers with FHA loans are required to pay for mortgage insurance so the lender is protected from a loss if the borrower happens to default on the loan itself. Due to the credibility of this insurance, lenders offer borrower-friendly FHA mortgage rates. Like the VA Loan, the Federal Housing Administration allows lenders to be flexible when considering applicants.

Before applying for a home loan, it is important to determine the best financial option for you. Conventional mortgages are loans that aren’t guaranteed or insured by the federal government. You may also refer to this type of loan as a non-GSE (non-government sponsored entity) loan. Also known as a conforming mortgage, the conventional loan complies with the parameters set by Freddie Mac and Fannie Mae. You may obtain either an adjustable or fixed rate while your maximum loan amount is determined by the county and state of the home.

Conventional loans can benefit an individual whether they are a first-time buyer or in the process of refinancing. Just like most home loans, this option is going to require proof of income and credit stability. A credit score of 620 or better is standard across this borrowing platform.

 Jumbo loans are larger than most conventional home loans, but are still considered a “traditional” loan program. 

If you are looking to apply for a Jumbo Loan then you are typically considering a property that is above the market’s average. Having the ability to borrow this amount of money is very beneficial, but getting approved for a jumbo loan is becoming more difficult each year. When beginning this process, you will want a mortgage specialist who is familiar with Jumbo Loans on your side.

While shopping for a Jumbo Loan, you will begin to notice this type of loan has a higher interest rate than conventional mortgages. With higher interest rates, the Jumbo Loan has increased flexibility during the pre qualification process, as well as a differing pay schedule once you close. The rate has the ability of being fixed or adjustable, as some Jumbo Loans only have an interest-only option available. Jumbo Loan characteristics are ever-changing and you should take time to discuss this in detail with us.