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Types of Loans

We want to make sure you're getting the best type of mortgage for your situation. Below is a brief explanation of the most common loan types we offer.

Veteran Memorial Service

VA Loans

These mortgage loans are guaranteed by the U.S. Department of Veterans Affairs (VA) and are designed to help veterans, active-duty service members, and eligible surviving spouses buy or refinance a home. VA loans often have more favorable terms than traditional mortgages, such as no down payment requirement, no mortgage insurance requirement, and more lenient credit and income requirements.

FHA Approved

FHA Loans

FHA loans are designed to help borrowers with lower credit scores and less money for a down payment to purchase a home. FHA loans have more flexible eligibility requirements than conventional loans, with a minimum credit score of 580 and a down payment requirement as low as 3.5%. FHA loans also have limits on how much borrowers can borrow. FHA loans can be used for a variety of purposes, including purchasing a primary residence, refinancing an existing mortgage, or financing home improvements.

USDA Loans

USDA Loans

USDA loans are designed to help low-to-moderate income borrowers purchase homes in eligible rural and suburban areas. USDA loans have no down payment requirement and offer low-interest rates, making them an affordable option for borrowers who meet the eligibility requirements. To be eligible for a USDA loan, the borrower's income must not exceed certain limits and the property must be located in an eligible area as defined by the USDA.

Housing Development

Conventional Loans

Conventional loans are backed by private lenders such as banks and credit unions. Conventional loans typically have more strict eligibility requirements than government-backed loans, including higher credit score and income requirements, as well as a down payment requirement of at least 3%. However, conventional loans offer more flexibility in terms of loan amount and repayment terms than government-backed loans. Conventional loans can be used to purchase a primary residence, second home, or investment property, as well as for refinancing an existing mortgage.

Luxury Homes

Jumbo Loans

Jumbo loans are used to finance higher-priced properties that exceed the conforming loan limits. Jumbo loans have higher loan amounts than conventional loans and are typically used to purchase luxury homes or properties in high-cost areas. Jumbo loans typically require a higher down payment and have more strict eligibility requirements, including a higher credit score and a lower debt-to-income ratio. Jumbo loans may also have higher interest rates and stricter underwriting guidelines than conventional loans due to the increased risk to the lender.

Laptop and Paperwork

Refinance Loans

Refinance loans are used to replace an existing mortgage with a new mortgage that has more favorable terms, such as a lower interest rate, lower monthly payments, or a shorter repayment term. Refinancing can help homeowners save money on their monthly mortgage payments, reduce the overall cost of their mortgage, or cash out equity in their home. Refinance loans can be either government-backed or conventional, depending on the borrower's eligibility and preferences. To qualify for a refinance loan, borrowers typically need to meet certain eligibility requirements, such as having a good credit score, sufficient income, and equity in their home.

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