So, you’re looking to get a mortgage…but what program is right for you? Read on for an overview of some common loan programs – then reach out to one of our licensed professionals to determine your options.
A conventional loan, also known as a conforming loan is a mortgage that is equal or less than the loan limit set by Fannie Mae or Freddie Mac. While not backed by a government agency, these loans are amongst the most common loan type used.
FHA Loan (Federal Housing Administration)
Insured by the Federal Housing Administration, FHA loans allow lower down payments and offer greater flexibility in lending guidelines, helping to increase the reality of home ownership by families and first-time home buyers.
USDA Loan (US Department of Agriculture)
Offered for homes located within eligible rural areas, USDA loans are designed to help lower-income households gain access to home loans at reasonable interest rates.
VA Loan (Veterans Affairs)
Available for Veterans, Active-Duty Personnel, Reservists/National Guard, and some surviving spouses, VA loans are government-insured loans that require little to no down payments for eligible applicants.
Fixed-Rate Loan (FRM)
A fixed-rate mortgage features a fixed percentage rate and loan amount, causing the monthly principal and interest payment to be the same every month throughout the life of the loan.
Adjustable-Rate Loan (ARM)
Adjustable-rate mortgages (ARMs) have a variable interest rate and monthly payments that are recalculated on a regular basis to reflect changes in the market interest rate.
A type of non-conforming mortgage, a Jumbo loan is a type of home loan that is designed for buyers who are seeking to finance a larger purchase, exceeding the conforming loan limits set forth by Fannie Mae.
Are there other loan options available – and what are my options?
Yes, there are other options that may be available to qualified buyers – and we would love to help you figure out what option would be best for you!
Get in touch with us today to be connected with a licensed Loan Officer who can help you determine your options based upon your current financial situation, as well as your goals.
This is for informational purposes only and is not a commitment to lend. Terms and conditions of programs, products, and services are subject to change without notice. All loans are subject to credit and property approval. Certain restrictions may apply on all programs. Not all applicants will qualify. Any opinions expressed in this article are those of the author(s) and do not necessarily reflect the official policy or position of Mortgage Trust, Inc.
Mortgage Trust, Inc. is an Equal Housing Lender. NMLS 3250