New Purchase and Refinance Loan Options

Overview

Any type of home buyer's loan that is not offered or secured by a government entitiy, such as the FHA, VA, or RD loans, but instead is available through or guaranteed by a private lender or the two government sponsored enterprises:  Fannie Mae and Freddie Mac

A Conventional Mortgage is the most common type of the homeowner loans issued in the US.

 

Benefits

• Competitive interest rates and lower fees
• Down Payment as low as 3%
• Borrow up to 97% of homes value
• Available for primary residences, second homes and rental properties 

Overview

A VA loan is a mortgage loan available through a program established by the US Department of Veterans Affairs. VA loans assist service members, veterans and eligible surviving spouses to become homeowners. The VA sets the qualifying standards, dictates the terms of the mortgages offered and guarantees a portion of the loan.

 

Benefits

• No down payment
• No private mortgage insurance premium requirement
• Closing costs are limited and a portion may be paid by the seller
• No prepayment penalties
• Out of pocket expenses may be gifted by a relative
• Subject to loan limits set by VA
• Properties must meet VA guidelines and be inspected by VA-approved appraisers

Overview

An FHA mortgage loan is issued by an FHA approved lender and insured by the Federal Housing Administration.  

Designed for low-to-moderate income borrowers, FHA loans require a lower minimum down payment and credit scores than many conventional loans.  FHA guarantees the loan and you pay for that guarantee through mortgage insurance premium payments. FHA loans are most popular with first-time homebuyers.

 

Benefits

• Competitive interest rates
• Down payment as low as 3.5% (can be gifted by a family member/ relative)
• Low Credit Qualifying
• Non-Owner Occupied Co-Borrower Allowed
• Up to 6% seller contribution for closing costs
• Low closing costs
• No income limits
• Flexible Requirements 

Overview

U.S. Department of Agriculture (USDA)/Rural Development (RD) loans provide low-to-moderate income households with the opportunity to buy homes as their primary residence in eligible rural areas.

Benefits

• Competitive Interest Rates
• 100% Financing
• Lower Credit Qualifying
• Low Monthly Mortgage Insurance
• Low Closing Costs
• Flexible Requirements
• Up to 6% Seller Paid Closing Costs Allowed