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You've Got Options
Whether it is a Conventional, VA, FHA, or Jumbo loan - we can help.
Conventional Loans
Conventional home loans are mortgage loans that are not insured or guaranteed by a government agency such as the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA). These loans are originated and serviced by private lenders, and are typically available to borrowers with a steady source of income.
These loans often require a down payment of at least 3-5%, and the interest rate and terms of the loan are determined by the borrower's creditworthiness and other factors such as the loan amount and length of repayment period.
FHA Loans
FHA loans are mortgage loans that are insured by the Federal Housing Administration (FHA.) These loans are designed to help borrowers who may not qualify for conventional home loans or those with lower credit scores. FHA loans typically require a lower down payment than conventional loans, often as little as 3.5% of the purchase price.
Additionally, FHA loans may have more flexible credit and income requirements, making it easier for some borrowers to qualify. FHA loans may also require mortgage insurance premiums (MIP) which adds to the overall cost of the loan.
VA Loans
VA loans are mortgage loans that are guaranteed by the U.S. Department of Veterans Affairs (VA) and are available to eligible veterans, active-duty service members, and their surviving spouses. VA loans are designed to help veterans and their families purchase homes with low or no down payment. They do not require a down payment and may offer more flexible credit and income requirements compared to conventional loans.
In addition, VA loans may have lower interest rates and do not require private mortgage insurance (PMI), which can reduce the overall cost of the loan. They have some unique features, such as the VA Funding Fee, which helps to fund the VA loan program and is typically added to the loan amount, rather than paid upfront.
Jumbo Loans
Jumbo loans are mortgage loans that exceed the limits set by government-sponsored entities such as Fannie Mae and Freddie Mac. The 2023 limit for conventional conforming loans is $726,200 in most areas, but jumbo loans start at $726,201 and can range up to several million dollars, depending on the area's housing market. Jumbo loans are often used to finance luxury homes or properties in high-cost areas where home prices exceed the conforming loan limits.
Because of their size, jumbo loans often require a higher down payment and stricter credit and income requirements than conventional loans. These loans are originated by private lenders, such as banks and mortgage companies, and may be fixed-rate or adjustable-rate loans.