Fixed Rate Mortgages (FRM)
The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan’s lifetime. Fixed Rate Mortgages are available with Conventional, FHA, RD and VA loans.
Conventional mortgages are available with both fixed rate or adjustable rate (ARM) options. They are not insured or guaranteed by the federal government and can have stricter requirments for a borrower to qualify versus a government insured loan.
FHA home loans are mortgages which are insured by the Federal Housing Administration (FHA), make homebuying more affordable allowing borrowers to get low mortgage rates with a minimal down payment.
USDA loans , also known as Rural Development Mortgages, and are backed by the Unites States Department of Agriculture. These mortgages offer a no money down, 30-year home loan for those interested in purchasing or currently own rural property. Both the property and the borrower must meet the eligibility requirements.
VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans exceptional benefits, including low interest rates and no down payment requirement. This program was designed to help military veterans realize the American dream of home ownership.
Manufactured Home Loans
Mortgages for manufactured homes are a available through Conventional (Fixed Rate Mortgage), FHA, as well as VA Loan programs. Down payment requirements can vary with each program.
Jumbo mortgages are conventional loans with amounts that exceed the current conforming loan limits set by the Federeal Housing Finance Agency. The borrower has the option of a fixed rate or adjustable rate (ARM) mortgage with financing available for loan amounts up to 2 million.
Renovation and RD Construction Loans
Renovation mortgages are available for both purchase and refinance with the Fannie Mae Homestyle Mortgage (Conventional) and FHA 203k Mortgage where eligible repairs, improvements, or remodeling can be financed. Mortgages through RD Construction (USDA) can build a new home and must meet Rural Development eligibility requirements.
What kind of loan program is best for you?
Should you get a fixed-rate loan or a government loan? Deciding which mortgage product is best for you will depend largely on your unique circumstances, and there is no one correct answer. We will help you review all the options so that you can decide which program best suits your needs.
Our user-friendly calculator puts you in charge of estimating your mortgage payment.