Services

• Probably the most popular type of home loan
• The interest rate never changes over the life of the loan (30 years)
• Lower monthly payment than loans with shorter terms
• Typically, best for borrowers who want a lower monthly payment because the payments are amortized over 30 years, however the loan may be paid off quicker by adding to the monthly payments

• The interest rate never changes over the life of the loan (15 years)
• Often used for refinancing purposes
• Lower monthly payment than loans with shorter terms
• Higher monthly payment than a 30-year loss, but less interest is paid over the life of the loan
• Typically, best for home buyers and home owners who wish to build equity and payoff their loan faster.  Because the borrower pay interest over fewer years, total interest payment are less

Note: Many times, a borrower can customize their conventional loan term

• Allows for down payments for as low as 3.5%
• Allows for borrowers with lower credit scores
• Mortgage insurance premium payments are required
• Typically, best for borrowers with lower credit scores and a down payment less than 20%

• No down payment is required
• Upfront VA funding fee required
• There is no mortgage insurance
• Best for military-qualified borrowers who want a low interest rate and do minimum down payment

• On most properties, no down payment is required
• There are home improvement loans and grants also available
• There are caps on income limits and property values
• Best for income-qualified borrowers in rural and some suburban areas who want a low or zero down payment

• Can have a fixed rate or adjustable rate
• Requires a minimum credit score – 700 or higher
• Usually requires a minimum down payment of 10% or more
• Best for expensive home purchases and borrowers who want to refinance an existing jumbo-mortgage

• Can be appropriate for disciplined borrowers who are willing to make periodic principal payments
• Helpful to borrowers who don’t expect to stay in a home for a long time
• Borrowers need to show substantial assets or a proven ability to pay back the loan
• Best for borrowers with a high monthly cash flow, a rising income, substantial cash savings or an income that varies from month to month.  Also good for borrowers who receive a large annual bonus that can be used to pay down the loan principal

Loans not backed by a government agency

A loan that meets local loan limits; the loan limits are set by the government.

Loans guaranteed by the Department of Veterans Affairs (VA loans), FHA-insured loans and loans backed or issued by the Department of Agriculture (USDA loans)

Also known as a HECM loan (Home Equity Conversion Mortgage); allows homeowners 62 years of age or older to withdraw some of the equity in their home and convert it to useable cash.  You do not have to make monthly mortgage payments or pay taxes on the proceeds.

The only reverse mortgage insured by the US Federal Government and only available through an FHA-approved lender

Enables you to withdraw a portion of your home equity. The amount available for withdrawal varies by borrower and depends on the following:

Age of the youngest borrower or eligible non-borrowing spouse

Current interest rate and

Lesser of appraised value or the HECM FHA loan limit or sales price

Proceeds from a Reverse mortgage can be used for the following: consolidate debt, living expenses, home improvements, helping children with college, buying another home