ALL LOAN PRODUCTS
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.
ADJUSTABLE RATE MORTGAGES (ARM)
Adjustable-rate mortgages include interest payments which shift during the loan’s term, depending on current market conditions. Typically, these loans carry a fixed-interest rate for a set period of time before adjusting.
FHA FRM AND ARM
FHA home loans are mortgages which are insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with a minimal down payment.
FHA 203(K) MORTGAGE
The Section 203(k) program is FHA's primary program for the rehabilitation and repair of single family properties. As such, it is an important tool for community and neighborhood revitalization, as well as to expand homeownership opportunities.
VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans 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.
The USDA guarantees certain types of mortgages. To qualify, the home must be the borrower’s principal residence and must be located within a USDA-eligible area. The USDA website contains interactive maps with which you can pinpoint an address or take a wider view of a region.
This loan product serves home buyers who may have low-to moderate income and limited cash for a down payment, requiring as little as 3% down, and is accessible to borrowers with credit scores as low as 620.
FANNIEMAE HOMESTYLE RENOVATION MORTGAGE
The HomeStyle® Renovation mortgage provides a convenient and economical way for borrowers considering moderate home improvements to make repairs and renovations with a single-close first mortgage, rather than a second mortgage, home equity line of credit, or other, more costly methods of financing.
FREDDIEMAC HOME POSSIBLE MORTGAGE
Home Possible® mortgages offer low down payments for low- to moderate-income homebuyers or buyers in high-cost or underserved communities.
A jumbo loan is one way to buy a high-priced or luxury home. If you have a lower debt-to-income ratio and a higher credit score, a jumbo loan may be right for you. The limit on conforming loans is $453,100 in most areas of the country, but jumbo mortgages can exceed these limits.
Loans that are labeled “non QM” mean that are outside of the compliance guidelines determined by the CFPB, thus requiring most lenders to manage the risks of these types of loans themselves. Doing so, however, they can provide more flexibility to borrowers who, for one reason or another, might not qualify for the other traditional loan productions.For example, self-employed or recently retired borrowers, or individuals with a short credit history or flawed credit from a past short sale or foreclosure may be eligible or those who seek a jumbo loan with a longer term.