TYPES OF LOANS WE OFFER
Explore the possibilities of homeownership with our diverse range of home loans designed to suit your specific needs. Whether you're a first-time buyer looking for an affordable option, a seasoned homeowner seeking to refinance, or someone interested in a construction loan for a custom-built dream home, we have a solution for you. Our selection includes fixed-rate mortgages for stability, adjustable-rate mortgages for flexibility, and government-backed loans for those who qualify. With competitive interest rates, transparent terms, and a commitment to guiding you through every step of the process, we're dedicated to making your homeownership journey a smooth and rewarding experience. Trust us to help turn your homeownership dreams into reality with our tailored home loan options.
FHA LOAN
An FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA). The loan has more flexible lending requirements than a conventional loan, making it easier for homeowners to qualify. The FHA loan allows for lower credit scores and higher debt-to-income ratios than conventional loans, making it an ideal option for many first-time homebuyers or those with less-than-ideal credit. FHA loans also have lower down payment requirements than conventional loans, allowing for a smaller down payment of 3.5%. In some cases, FHA loans may even offer down payment assistance programs. Additionally, FHA loans are assumable, meaning that if a borrower sells their home, the new owner can take over the loan and continue making payments.
USDA LOAN
A USDA loan is a mortgage loan offered by the United States Department of Agriculture to borrowers with low and moderate incomes. The purpose of the loan is to promote homeownership in rural and suburban areas of the country. USDA loans are available to individuals and families who meet certain income and credit criteria and are unable to obtain financing from other sources. USDA loans can be used to purchase existing homes, build new homes, make energy-efficient home improvements, and more. USDA loans offer competitive rates, flexible terms, and no down payment requirements. Additionally, USDA loans are backed by the federal government, which provides added security to lenders.
CONVENTIONAL LOAN
Conventional loans have fixed-rate and adjustable rate options. Fixed-rate mortgages have an interest rate that remains the same for the life of the loan, while adjustable rate mortgages (ARMs) have an interest rate that changes periodically. Conventional loans may require a down payment of 5-20%. Private mortgage insurance (PMI) is required for down payments of less than 20%.
JUMBO LOAN
A jumbo loan is a type of mortgage loan that exceeds the conforming loan limit set by the Federal Housing Finance Agency (FHFA). In most counties, the conforming loan limit is $510,400 for a single-family home. Jumbo loans are used to purchase higher-priced homes because the amount borrowed exceeds the limits set by FHFA.
Jumbo loans typically require a higher credit score and a larger down payment than conforming loans. Borrowers may also be subject to stricter underwriting guidelines due to the higher loan amount. In some cases, private mortgage insurance may be required, and the interest rate is usually higher than for a conforming loan.
VA LOAN
A VA Loan is a type of mortgage loan that is guaranteed by the U.S. Department of Veterans Affairs (VA). It is available to eligible military personnel, veterans, and their surviving spouses. VA Loans offer a number of advantages compared to conventional loans, including no down payment, no private mortgage insurance (PMI), and lower interest rates. Additionally, VA Loans are easier to qualify for than traditional loans, and they can be used to purchase a primary residence, build a home, make energy-efficient improvements, or refinance an existing loan.
CONSTRUCTION LOAN
A Construction Loan is a short-term loan that is used to finance the cost of building or remodeling a property. These loans are often used to cover the costs of materials, labor, permits, and other expenses related to the construction or renovation of a home or other real estate. Construction loans are typically taken out for a period of 12 months and have variable interest rates that fluctuate with the prime rate. Construction loans are often used in conjunction with other types of financing, such as home equity loans or lines of credit.