OUR HOME LOAN OPTIONS

A conventional loan refers to any mortgage loan that lacks insurance or guarantee from the government, such as those provided under programs like the Federal Housing Administration, Department of Veterans Affairs, or Department of Agriculture loan programs.

An FHA loan is a government-backed mortgage loan designed to facilitate home purchases with more lenient financial requirements. Eligibility for an FHA loan is possible even with existing debt or a lower credit score. In some cases, individuals with a history of bankruptcy or other financial challenges may still qualify for an FHA loan.

Adjustable rate mortgages (ARMs) are a type of mortgage loan where the interest rates automatically adjust or fluctuate based on specific market indexes.

The conventional 30-year fixed-rate mortgage features a consistent interest rate and monthly payments that remain unchanged throughout the loan term. This option could be advantageous if you intend to reside in your home for seven years or more.

This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate and you’ll own your home twice as fast.

A jumbo loan surpasses the conforming loan limits established by Fannie Mae and Freddie Mac. As of 2021, the limit stands at $548,250 for most of the US, with exceptions in Alaska, Hawaii, Guam, and the U.S. Virgin Islands, where it is $822,373. Due to the increased risk for lenders, interest rates on jumbo loans tend to be slightly higher.

A USDA Home Loan, part of the USDA Rural Development Guaranteed Housing Loan Program, is a mortgage loan provided to rural property owners by the United States Department of Agriculture (USDA).

A VA loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs (VA). Qualified lenders may issue this loan, which is intended to provide eligible American veterans or their surviving spouses with long-term financing.

The 1% down with Rocket loan program typically involves a mortgage option where borrowers make a minimal 1% down payment, while the lender covers the rest of the down payment through a grant or credit. This innovative program aims to help buyers by reducing the initial cash required to buy a home, offering a more accessible path to homeownership.

Bank statement loans are a type of mortgage program in which lenders assess a borrower’s income using bank statements instead of traditional income verification methods such as pay stubs or tax returns. This option is frequently employed by self-employed individuals or those with non-traditional income sources, providing flexibility in demonstrating financial stability for loan approval.

Home Equity Loans (HELs) are fixed rate loans enabling homeowners to borrow against the equity in their homes. They receive a lump sum of money that is repaid over a specified period. HELs are commonly utilized for major expenses such as home renovations, debt consolidation, or other significant financial needs.

HELOCs (Home Equity Lines of Credit) are flexible loan programs that enable homeowners to borrow against the equity in their homes. Operating as a revolving line of credit, they permit borrowers to access funds as required. HELOCs are commonly used for purposes like home improvements, debt consolidation, or other significant expenses, with interest rates typically linked to the prime rate.

Debt-Service Coverage Ratio (DSCR) loans are tailored for real estate investors or commercial property owners. This program assesses the property’s income potential rather than the borrower’s personal income, concentrating on the property's capacity to generate adequate cash flow to cover loan payments. It provides a solution for income-producing properties where traditional income verification methods may not be applicable.