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Loan Programs

There are many kinds of loan programs available, each with their own pros and cons.

  • Conventional Loans
    • Conventional loans adhere to Fannie Mae or Freddie Mac guidelines
    • A conventional loan can have a fixed or adjustible rate.
    • A conventional loan can be conforming or nonconforming.
  • FHA Loans
    • Insured by the Federal Housing Administration (FHA), a Government organization.
    • Low down payment and gift options help borrowers qualify for a home.
  • VA Loans
    • Guaranteed by the U.S. Department of Veteran Affairs (VA).
    • The VA loan offers financing to eligible veterans and their surviving spouses.
    • No down payment.
  • USDA Loans
    • USDA Loans help lower income families to fulfill their dream of owning a home
    • Only available in accepted rural areas
    • Partnering with local lenders, they provide 100% financing opportunities.
  • Jumbo Loans
    • A jumbo loan is a type of mortgage that exceeds the required limits set by Fannie Mae and Freddie Mac.
    • Jumbo loans must be maintained in the portfolio or be sold to private investors.
  • Fixed Rate Mortgages
    • A fixed-rate mortgage (FRM) is a fully amortizing mortgage loan.
    • The interest rate and payment remain the same for the duration of the loan.
    • 15-year and 30-year fixed-rate mortgages are the most common, although other terms are often available (from 10 to 50 years).
  • Adjustable Rate Mortgages
    • An adjustable rate mortgage (ARM) is a mortgage loan whose interest rate is adjusted periodically based on certain parameters (as described below).
    • The 5-year and 7-year adjustable rate mortgages are the most common although other terms are often available (from 3 to 10 years).
  • Reverse Mortgages
    • A reverse mortgage is a loan that allows seniors to access the equity in their home with no credit or income qualifications.
    • Repayment is required only when the borrower dies, sells the home, or moves out of the property for more than 365 consecutive days.
    • The homeowner must continue to pay the real property taxes, keep the house fully insured and maintain the property in good condition. Failure to do these may result in foreclosure.
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