Which Loan is Right For You?
In the past every home owner got the same loan: a 30 year fixed mortgage. Today there are many different loan programs and choosing the right one could save you hundreds of dollars on your monthly payments.
| Loan Programs | Advantages | Disadvantages |
30 year Fixed
15 year Fixed | - Monthly payments won't change
- Interest rate Fixed
- Protected if rates go up
- Can refinance if rates go down
| - Rate does not drop if interest rates improve
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| Apply now! |
| FHA | - Low down payment - minimum of 3.5%
- Common first time home buyer program
- Minimum 500+ credit score
- Allowed up to 6% seller concessions
| - Mortgage insurance is included in your payment for the life of the loan
|
| Apply now! |
| Conventional | - Down payment options as low as 3%
- No upfront mortgage insurance
- PMI falls off once you reach 20% equity in your home
- Allowed between 3-6% seller concessions
| - Higher credit score requirements - 620+
- No down payment assistance programs
|
| Apply now! |
| USDA | - No down payment required
- Allowed up to 6% seller concession
| - Home must qualify for USDA financing
- Higher credit score requirements - 640+
- Income restrictions
|
| Apply now! |
| VA | - Eligible buyers are not requires to have down payment funds
- No mortgage insurance or PMI required
| - Only service men and women eligible
|
| Apply now! |
| Bank Statement Loan | - Only 12 months bank statements are required for documentation
- Great for applications showing low income but high funds
- Designed for self-employed borrowers
| |
| Apply now! |
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| In addition to these standard loan programs we offer a large number of specialized loans to fit your needs! Call, text or email for more information. |
| Scenario: |
We recommend: |
| High debts, low income, low to average credit |
FHA |
| Low debts, low income |
USDA |
| Low debts, average to excellent income, good credit |
Conventional |
| Veteran, active or honorably discharged |
VA |
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