Which Mortgage Option
Is Right for You?
There are a number of different types of home loans available to you, and it can pay to familiarize yourself with them. Luckily we’re here to help you choose the best type of home loan for your needs.
Loan Programs
FHA Home Loan
An FHA loan is a mortgage issued by an FHA-approved lender and insured by the Federal Housing Administration (FHA). Designed for low-to-moderate income borrowers, FHA loans require lower minimum down payments and credit scores than many conventional loans.
VA Loans
VA loans assist service members, veterans and eligible surviving spouses to become homeowners, offering up to 100% financing on the value of a home.
USDA Loans
The USDA Guarantee loan is a 100% financing mortgage for moderate-to-low income homebuyers in eligible rural and suburban areas. Loans are issued through the USDA Rural Development Guaranteed Housing Loan Program, which was created by the U.S. Department of Agriculture.
Reverse Mortgages
A reverse mortgage works by allowing homeowners age 62 and older to borrow from their home's equity without having to make monthly mortgage payments. As the borrower, you may choose to take funds in a lump sum, line of credit or via structured monthly payments.
NONQM/Portfolio
Non-Qualified Mortgages (Non-QM) are designed for good borrowers with good credit unique financial circumstances; self-employed borrowers that cannot show their income documentation tax returns, 1040, schedules, etc.
Conforming Loans
A conforming loan is a mortgage that is equal to or less than the dollar amount established by the Federal Housing Finance Agency (FHFA) and meets the funding criteria of Freddie Mac and Fannie Mae. For borrowers with excellent credit, conforming loans are advantageous due to the low interest rates affixed to them.
Commercial
Commercial real estate (CRE) is income-producing property used solely for business (rather than residential) purposes. Examples include retail malls, shopping centers, office buildings and complexes, and hotels.
Jumbo Loans
The value of a jumbo mortgage varies by state – and even county. The FHFA sets the conforming loan limit size for different areas on an annual basis, though it changes infrequently. As of 2019, the limit was set at $484,350 for most of the country. That was increased from $453,100 in 2018.