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.
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The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan's lifetime.
Adjustable-rate mortgages include interest payments which shift during the loan's term, depending on current market conditions. Typically, these loans carry a fixed-i...
Interest only mortgages are home loans in which borrowers make monthly payments solely toward the interest accruing on the loan, rather than the principle, for a specif...
Graduated Payment Mortgages are loans in which mortgage payments increase annually for a predetermined period of time (e.g. five or ten years) and...
A conventional loan is a type of loan that is not insured by the government. Conventional loans offer more flexibility and fewer restrictions for borrowers, especially those borrowers with good credit and steady income.
FHA home loans are mortgages which are insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with a minimal down payment.
VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans exceptional benefits, including low interest rates and no ...
A jumbo loan is a mortgage used to finance properties that are too expensive for a conventional conforming loan. The maximum amount for a conforming loan is $766,550 in...
A bank statement loan is a great loan for borrowers that can't show their income on a tax return. These are usually used for self-employed borrowers or 1099 employees. Some lenders will allow for w-2 wage earners use this loan.
Typically, these require a 620 or higher credit score for these
The way these loans work is we take the average deposits over a 12- or 24-month period and come up with a monthly income.
A construction loan allows you to build the home of your dreams. You can get a construction loan for as little as 5% down depending on the lender. In some cases, if you own the land, it can be used as your down payment.
The construction loans we offer you close one time to save on closing costs unlike some loans that require a closing upfront and another time at the end.
Renovation loans are a great loan that allows you to buy a destressed home or aged home and make it into the home of your dreams.
These can also be used to refinance your home into your needs instead of having to move into a more suitable home. These are like mini construction loans and will many of the same things as a construction loan.
There are 2 types of renovation loans, conventional and FHA 203k.
DSCR loans are a great loan for investors. An investor can finance as many as 20 rental properties based on the rental income of the property. Loan amounts can be as high as 3 million dollars depending on the property location and type. They also usually have a minimum loan amount requirement of 100,000.
Most of these loans will require at least 20% down and rates can be higher than traditional financing.