Loan Programs
Your homebuying goals are unique and it's important that your mortgage fits them.
With so many mortgage options available today, it is essential to find the one that matches your individual needs. That’s where I come in.
I have over 20 years of experience helping clients just like you find the perfect mortgage product. Not only will we work together to accomplish this, I'll make sure you understand the process every step of the way.
FHA Loans
FHA loans are perfect for many first-time homeowners because they are easier to qualify for if you have less-than-stellar credit. You will not have to make a sizeable down payment, and they are insured against default by the Federal Housing Administration. The normal down payment amount is 3.5%, although this can be provided by a close family member or friend as a gift.
VA Loans
VA loans are specifically for military veterans and their spouses. They are guaranteed by the Department of Veteran Affairs and require 0% down. The government designed this program to help military personnel achieve home ownership with no down payment requirement.
Conventional Mortgages
Conventional loans often require higher credit scores and a larger down payment compared to government-backed loans. However, they can offer more flexibility, such as not requiring mortgage insurance if the down payment is at least 20%. Conventional loans are a popular choice for borrowers with strong credit profiles and stable financial histories.
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Fixed-Rate Mortgages
The most common type of loan is a fixed-rate mortgage. In this type of loan, you will have monthly principal and interest payments that never change during the loan period. These loans typically last between 10 and 30 years, but you can pay yours off early with no penalty. It is an amortized loan, meaning it will be paid off by the end of the loan term. If your property taxes or homeowners insurance changes, the monthly payments are adjusted.Â
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Adjustable-Rate Mortgages
Adjustable rate mortgages, or ARMs, have an interest rate that moves over time. They usually feature a fixed-interest rate for a period of time before changing. They are typically amortized over 30 years and the lower initial interest rate allows borrowers to start with a lower monthly payment which makes purchasing a home easier.
Interest-Only Mortgages
Interest-only mortgages allow borrowers to only pay the interest on their loan for a set period. Some are set up with a balloon payment, meaning the entire principle amount is due. Others will recalculate the payment after the interest only period ends so that you pay the loan in full at the end of the amortization period. While they do not help build equity in the short term, they allow borrowers to close on a home with a smaller payment.
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Reverse Mortgages
Reverse Mortgages are primarily for people over the age of 62 who currently own and occupy a property as their primary residence. The equity in the home can be used to make repairs, accomplish other goals, or to give you a monthly stream of income.The property must be a single family home and meet FHA requirements. These loans don’t require any monthly payments and are paid off when the last surviving borrower vacates the property.Â
Graduated Payment Mortgages
Graduated payment mortgages feature increasing payments for five to ten years before becoming fixed for the remainder of the loan. If interest rates are high, graduated payment mortgages are helpful because they increase the likelihood of securing a loan.
You Are One Step Away From Buying Your Dream Home or Refinancing Your Existing Home.
Fill out the form below to get in touch with me. I'll set up a time to meet with you to understand your goals and create a plan to help you get there!Â
Get Help Today
We want to make your home-buying experience as stress free as possible. There are so many options available to homeowners and choosing a mortgage plan is more challenging than ever.
Thankfully, my team and I are here to help you make the right choice. Reach out today if you have questions.
