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Mortgage Loan OPTIONS
Conventional Mortgage
A conventional loan is the most common type of mortgage loan on the market. A conventional loan is a type of loan that is not government "backed" or insured. They instead follow the guidelines established by Fannie Mae and Freddie Mac (The two largest Government Sponsored Entitles, that purchase the majority of mortgage loans from various lending institutions across the country.) Some of the benefits of a conventional loan include:
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No upfront mortgage insurance
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Fewer restrictive guidelines compared to government-backed loans
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low down payments
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faster processing turn times
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in most scenarios they come with lower monthly payments compared to government loans
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Very extensive and flexible loan terms (In years) Offered
FHA Loan
An FHA residential loan is a mortgage insured by the Federal Housing Administration (FHA) Opposed to conventional mortgages, these loans are "backed" by the federal government, which enables lenders to be less restrictive on lending guidelines to ensure home buyers who are unable to qualify for other loan types are still able to purchase a home. FHA loans are most common amongst home homeowners who have a less then perfect credit score.
Some of the benefits of a FHA loan include:
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Lower Credit score requirements
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Low down payments
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sellers, builders, or lenders may cover some of the borrower's closing costs
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FHA allows 100% Gifted funds for a down payment
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FHA streamline Refinance: Sharing Similar characteristics to a VA Interest Rate Reduction Refinance, the FHA loan comes with the ability to refinance to a lower mortgage payment without the requirement for credit qualification, income verification, and no appraisal is required for the FHA streamline.
VA Loan
An VA loan is a mortgage loan guaranteed by the United States Department of Veteran Affairs. VA loans were created to assist active duty military, and veterans qualify for homeownership. VA loan include:
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Lower Credit score requirements
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Low down payments
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sellers, builders, or lenders may cover some of the borrower's closing costs
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FHA allows 100% Gifted funds for a down payment
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FHA streamline Refinance: Sharing Similar characteristics to a VA Interest Rate Reduction Refinance, the FHA loan comes with the ability to refinance to a lower mortgage payment without the requirement for credit qualification, income verification, and no appraisal is required for the FHA streamline.