Loan Types

 
Conforming Loans (amount less than or equal to $417,000)
30-, 25-, 20-, 15- and 10-year terms are all available with fixed rate.
Buy a home with as little as 5% down (primary home).
Refinance up to 95% of your primary home's value.
Monthly payments remain the same for the entire loan term.
3/1, 5/1, and 7/1 ARM's. Monthly payments based on a 30 year repayment schedule.
Provides veterans with flexible lending options and loan security.
The rate stays fixed for the first 3, 5, or 7 years (depending on chosen term), and then    adjusting annually thereafter.
The interest rate remains fixed for 3, 5 or 7 years, depending on the term.
Interest rate will adjust every year depending on the current index and margin.
First 10 years - monthly payments of interest only on the principal balance.
A flexible payment amount lets you control your cash flow in any given month.
 
Reverse Mortgages
Must be 62 or older to qualify.
Many payment options to choose from.
Payments are NOT taxable.
Loan is repaid when you die or sell home.
 
Government Loans
100% financing.
Loans are for 30 years.
There is no required down payment.
Not limited to first time homebuyers.
3.50% down payment required on purchase.
Minimum credit score usually 620.
Post-bankruptcy qualifying - 2 years after.
Post-foreclosure qualifying - 3 years after.
Competitive interest rates that are routinely lower than conventional rates.
Sellers can pay up to 6 percent of closing costs and concessions.
Higher allowable debt-to-income ratios than for many other loans.
0% down payment required on purchase.