Mortgage Products

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[av_heading tag=’h3′ padding=’10’ heading=’CONVENTIONAL’ color=’custom-color-heading’ style=’blockquote modern-quote modern-centered’ custom_font=’#ffffff’ size=’34’ subheading_active=” subheading_size=’15’ custom_class=” admin_preview_bg=” av-desktop-hide=” av-medium-hide=” av-small-hide=” av-mini-hide=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=”][/av_heading]

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A conventional loan is a type of mortgage that is not part of a specific government program, such as Federal Housing Administration (FHA), Department of Agriculture (USDA) or the Department of Veterans’ Affairs (VA) loan programs.

Most homebuyers choose conventional mortgages because they offer great interest rates and loan terms—usually resulting in a lower monthly payment. And since most people choose a fixed-rate loan over an adjustable-rate mortgage, they don’t have to worry about rising mortgage rates, which makes it easier to budget.

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[av_heading tag=’h3′ padding=’10’ heading=’USDA’ color=’custom-color-heading’ style=’blockquote modern-quote modern-centered’ custom_font=’#ffffff’ size=’34’ subheading_active=” subheading_size=’15’ custom_class=” admin_preview_bg=” av-desktop-hide=” av-medium-hide=” av-small-hide=” av-mini-hide=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=”][/av_heading]

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The USDA program offers a loan that you may be able to get 100% financing on, if you qualify, and the closing costs may be financed if the appraised value is higher than the sales price. This program may help to provide the dream of home ownership to people that may not qualify under normal circumstances!

If you want to buy a home close to the downtown core of a major city, USDA is not right for you. Additionally, if you have a high income for your area, or 20% down available, you will not qualify for USDA. This loan is reserved for those who need it most.

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[av_heading tag=’h3′ padding=’10’ heading=’VA’ color=’custom-color-heading’ style=’blockquote modern-quote modern-centered’ custom_font=’#ffffff’ size=’34’ subheading_active=” subheading_size=’15’ custom_class=” admin_preview_bg=” av-desktop-hide=” av-medium-hide=” av-small-hide=” av-mini-hide=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=”][/av_heading]

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VA loans help service members, Veterans, and eligible surviving spouses become homeowners. As part of our mission to serve you, we provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy.

VA Home Loans are provided by private lenders, such as banks and mortgage companies. VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms.

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[av_heading tag=’h3′ padding=’10’ heading=’FHA’ color=’custom-color-heading’ style=’blockquote modern-quote modern-centered’ custom_font=’#ffffff’ size=’34’ subheading_active=” subheading_size=’15’ custom_class=” admin_preview_bg=” av-desktop-hide=” av-medium-hide=” av-small-hide=” av-mini-hide=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=”][/av_heading]

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An FHA loan is a mortgage insured by the Federal Housing Administration. Borrowers with FHA loans pay for mortgage insurance, which protects the lender from a loss if the borrower defaults on the loan.

Because of that insurance, lenders can — and do — offer FHA loans at attractive interest rates and with less stringent and more flexible qualification requirements. The FHA is an agency within the U.S.Department of Housing and Urban Development.

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[av_heading tag=’h3′ padding=’10’ heading=’FHA 203K’ color=’custom-color-heading’ style=’blockquote modern-quote modern-centered’ custom_font=’#d2b48c’ size=’34’ subheading_active=’subheading_below’ subheading_size=’15’ custom_class=” admin_preview_bg=” av-desktop-hide=” av-medium-hide=” av-small-hide=” av-mini-hide=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=”]
for the fixer upper
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FHA loans are a popular choice among homebuyers because of their flexibility. They are insured by the U.S. Federal Housing Administration and are offered only by FHA-approved lenders

FHA loans require the borrower to pay a mortgage insurance premium. A down payment of only 3.5% is required for FHA purchase loans. FHA loans have less-strict credit requirements than other loan types, so imperfect credit is still considered when other conditions are met Extra funds to pay for non-structural repairs may be available with FHA loans

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[/av_one_full][av_heading heading=’JUMBO’ tag=’h3′ style=’blockquote modern-quote modern-centered’ size=’34’ subheading_active=’subheading_below’ subheading_size=’15’ padding=’10’ color=’custom-color-heading’ custom_font=’#d2b48c’ av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”]
for the large homebuyer
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A jumbo mortgage is a home loan for an amount that exceeds conforming loan limits established by regulation. The jumbo loan limit is $417,000 in most of the United States. The limit on jumbo loans is $625,500 in the highest-cost areas.

Down payment requirements differ in many cases. Jumbo loans generally require higher down payments — depending on the lender, the minimum down payment could be 15%, 20% or 30% for home purchases.

Many lenders require a credit score of 700 or higher, a debt-to-income ratio of 43% or less, and 6-12 months’ worth of reserves.

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[/av_one_full][av_heading heading=’HOMEREADY’ tag=’h3′ style=’blockquote modern-quote modern-centered’ size=’34’ subheading_active=’subheading_below’ subheading_size=’15’ padding=’10’ color=’custom-color-heading’ custom_font=’#d2b48c’ av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”]
for the first time homebuyer
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HomeReady mortgage, is a premier, affordable lending product. Designed for creditworthy low- to moderate-income borrowers, HomeReady offers expanded eligibility for financing homes in low-income communities.

Borrower is not required to be a first-time buyer Supports HomeStyle® Energy, manufactured housing, and HomeStyle Renovation (approved lenders)

Innovative underwriting flexibilities expand access to credit responsibly. Flexibilities include: rental unit and boarder income, non-occupant borrowers, such as a parent.

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