30 Year Fixed Product
15 Year Fixed Product
30 Year Fixed Product is the most traditional mortgage. 30 Year Fixed Conventional mortgage has a specific fixed interest rate that does not change for 30 years.
15 Year Fixed mortgage typically offers a lower interest rate compared to the 30 Year Fixed mortgage, however, the payment normally is higher than a 30 year fixed mortgage payment since the amortization is based on a shorter term.
10 Year Fixed Product
ARM
10 Year Fixed mortgage typically offers lower interest rates and term reduction allowing the borrower to pay off the loan sooner than your traditional mortgages.
ARM Product (Adjustable Rate Mortgages) are typically fixed interest rates for a set period of time which adjust yearly after that period of time expires to the current market conditions.
FHA
VA Loans
FHA is a loan program that is offered by the Federal Housing Authority. Typically the FHA loan offers the flexibility of a lower down payment and expanded credit options. There is a an upfront funding fee and monthly insurance applied to the loan.
VA Loans are designed for our active military or those who are veterans and can provide flexible financing up to 100% for those who qualify. The VA does have a funding fee for those veterans who do not receive a disability.
First Time Home Buyers
Jumbo Loans
There are loan programs that offer first time home buyers lower down payment options. Fannie Mae offers the Home Ready Product and Freddie Mac offers the Home Possible Product. Both products provide certain discounts to help first time home buyers.
Loans that are offered outside of the typical Agency Loan Limits. These loans can be obtained as long as borrowers meet certain criteria and often are manually underwritten.