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| FHA |
| VA Loans |
| Conventional Loans |
| Jumbo Loans |
| FHA & VA Streamline Refinancing |
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FHA
Federal Housing Administration loans, both fixed and adjustable, offer a number of advantages including a low down payment of only 3.5%, of which the entire amount can be gifted. Loan limits vary depending upon state and county locations within the country. They are designed for owner-occupied 1 to 4 unit properties. FHA mortgages are available in fixed-rate and adjustable-rate mortgage options. Also, these loans are usually assumable (along with the current interest rate) by the next owner when you sell your home. This is seen as a strong benefit in certain rate environments.
Term: 30 years
Maximum Amount: $271,050
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VA Loans
Are you a Veteran?
Do you have limited funds for down payment and closing costs?
The VA Mortgage offers:
- No down payment
- Easy qualification with regard to credit and income
- Out of pocket expenses can come from a gift
- No monthly insurance requirement
Best for people who are:
- Qualified veterans, reservists, active servicemen and women and their spouses (check with your regional VA office to see if you are eligible)
- Eligible borrowers who have limited funds for down payment and closing costs
VA mortgages offer the opportunity to buy a home up to a specified amount with no down payment. These loans are administered by the Department of Veterans Affairs. VA loans are assumable and have more flexible requirements than either FHA or conventional (not government insured) home loans. Available in fixed-rate mortgage options.
Term: 30 years
Maximum Amount: $417,000
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Conventional Loans
Conventional mortgages allow both owner occupants and investors to purchase 1-4 units, townhouses, condos and Planned Unit Developments (PUDS). These are conforming loans meeting secondary market criteria and loan limits. They are available in fixed and in a wide variety of adjustable type loans.
Term: 30 years
Maximum Amount: $417,000
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Jumbo Loans
Jumbo mortgages are non-conforming loans, both fixed and adjustable, which exceed conforming limits and are generally restricted to single family properties, condos and Planned Unit Developments (PUD's). Loans of up to $1,000,000 and higher are available.
Term: 30 years
Maximum Amount: $1,000,000
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FHA & VA Streamline Refinancing
The FHA & VA Streamline Refinance means that new and existing customers with current FHA & VA loans may be able to take advantage of lower rates and reduce monthly payments. This can be done quickly and easily due to radically reduced documentation requirements. This loan requires no income or asset verification, no credit report and no appraisal (except in certain restricted markets). The FHA & VA Streamline Refinance loan is available in fixed-rate and adjustable-rate mortgage options.
Term: 30 years
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Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $417,000 for the contiguous states, District of Columbia, and Puerto Rico or below $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $8,340. Jumbo Loans (whose maximum loan amount exceed $417,000 for the contiguous states, District of Columbia, and Puerto Rico or exceed $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.
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