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Conventional Loan

CONVENTIONAL LOAN

A conventional loan is not guaranteed or insured by any government agency. They allow down payments as low as 3% down with private mortgage insurance. The maximum loan amount for a conventional loan can range between $484,300 and $726,525, depending on the county the home is located in and ranges between $484,300 and $726,525.

Details to Consider

Conventional loans typically involve less paperwork than government-backed loans. Also with a down payment of 20% or more on a conventional loan, you can avoid having to pay private mortgage insurance every month. Down payments below 20% will require monthly mortgage insurance, and contribute to an escrow account for property taxes and homeowner’s insurance payments.

Home Loan Programs

Conventional Loan

CONVENTIONAL LOAN

A conventional loan is not guaranteed or insured by any government agency. They allow down payments as low as 3% down with monthly mortgage insurance. The maximum loan amount for a conventional loan ranges between $484,300 and $726,525 , depending on the county the home is located in.

Details to Consider

Conventional loans typically involve less paperwork than government-backed loans. Also with a down payment of 20% or more on a conventional loan, you can avoid paying private mortgage insurance monthy. If your down payment is below 20% you’ll need private mortgage insurance, and also have to contribute to an escrow account for property taxes and homeowner’s insurance payments.

Get a FREE Conventional Home Loan Quote

FHA Loan

FHA LOAN

FHA Loans are insured by the Federal Housing Administration. They offer flexible credit requirements, competitive rates and down payment options as low as 3.5%. The maximum loan amount for an FHA loan ranges between $314,827 and $726,525 depending on the county where the property is located.

Details to Consider

FHA loans may require less cash upfront for your down payment, but the program will require up-front mortgage insurance and monthly mortgage insurance. You’ll also be required to set up an escrow account to stay on top of your property taxes and insurance payments.

Get a FREE FHA Home Loan Quote

Va Home Loan

VA LOAN

If you are a veteran, active duty service member, or surviving spouse of a veteran, you may be eligible for the VA loan program. VA loans are issued by private lenders and guaranteed by the U.S. Department of Veterans Affairs (VA).

Details to Consider

VA Loans offer low rates, with no monthly mortgage insurance payments and down payments as low as $0 for qualifying borrowers! New VA Loans can only be taken on a primary residence. The amount you can borrow may be limited by your VA entitlement amount. VA Loans also require an up-front funding fee, unless you have a military service-related disability.

Get a FREE VA Home Loan Quote

 

Jumbo Loan

JUMBO LOAN

Jumbo loans offer loan amounts above conventional loan limits. They’re available in both a fixed-rate or adjustable-rate option, and offer various term options. They can be used to purchase or refinance a primary home, investment property or even a vacation home.

Details to Consider

With a Jumbo Loan you can still get a competitive interest rate. Generally jumbo loans will require a higher FICO score, and can require on average between 10 to 20 percent towards your down payment. The conforming loan limit is higher in counties with higher home prices, so be sure to check your area’s loan limits.

Get a FREE JUMBO Home Loan Quote

USDA Loan

USDA LOAN

USDA loans are guaranteed by the U.S. Department of Agriculture and can be used to purchase, refinance or build a primary residence in rural or suburban areas. The program offers eligible borrowers up to 100% financing with flexible credit requirements.

Details to Consider

USDA loans do have restrictions, the property must be within the USDA Eligibility Map (Search here) and they are set income limits based on the county the property is located and the size of the household. USDA loans offers great rates and low monthly mortgage insurance compared to other loan programs.

Get a FREE USDA Home Loan Quote

FHA Loan

FHA LOAN

FHA Loans are insured by the Federal Housing Administration. They offer flexible credit requirements, competitive rates and down payment options as low as 3.5%. The maximum loan amount for an FHA loan ranges between $314,827 and $726,525 depending on the county where the property is located.

Details to Consider

FHA loans may require less cash upfront for your down payment, but the program will require up-front mortgage insurance and monthly mortgage insurance. You’ll also be required to setup an escrow account to stay on top of your property taxes and insurance payments.

Va Home Loan

VA LOAN

If you are a veteran, active duty service member, or surviving spouse of a veteran, you may be eligible for the VA loan program. VA loans are issued by private lenders and guaranteed by the U.S. Department of Veterans Affairs (VA).

Details to Consider

VA Loans offer low rates, with no monthly mortgage insurance payments and down payments as low as $0 for qualifying borrowers! New VA Loans can only be taken on a primary residence. The amount you can borrow may be limited by your VA entitlement amount. VA Loans also require an up-front funding fee, unless you have a military service-related disability.

 

Jumbo Loan

JUMBO LOAN

Jumbo loans offer loan amounts above conventional loan limits. They’re available in both a fixed-rate or adjustable-rate option, and offer various term options. They can be used to purchase or refinance a primary home, investment property or even a vacation home.

Details to Consider

With a Jumbo Loan you can still get a competitive interest rate. Generally jumbo loans will require a higher FICO score, and can require on average between 10 to 20 percent towards your down payment. The conforming loan limit is higher in counties with higher home prices, so be sure to check your area’s loan limits.

USDA Loan

USDA LOAN

USDA loans are guaranteed by the U.S. Department of Agriculture and can be used to purchase, build or to refinance a primary residence in rural or suburban areas. The program offers eligible borrowers up to 100% financing with flexible credit requirements.

Details to Consider

USDA loans do have restrictions, the property must be within the USDA Eligibility Map (Search here) and they’re household income limits based on the county the property is located and the size of the household. USDA loans offer great rates and low monthly mortgage insurance compared to other loan programs.

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