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Types of Loans Available

Are you looking to purchase a home, but aren’t sure of what your options are? Below are some of the most popular mortgage programs to give you an idea of what’s available to you.

Conventional Loans

These are the most common types of loans, and include fixed rate and adjustable rate mortgages (ARMs). Most require a down payment, but there are options that minimize down payment requirements, including 3% and 5% down.

Federal Housing Administration (FHA) Loans

FHA loans are designed to help first-time homebuyers and others with moderate incomes who have not yet been able to save the cash needed for a down payment.

  • Down payments as low as 3.5%
  • Your loan is guaranteed by the government
  • Less than perfect credit can apply
  • Energy-efficient mortgages, reverse mortgages, refinances, and renovation loans also available 

U.S. Department of Veterans Affairs (VA) Loans

VA Loans allow eligible veterans to realize their home buying dreams, and help existing VA homeowners with money-saving refinance options.

  • 100% financing options available
  • No private mortgage insurance requirements
  • No prepayment penalty
  • Less than perfect credit can apply 

U.S. Department of Agriculture (USDA) Loans

USDA loans are designed to encourage rural land development and growth in rural areas. They were long thought of as “Farmers Loans”, but eligibility has recently been loosened, giving many people looking to purchase or refinance in a rural area access to the incredible benefits offered by these loans.

  • 100% financing options available
  • Great rates and down payment options
  • Better terms than a FHA or conventional loan
  • Flexible credit guidelines mean less than perfect credit may still qualify

 

Contact Information
Jordan Leonhard
Loan Originator NMLS: #1088204
Direct: (877) 384-3838
Email: Send Email
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