With so many loan types available, it can get a bit confusing. We’re here to help you. We can guide you through the available mortgage options and help you choose what will work best for you and your unique financial situation. You can trust on us to help you find the perfect loan option for you. Browse these options below, then contact one of our local branches to get started on your journey home!
A conventional loan is a mortgage loan that's not backed by a government agency. Usually, they are broken down into non-conforming and conforming loans. Conforming conventional loans follow the lending rules that are set by the Federal Housing Finance Agency (FHFA). But with non-conforming conventional loans, lenders provide some flexibility.
Conventional loans usually meet the funding criteria set by Fannie Mae and Freddie Mac. Moreover, lenders provide low interest rates to borrowers that have excellent credit scores. Conventional loans are usually serviced and originate from private mortgage lenders, which include credit unions, banks, among other financial institutions.
An FHA loan is a government-backed mortgage that allows you to own a home while enjoying less stringent financial standards. If you have debt or a low credit score, you may be eligible for an FHA loan. Even if you have a bankruptcy or other financial issue on your record, you might be able to acquire an FHA loan.
The Federal Housing Administration, which is under the Department of Housing and Urban Development's jurisdiction, backs FHA loans. The Federal Housing Administration insures FHA loans, which basically means that if you default on your loan, this agency protects your lender. FHA loans include low down payment requirements and lower credit score requirements, but you'll have to pay mortgage insurance.
It is a perk for qualifying veterans, the men and women who are currently in service, or deceased vets' surviving spouses. Even if your credit isn't ideal, the program enables you to qualify for reasonably-priced home loans when you are buying or refinancing a home. You stand a great chance of qualifying for a VA loan if you are a vet or are currently serving.
The Department of Veterans Affairs endorses the VA loan, which makes it a sort of government loan. Moreover, the Veterans Administration (VA) provides particular assurances to any commercial lender responsible for disbursing VA loans. Because of these assurances, lenders are more willing to give loans even to people who don't have a down payment. Additionally, these lenders have less severe lending terms and conditions as compared to other institutions.
A Non-QM loan is also referred to as a non-qualified mortgage. It is a sort of mortgage loan that allows you to qualify for a loan using nontraditional ways rather than the usual income verification required by most lenders.
Bank statements and the use of your assets as income are two common examples of these loans. Non-QM loans even provide real estate investment prospects to a broader variety of people due to their more flexible qualifying requirements.
Non-qualified mortgage (Non-QM) loans are a different type of loan to qualified mortgage (QM) loans. A Non-QM loan is one that does not have to follow the federal government and the Consumer Financial Protection Bureau's (CFPB) qualified mortgage requirements.
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